This Wellesley, MA Single Family housing marketing report covers all the single family activity for the month of May, 2011. As you begin to follow these statistics you can spot the trends that will be reported on in several months in the media. This report comes from the MLS listings for all of Wellesely. The average prices for the sold homes are considerably lower than those active on the market. It will be interesting to see if these numbers come down through the end of this spring and through the summer. That would be a pattern that would have been considered normal before, but there is no normal for the industry right now.
Single Family Active Listings: 150 Average List Price: $1,665,979 Average Market Time: 145.02
Single Family Under Agreement Listings: 38 Average List Price: $1,269,103 Average Market Time: 80.92
Single Family Sold Listings: 26 Average List Price: $1,319,073 Average Sale Price: $1,226,856 Average Market Time: 91.35
Single Family Expired Listings: 3 Average List Price: $1,981,633 Average Market Time: 91.33
Single Family Canceled Listings: 5 Average List Price: $1,824,800 Average Market Time: 184.60
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The 93% sale price to sold price is not as good as some of the surrounding communities. This means that there is a slightly inflated price put on the homes to start or there is not enough competition for the houses that are on the market and the seller’s are willing to accept any reasonable offer. 93% of your asking price is really not so bad, but we are seeing this percentage a bit higher in other areas. The average time on the market is coming down because there is some pent up demand and people are ready to go. The interest rates are still very low and you make you money when you buy a house for the right price and with the right interest rate, not when you sell your house. Call me for more information about Wellesley. Larry Lawfer 972 322 7776
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