Posted on May 13, 2013
For those of you interested in buying new construction* in Weston, MA, I wanted to share with you some market information so you could enter into this buying decision with current, hot-off-the-press data:
Active Properties on the Market. Of the active properties on the market, only 8 of the 79 (10%) are newly-constructed homes, and they range in price from $1,749,000 to $9,900,000 with a median list price of $3,745,000 and an average list price of $4,379,250. The average days on market is 225 days, the average living area is 7,088 square feet, and the average list price per square foot is $560. So given the median list and average list price, you can see that the active new construction is mostly high-end, has been on the market for 7 1/2 months without selling, and has a high list price to square foot ratio.
Pending and Sold Properties on the Market. In looking at the last six months of pending and sold newly-constructed homes, we see some similarities and differences from the data above. First, the market percentage numbers are comparable. There are currently 4 pending newly-constructed homes out of a total of 39 pendings (10%), and there are 5 newly-constructed homes that have sold in the last six months out of a total of 51 solds (approximately 10%). When we look at the pricing of these nine pending and sold properties, we see a range in price from $1,010,000 to $8,000,00. Interestingly, with the exception of the days on market, the other market figures for the pendings look very similar to the actives. While the days on market is only 143 days (4 3/4 months), the median list price is $3,672,500, the average list price is $4,358,750, the average living area is 7,687 square feet, and the average list price per square foot is $533. The market figures for the five solds, on the other hand, tell a very different story than the data for the eight active and four pending newly-constructed homes. Specifically four of the five homes sold below $1,700,000, and the fifth property sold for above $4,000,000, which results in a very low median sale price ($1,480,000) and average sale price ($1,959,449). The average days on market was 152 days (5 months), which is comparable to the pendings and less than the actives. All of the other market figures, however, were lower than those of the actives and pendings. For example, the average living area was 5,513 square feet, and the average list and average sold price per square foot were $365 and $341, respectively.
What do you get at these price points? Below $2,500,000, you’ll generally get less than 6,000 square feet of living space, which includes the garage, with four bedrooms and approximately an acre or less of land. Over $2,500,000, you’ll usually get more than 6,000 of living space which also includes a finished basement, at least five bedrooms and more than an acre of land. In addition, these homes will feature more expensive finishes in the form of mouldings, paneled libraries, fireplaces, tile choices, cabinetry, built-ins and more.
In the event that you are interested in new construction in other towns, I am sharing our Pinnacle blog on New Construction in Wellesley. For more information on new construction or on the real estate market in Weston, Wellesley, Wayland and the surrounding towns, please contact me, Lisa Curlett (781-267-2844 or www.homesalesbylisa.com), to answer any questions or for a complimentary home appraisal.