Real Estate Trends – Wayland, Massachusetts

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the Wayland, MA in Middlesex County

 First Parish Wayland MA - Wayland Massachusetts Real Estate

Market Trends in Wayland, MA – July 2014 and 2015:

The Wayland, MA market appears to have gone down a bit since last year.  Both the average listing and average sales prices were down some.  The days on market look to be down some at first glance but as we have seen before that might be misleading.  Inventory was up a bit with 14 sales in July of 2014 and 19 in July 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Wayland, MA the average listing price in July 2014 was $833,857.  This was down to $752,521 in July 2015.  This gives a substantial 9.75% decrease year over year. 

Taking a look at the median prices we see they are a fair bit lower than the averages so we will see if they differ in the results.  For July of 2014 the median listing price for Wayland, MA was $777,500 and in July 2015 it was $718,000 which does give a smaller 7.65%

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Wayland, MA in July of 2014 was $817,007 and in July 2015 that was down to $748,207.  That gives a smaller decrease of 8.42% compared to the average list price. 

Again we see the median sale prices are a bit smaller than the averages.  For July of 2014 the median sales price for Wayland, MA was 772,500 and in July 2015 it was $695,000 giving a larger 10.03% decrease compared to the averages.  This is the largest drop of any of the numbers we looked at, and is the one most people consider the most important.

No matter which method used, everything shows that prices are down in Wayland, MA from last year. 

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Wayland, MA the average days on market in July of 2014 were 57.71 and the average days on market for July 2015 were 39.21, for a healthy 32.06% decrease. 

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain , Halifax,Braintree (Condos), Newton (Multifamily), Plainville and Boxford outliers in the data can really skew these numbers.  This again is the case for Wayland, MA in July.  In this instance there are very high days on market places in the 2014 data.

In 2014 there was a house with 340 days on market; this was just about as high as the next 6 properties combined with more than 42% of the total days on market for all 14 houses.  When removed the new calculation for the remaining 13 properties gives an average days on market of 36.0. 

Using the adjusted numbers we see that now there is a very small 8.92% increase.  This changes the conclusion for sure.  Instead of saying things actually selling a good bit faster than last year it seems more accurate to say they are in fact selling a slight bit slower.

Wayland, Mass Summary:

The Wayland, Massachusetts real estate market looks like is has declined some since last year.  The fairly large drops in listing prices and sale prices, by both averages and medians show things are down.  The very small increase in days on market also supports this conclusion as well. 

In summary if you are looking to sell a house in Wayland, MA now you should expect to get a fair bit less for it than you would have expected to get last year.  You should also expect it to take about the same amount of time or slightly longer to sell compared to last year as well.   

 

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

Please share your questions and comments below.

 

 

 

(Image credit: First Parish in Wayland MA by Faolin42 via Wikipedia)

 

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