For those of you who love market stats, here’s the March 2019 Curlett Report for Weston MA Real Estate.
March 2019 began with 62 active* properties on the market. During the course of the next 31 days, 37 new** listings came on the market, and 16 properties went pending** (Contingent or Under Agreement). We ended the month with 84 listings, an average list price of $3,061,415, and an average days on market (DOM) of 129.
Looking back a year, March 2018 began with 61 active* properties on the market. During the course of the month, 25 new** listings came on the market, and 19 properties went pending**. We ended the month with 60 listings, an average list price of $4,040,998, and an average DOM of 178.
To summarize a few key points:
Our inventory this March was slightly more than last year’s at the start of the month and significantly more at the end of the month. This is the first time since I began the Curlett Report five months ago that this year’s inventory surpassed the prior year’s - at both the beginning and end of the month. We started March 2019 with an inventory that was up 2% from March 2018 and finished the month up 40%!
In March 2019, we netted out the month with a 35% increase in inventory (62 to 84 properties), and in March 2018, there was a 2% decrease in inventory (61 to 60 listings). The percentage increase in March 2019 is typical for this time of the year as the Spring market activity continues to grow throughout the month. Last year’s decrease in inventory from the beginning to the end of the month was completely atypical.
Our average list price was down 24% at the end of this March vs. last March ($3,061,415 vs. $4,040,998). The average DOM was down 28% this March vs. last (129 vs. 178 days).
This year we had more new and less pending activity in March than we did last year. In March 2019, there were 37 new and 16 pending properties, whereas in March 2018, there were 25 new and 19 pending properties. So the number of new listings was up 48% and pendings were down 16% this year from last. This year the majority of the new and pending properties were priced below $2M. Last year, it was mixed. The majority of the new listings were priced above $2M, and the majority of the pending properties were below $2M.
Historically the Weston market has always had a high percentage of its inventory priced above $3M. At the end of this March, 40.5% of the remaining properties were priced above $3M, and last March, that number was slightly higher at 45%.
Click here to see all of the details of the new, pending and remaining activity in March 2019 and 2018.
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 the deal fell through.