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Image by Shahid Abdullah from Pixabay
We’ve already discussed that Westwood real estate has been experiencing a seller’s market -- with heightened buying activity in a lower inventory market. (See article here)
But that simple fact alone may fail to paint a full picture of what challenges buyers in this market are facing.
To fill in the gaps, here’s some data on the Westwood housing market provided by William Raveis Realtor Kate Swenson. The data for the years ending in April 2020 and April 2021 show what a difficult market this can be for home buyers.
The average list price increased from $1.35 million to $1.72 million (+32.6 percent).
The average sale price increased from $903,899 to $1.1 million (+18.1 percent).
The median sale price increased from $775,000 to $935,000 (+20.6 percent).
The average sale price per square foot increased from $334.6 to $366.5 (+9.5 percent).
Inventory decreased from 44 available homes to 34 homes (- 22.7 percent).
Days on the market decreased from 52 days to 43 days (- 34.5 percent).
In a balanced market that favors neither buyers nor sellers, it is said that there should be about 5 to 7 months of inventory. Below 5 months of inventory is a seller’s market. Last year, there was 3.12 months of supply. This year there has been even less -- 2.14 months of supply. Looking specifically at the month of April this year, that number was only 1.70 months.
Also in April this year, one hundred percent of the twenty-three Westwood homes that were sold last month did so at over 95 percent of the asking price.
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