Real Estate Trends – Weston, 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 market in Weston, MA in Middlesex County

 Weston MA Town Hall - Weston Massachusetts Real Estate

While we have looked at many luxury towns recently no place in higher end than Weston, MA which is the most affluent town in the area and the 3rd most affluent town in the United Sates with at least 10,000 people.

Market Trends in Weston, MA – September 2014 and 2015:

The Weston, MA market has fallen off quite a lot since last year.   Both the average listing and sale prices were down a huge amount.  The median sale price was down significant amounts as well.  The days on market do appear to be up a lot as well, however that might be over stated.  Inventory was up some going from 11 sales in September of 2014 up to 15 in September 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Weston, MA the average listing price in September 2014 was $2,099,082.  This was down to $1,619,327 in September 2015.  This gives a very large decrease of 22.86% year over year.  

We want to look at the medians too in this case since this drop was so large.  Taking a look at the median prices we see that they are quite a bit different than the average in 2014 and also a bit different in 2015 as well.  For September of 2014 the median listing price in Weston, MA was $1,495,000 and in September 2015 it was $1,500,000 which now gives a meaningless increase of just over 0.33%, so by the medians it is flat.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price in Weston, MA in September of 2014 was $2,012,209 and in September 2015 that was down to $1,509,693.  That gives another extremely large 24.97% decrease. 

We see similar, but slightly different, pattern with the median sale prices as we did for the listing prices.  For September of 2014 the median sales price for Weston, MA was $1,442,000 and in September 2015 it was $1,300,000 giving a much smaller 9.85% decrease, however unlike with the listing prices this is still a pretty big drop.

Looking at the averages the Weston, MA market is down a huge amount.  However this is skewed a little by some of the ultra high end sales.  Interestingly by median list price things are flat but by the median sale price things are down almost 10%, which indicates that while sellers are listing about the same they are eventually getting less.  Since in the end sales are what really matters, with both averages down a lot and median sales down a fair bit I would say prices are definitely down in Weston, MA.

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 Weston, MA the average days on market in September of 2014 were 74.91 and the average days on market for September 2015 were 105.80, for a sizeable 41.24% increase. 

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 ,Boxford, Wayland , West Bridgewater, East Bridgewater, Marlborough (Condos), Natick (Condos), Gloucester, (Condos), Melrose (Condos), Norton (Condos), Newburyport, Atkinson, NH, Fairhaven, Lexington, Arlington (Condos) and Salisbury outliers in the data can really skew these numbers.  This again is the case for Weston, MA in September.  In this instance there was a very high days on market place in the 2015 data.

In 2015 there was a property with 476 days on market; this was much more than the next 3 properties combined and almost 30% of the total days on market for all 15 Properties.  When removed the new calculation for the remaining 14 properties gives an average days on market of 79.36. 

Using the adjusted numbers we see an insignificant increase of 5.94%.  This does change the general thought of the days on market being up a significant amount.  While they are still up now they appear to be up only very slightly and are pretty flat.

Weston, Mass Summary:

The Weston, Massachusetts real estate market is down since last year.  The average prices are down by huge amounts.  The median sale prices were also down, though the median list price was flat.  The days on market were fairly flat but up a little as well, further supporting a weaker market. 

In summary if you are looking to sell a house in Weston, MA now you should expect to get less for it than you would have gotten last year.  You could also expect it to take a tiny bit more time to sell compared to last year too. 

 

Do you need to sell your Weston, 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: Town_Hall_Weston_Massachusetts via Wikipedia)

 

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