Wellesley and Wellesley Hills, MA Market Activity Report as of April 30, 2009

As of April 30, 2009, there were 202 single family listings in Wellesley on the Multiple Listing Service (MLSPin).  During April, 57 new single family listings were added to our MLSPin and an additional 8 single family homes were relisted for sale on the MLS, with an average list price of $1,544,698.  I'm not sure if these new listings want to be the first to be sold or the last, but the average new list price is considerably higher than the average sales price for the year to date and compared to last year.  Market absorption rates continue to grow staggering high as new inventory is added each month, on top of already slow moving home listings.  Based on current trends, we will continue to see new inventory added to our MLSPin for the neighborhoods of Wellesley and Wellesley Hills (and Babson Park) because, unfortunately, the nationwide plague of short sales and foreclosures has arrived.  Just like the flu virus, sellers need to take caution.  These "forced liquidation" sales will further depress the market value of their current home listings, so instead of chasing the market, they should price their homes to sell now - not in six months when it is forecasted that there is going to be more inventory at drastically lower prices throughout Wellesley and the neighboring communities.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 20.2 months.   That is to say, based on the volume of sales during the past month, it will take close to 2 years to sell all of the single family homes currently in inventory and sitting on the Wellesley market.

The average list price for a single family home is $1,752,560.  The lowest price is $275,900 and the highest price is $6,500,000, with the largest concentration of homes (42.1%) priced in the $1,000,000 to $1,999,999 price range.  Of note, the average list price for a single family home in April 2008 was $1,699,695.

The median price is $1,425,000 and the average days on market are 109 days.  This compares to a median list price of $1,350,000 and average days on market of 101 days as of April 30, 2008.

There were 36 properties that went under agreement during the month of April (April 2008- 46 properties).  10 single family homes sold during the month, with the average sales price being $1,380,450 and the median was $1,240,000, with the average days on market being 140 days. Compare this to 17 properties sold during April 2008, with an average and median sales price of $1,363,888 and $1,275,000, respectively, and the average number of days on market being 137 days.

During April 2009:

53 properties experienced price changes averaging -4.52%

Sales price to original price was 91%

Sales price to (last) adjusted price was 94%

12 property listings expired with an average days on market of 203 days

 Is now the right time to sell your home?  Contact WEICHERT, REALTORS®-Synergy for a complimentary Price Trend Analysis that you can use to evaluate your options.

Looking for other options?  Meet with a local Weichert neighborhood specialist to discuss how our expertise can provide you with a competitive edge in selling your property.  Stop chasing the market.  Let the market chase you!  Contact us now at http://synergy-metrowest.com/cma.htm

http://www.synergy-metrowest.com