The Housing Report in Wellesley MA 02482 has hit the mid way point of the summer. You who want homes in Wellesley see your "move in" homes and "correctly priced" homes dwindling while there is still lots of inventory to look through in your various market demographics.
Single Family Active Listings: 125 Avg. Liv.Area SqFt: 4,285.74 Avg. List$: $1,793,684 Avg. List$/SqFt: $403 Avg. DOM: 148.60
Of all these Actives there are 13 that have the Red Flags on them indicating they are in some stage of agreement, just not fully there yet. What used to happen before this summer is that when you received any contract you were happy, as the listing agent, to put it in the Under Agreement category. Now with bank scruitiny as it is and the Underwriters being particularly difficult most agents are advising their clients to leave properties in the active status until there is the mortgage committment. And so there are no Under Agreement properties in this whole mid summer time. Hmmmm?
Single Family Sold Listings: 10 Avg. Liv.Area SqFt: 3,399.20 Avg. List$: $1,506,700 Avg. List$/SqFt: $432 Avg. DOM: 101.40 Avg. Sale$: $1,421,950 Avg. Sale$/SqFt: $413
Here we have only 10 homes in a month and one half? What happened to the booming market we were hearing about? At this rate we have a year of inventory. In a normal cycle this has negative impact on the pricing, but this is not a normal cycle. The Actives have gobbled up the Under Agreements and so we would have fewer Actives and more Under Agreements. Under Agreements along with Solds show a better market flow. We wil wait another couple of months to see if this is a more accurate depiction of this statistic.
Days on Market are trending downward which is indicated out on the street as Open Houses have been more actively attended. I am seeing young families and families in transition up coming into my open houses. Other colleagues have indicated similar attendance activity.
I am currently marketing a great and unique property in Wellesley. It was chosen at the July 22, 2012 Featured Home of the Week by the Boston Globe. There are many reasons why, but the place to start is with the location. The property is surrounded on three sides with Morses Pond.