Real Estate Trends – Westwood, Massachusetts

Introduction:

In this real estate market trend report we will be looking at a higher end Massachusetts town for the first time in a while.  As usual we will take a look at the year over year changes of several key metrics and evaluate what they are showing about the current real estate market for the town.

Today we are visiting Westwood, MA in Norfolk County.

Market Trends in Westwood, MA – February 2014 and 2015:

The Westwood, MA market seems to be slowing down since February 2014.  The listing prices are up a bit, but the sales prices are down somewhat while days on market are going up.  The inventory for both years was the same with 7 sales in February of 2014 and 2015.

Average Listing Prices:

The first thing we will look at is the average listing price.  For Westwood, MA in February 2014 the average list price was $971,686.  This was up slightly to $992,529 in February 2015.  That gives a small increase of 2.15%.  A fairly small increase that is barely over what I would call being flat.

Average Sale Prices:

The next thing we are looking into is the average sale prices.  The average sale price for Westwood, MA in February of 2014 was $965,143 and in February 2015 that was down to $933,286.  That gives a fairly small decrease of 3.30%.  While this is only a small decrease it is not a good sign for the market that the sale prices are falling when people are listing their houses for more.  Therefore while this decrease is fairly small and the increase in listing prices is also small that overall swing looks a bit more significant.

Average Days on Market:

For Westwood, MA the average days on market in February of 2014 was 96.14 and the average days on market for February 2015 were 135.86, for a 41.31% increase.  This is another indicator that things are slowing down some. It is worth noting since we have seen so many situations where an outlier in the data skewing the results, we do not see this with Westwood, MA this month.

Westwood, Mass Summary:

The Westwood, Massachusetts real estate market has slowed a little year over year.  The increase in listing prices seems to be more of a mistake by local real estate agents then an indicator of a strong market.  The decrease in sales prices makes this look like the case, as does the noticeable increase in the days on market as well.  I would be very concerned with the misguided increase in the list prices as it will really put a lot of pressure on sellers to drop their prices and hold the properties far longer than they wanted to. In summary if you are looking to sell a house in Westwood, MA now you should expect to get less than the amount you could have expected for it last year.  You also should expect to take a bigger discount off your listed price and it will take a bit longer to sell your place.  It would be prudent to try to price your place right, which will likely be less than similar houses, to be more attractive to buyers.  

 

Do you need to sell your Westwood, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

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(Image credit: Montage of the town of Westwood, MA, by Taliskerbay, via Wikipedia)    

 

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