The Natick Homes For Sale Market ReportIs it too early to call a top in Natick? Yes - but things are changing. When demand outstrips supply, our wonderful economic system starts to take over, and things change. But first, why do I say things are changing? Well let's look at the chart.
Natick has existed in a stratosphere of outstripped demand, but if we look, the things have been headed downward for over a year now. Here's the kicker though - in raw numbers, Natick hasn't had 84 or more homes listed for sale since I did my very first report in Sept of 2011. So what happened? Why is there so much inventory? Are sellers asking too much? No, not really. Prices are up 17% off their lows, which is great, but they haven't moved dramatically higher this year (although I expect a bump in the next report, as bidding wars have been fierce in Natick). So what is changing? Easy, the number of people who want serious money for homes. The average for sale price of those 84 homes is $833,519, more than 300K higher than the average sale price. This is similar to what we see often in Sudbury and Medfield, for comparison, and with not enough Million dollar buyers for homes in Natick, builders doing tear downs will need to be more cautious, and sellers in those ranges may stop getting what they want.
What should active home buyers do in Natick?Most buyers - the under 1M kind - should steer clear. Valuations are very high, and bidding wars are fierce. I'd look elsewhere, as there are some great communities that are still very affordable, and have a lower risk profile. If you are committed to Natick, be cautious. Remember Warren Buffet: "Be fearful when others are greedy, and greedy when others are fearful." People are throwing caution to the wind in Natick (and Framingham), and that's not a good strategy.
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What should potential home sellers do in Natick?Things are crazy, if you want to move out of Natick, this could be the best time in this cycle. Especially if you have a home under 800K - it'll sell in days - and condition isn't that important. Lots of buyers are taking on projects, this might be your time to get rid of your project at a premium price. Get out while the gettin's good - I say.
Natick Houses For Sale and Sold Market Statistics - Raw MLS Data
- Natick‘s “Home Seller Index” (HSI): 186 Last Report: 284
- There are 84 homes listed as For Sale.
- There have been 215 houses sold in the last 6 months, and 160 homes sold in the last 3 months in Natick.
- The Average number of Days on Market was 36 days for just SOLD homes.
- There is an Average Market Time of 39 days of the Natick homes For Sale (currently for sale).
- The amount that was paid in Dollars per Square Foot averaged $272 (vs. $272 in the last report)
- Current sellers are looking for $ 283 /sq foot
- There was an Average Sold Price of $576,100 for sold homes.
- Natick,MA, has 1 properties advertised as lender owned or foreclosure (typically foreclosure) .
- There are 0 properties advertised as a short-sale is going to be needed by the lender.
All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends.
*That means you won’t find it anywhere else. Take that, Case-Schilling!.