Listings Trend
After almost 18 months of negative year-to-year comparisons, for the last 5 months, the three-month moving average number of listings has risen dramatically vs. the same five periods of the prior year. In July there were 27.1% more listings than July 2008 (502 vs.305). Not since mid-2006 have there been more listings.
Typically more listings puts pressure on sellers to lower prices.
Average Selling Price Trend
The long term downward selling price trend is still in progress, however, data points over the last five months suggests that the trend may be bottoming out.
This would be welcomed news to sellers.
The three-month moving average selling price in July was $1,354,425 vs $1,556,027 last July. A drop of $201,602.
Sales Price vs. Assessed value Ratio
In October 2008 homes were selling for 114% of the assessed value. It has been trending down since then. For the last eight months homes have been selling for close to assessed value (around 101.5%).
If the number of listings keeps increasing it would be logical to expect that the selling/assessed ration will not increase.
Cost per Sq. Ft.
Over the past three months the average cost per square foot of all homes sold in Weston was $329 (land included.) Homes that sold for under $1M sold for $231 per sq. ft., while homes selling over $3M sold for $1085 per sq. ft.
Average Days-On-Market
For the past 12 months, it took an average of 149 days to sell in Weston. Depending on the price range, it took as few as 52 days to sell (<$500K) and as many as 192 days to sell ($2M-$3M).
Selling Price Ranges
Comparing the most current 12 month period to the one prior, the greatest change occurred with homes listing for $1.5M to $2M. This segment dropped 7.3 share points. The most significant gain was noted in homes listing for $2M-$3M (4.9%).
Asking vs. Selling Prices
In summary, 85 homes sold in Weston over the past 12-months for an average of 84.9% of their asking price.
|
