Welcome to the premier edition of The Curlett Report – a Weston MA Market Snapshot for the month of October 2018. This report chronicles the single-family home new listing and pending activity as well as the starting and closing inventory numbers for October 2018 in the Weston MA Real Estate Market. It also compares these figures to those from a year ago in October 2017....
We began October 2018 with 77 active* properties on the market. During the course of the next 31 days, 17 new** listings came on the market, and 15 properties went pending** (Contingent or Under Agreement). We ended the month with 78 listings, an average list price of $3,050,267, and an average days on market (DOM) of 170.
Looking back a year, October 2017 began with 93 active properties on the market. During the course of the month, 13 new listings came on the market, and 16 properties went pending. We ended the month with 85 listings, an average list price of $3,095,077 and an average DOM of 203.
To summarize a few key points:
Our inventory in October this year was less than what it was last year - both at the beginning and at the end of the month. From last year, we were down 17% at the start of the month and down 8% at the end of the month.
In October 2018, we netted out the month with a 1% increase in inventory (77 to 78 properties), but in October 2017, there was a 9% decline in inventory (93 to 85 listings). Both of these percentages are fairly typical for the month of October given that it’s not as strong of a month as September and starts to signal a slower time as we head toward the holidays and the events and craziness therein.
Our average list price was down 1% this October vs. October 2017 ($3,050,267 vs. $3,095,077) and average DOM was down 16% (170 vs. 203).
This year we had much more high-end new and pending activity in the month of October than we did during the same time last year. In October 2018, there were 8 new and 9 pending properties over $2M, whereas in October 2017, there were only 2 new and 2 pending properties over $2M. Interestingly, however, despite those differences, we ended October 2018 and October 2017 with the same percentage of remaining properties (60%) over $2M. Looking at the other price ranges, although our percentage of remaining properties under $1M was higher in October 2018 (11%) than it was in October 2017 (8%), it was lower in October 2018 (29%) than it was in October 2017 (32%) for remaining properties between $1M and $2M.
Click here to see all of the details of the new, pending and remaining activity in October 2018 and in October 2017.
For more information about the real estate market in Weston, Wellesley, Wayland and the surrounding towns or if you are considering buying or selling your home, please contact me, Lisa Curlett (lisacurlett.com, 781-267-2844 or firstname.lastname@example.org), to answer any questions or for a complimentary home appraisal.
* Active properties do not include condominiums, land listings or properties listed multiple ways on MLS.
** New listings do not include those re-listed within 60 days, and pending listings do not include those that were previously reported as pending in the last 60 days but came back on the market because of the deal falling through.