There is so little on the market in Lincoln and the pent-up demand feels palpable. Is it borne out in the data? YES! But less so in surrounding towns.
One year ago, today, there were 25 single family houses on the market in Lincoln, now there are 16. That works out to only three months’ worth of absorption! Only two of those houses are under $1M, and only five more between $1 and $2M (and, curiously, all those are less than $1.5M). We expected more to come on the market this fall, and though those that have have mostly gone under agreement quickly (7 in the last two months!), buyers were hoping for more!
Concord’s trend is less profound: last year 87 were on the market and today there are 80. The list price per square foot is substantially down (over 20%) this year in Concord to $411. Lincoln by comparison was down 3% to $357.
Wayland also looks very similar to how it looked last year, there are 31 houses on now versus 34. The average price per square foot of what is on right now is up very slightly to $325 from $319 last year. One very compelling nugget of data for Wayland is that the sale price compared to the original list price has gone from 97.29% to 105.28%, meaning that on average houses sold well over asking price!
Weston also has seen a reduction of inventory year-over-year, from 95 on last year down to 80 this year, but that is still over 5 months’ supply. Average list prices for what is on the market now is – as it was last year – over $3M, with an average list price per square foot of $477. Though the average days on the market of all the houses that sold in the prior year remained unchanged for 2018 compared with 2017 (135 days), the rest of the data shows a slight strengthening of the market for sellers.
Sudbury has seen a reversed trend, with 78 houses on the market now compared with only 60 last year – even though the average list price and average price per square foot ($262) are virtually unchanged from last year.
Similarly, Carlisle has 31 houses on the market today, compared with 23 last year. The average price per square foot of those listings is $288. That’s not much different from last year or from those which sold in the year prior. In year-to-date-sales, the trend is a towards a stronger indicators for buyers, with an increasing days on the market and 60% more price changes in 2018 than 2017. Questions? Let us know!