Welcome to the market conditions report for Sudbury MA. Here's what's going on: there are currently 114 active single-family home listings and of those 5 already have accepted offers waiting for contingencies to clear. Average time on the market for current listings is 171 days - last year at this time it was 157. Eleven homes have sales pending compared with 25 one month ago; not unusual since many buyers needed to be in their new homes to start the school year.
Overall, the number of homes for sale has decreased 114 compared with 130 last year at this time. An analysis by price-range shows that the largest decreases are in the following ranges: $500,000 to $599,999 - 8 compared 24 last year; $600 to $699,900 - 4 compared to 17; and $400K to $499,900 - only 5 vs. 13 one year ago. Buyers in those ranges should get going before they have even fewer choices. The price range with the largest increase is $2,500,000 to $2,499,000 - there are 8 on the market compared with just one last year. People in that range who may have ruled out Sudbury because of the lack of inventory, may want to re-consider with inventory on the rise.
List prices for single-family homes in Sudbury range from $234,900 to $3,700,000. The median list price for a single-family home in Sudbury is $834,450 up from $647.000 on 7/22/07 and the average is $1,088,178 up from $789,980 last year at this time. The average list price for the 11 single-family homes with sales pending is $714,900 - final sale prices for these homes will be available as they close in the next month or two.
The number closed sales for August was down from last year - 23 compared to 28; the median prices was lower - $533,500 vs. $594,500, however, the average sale price increased to $698,505 from $624,153. Year-to-date, there have been 134 closed single-family home sales down from 160 for the same period in 2007. Both median and average sale prices were also down; 2008 median is 602,000, 2007 median was $687,500. 2008 average sale price y-t-d is $700,966; 2007 average was $770,684.
There is a substantial difference between actual sale prices and current listing prices and some sellers are realizing that they need to position their property correctly in order to be successful. During the past 3 months there have been 79 price adjustments on 58 properties. The average adjustment was -5.18%. While price a price adjustment can make a property more attractive, new listings get the most attention during the first three weeks they are listed so it is better to price it appropriately to begin. Just as all real estate is local, pricing is based on the location, condition, and size of each individual home and every property does not appreciate at exactly the same rate. That is why listing with an experienced broker/agent who has been in the homes in an area is more important than ever.
To find out what homes are available and for daily listing updates in Sudbury and the towns west of Boston, visit www.MarilynMessenger.com or call Marilyn Messenger at 508-596-3501 for personal real estate services.
Data source: MLSPIN (Multiple Listing Service Property Information Network.)
ZIP Code: 01776 Approximate Location Boundaries: Approx. 20 miles west of Boston - surrounding towns are Wayland, Framingham, Concord, Maynard, Hudson, Stow, and Lincoln.
Location Characteristics: 20 miles west of Boston. Graced with natural beauty, Sudbury is an ideal blend of old and new, still rural, yet vibrant. This beautiful New England suburb features lovely residential neighborhoods of charming historical homes and well-designed new construction set on large, meticulously landscaped properties.
Reminders of the town's colonial past are evident at every turn. Old barns, stone walls, gracious farmhouses, and wonderful pre-Revolutionary homes are a common sight. Sudbury is the home of the Wayside Inn/Restaurant, built in 1680 and considered to be one of the oldest inns in the nation. Each fall, the community welcomes visitors to the Colonial Fair.
Fine schools and town facilities combine with a myriad of recreational opportunities and active civic, social, and charitable organizations to keep residents involved. Commuting is convenient via Routes 128 and Interstate 495, and major shopping malls are just 10 minutes from home. Recreational highlights include the National Wildlife Refuge and the Sudbury River area for canoeing, hiking, and cross-country skiing.
About Marilyn Messenger, CRS, ABR, GRI, Broker:
"Marilyn exemplifies what every real estate agent should be. She was professional, thoughtful and tough when she needed to be. I would not have made it through if Marilyn was not at the helm. I cannot recommend her highly enough" - Jessica
"Marilyn went beyond the call of duty...All the 'i's were dotted and the 't's were crossed in a very professional manner. You [William Raveis] are fortunate to have her on your staff" - Alice
…Thanks so much for all you did to help us through the process of buying our first home...[Marilyn] made the process easier than we ever thought possible." -- Matt & Julie
Marilyn Messenger has been representing buyers and sellers of residential real estate west of Boston since 1993. She is a licensed Broker (not a salesperson), and additionally, she has earned the following designations: CRS - Certified Residential Specialist - only 3.5% of Realtors nationally have completed the requirements for CRS; ABR - Accredited Buyers Representative; SRES - Senior Real Estate Specialist; RECS - Real Estate Cyberspace Society members are dedicated to using the latest technology to benefit their clients. She is also a member of the MA and National Association of Realtors.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
