For those of you who love market stats, here’s the August 2019 Curlett Report for Weston MA Real Estate.
August 2019 began with 100 active* properties on the market. During the course of the next 31 days, 7 new** listings came on the market, and 16 properties went pending** (Contingent or Under Agreement). We ended the month with 86 listings, an average list price of $3,183,189, and an average days on market (DOM) of 156.
Looking back a year, August 2018 began with 80 active* properties on the market. During the course of the month, 7 new** listings came on the market, and 10 properties went pending**. We ended the month with 77 listings, an average list price of $3,689,827, and an average DOM of 176.
To summarize a few key points:
As has been the case since March, our inventory this August was up from last year’s at both the start and the end of the month. We started August 2019 with an inventory that was up 25% from August 2018 and finished the month up 12%.
In August 2019, we netted out the month with a 14% decrease in inventory (100 to 86 properties), and in August 2018, the decrease in inventory was just 4% (80 to 77 listings).
Our average list price was down 14% at the end of this August vs. last ($3,183,189 vs. $3,689,827). The average DOM was down 11% this August vs. last (156 vs. 176 days). This is a positive indicator as it means properties were on the market for fewer days.
This August we had the same number of new listings (7) and more pending properties as compared to last year (16 in 2019 and 10 in 2018). So the number of new listings was flat August 2019 vs. August 2018, and pendings were up 60% this year from last. For the “411” on these numbers, typcially August isn’t a month with a high number of new listings as buyers and sellers are still enjoying the last summer days before back to school time. This was certainly the case this year and last. But our pendings were quite high this August. This could have been attributable to 2019’s higher inventory numbers - and more competitive properties - with which sellers have had to contend resulting in their being more motivated to get their properties under agreement before the onslaught of fresh, new listings that come with the Fall market starting in early September.
In August 2019 and 2018, the majority of the new and pending properties were priced below $2M. And 3 of the 16 new listings (19%) that came on in August 2019 also went pending.
The Weston market has always had a high percentage of its inventory priced above $3M. In fact, historically these high-end listings (above $3M) have accounted for 40% or more of the inventory. But this year, that has not always been the case. In August 2019, 35% of the inventory was above $3M, whereas it was 43% in August 2018. And in July 2019, it was 36% vs. 40% in July 2018. Will this be a trend or just a temporary blip - TBD?!
Click here to see all of the details of the new, pending and remaining activity in August 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 email@example.com), 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.