Wellesley, MA Single Family Housing Report November 2011

Wellesley, MA Single Family Housing Report November 2011 had a larger number of homes in the market than either Weston or Wayland. This isn’t entirely a surprise it is a larger community.  The Average Days on Market (DOM) went up, but that is happening all over this area right now. With the media spewing as much conflicting information as possible it has buyers and sellers confused.  Consumer confidence is also an issue, it is hard to know what to believe.  The truth is that the market has been fairly stable. The slight ups and downs are the part of a normal market.  Let’s get to the numbers.

Single Family Active Listings: 128    Avg. Liv.Area SqFt: 3,946.69     Avg. List$: $1,778,298    Avg. List$/SqFt: $429     Avg. DOM: 171.57  

Single Family Under Agreement Listings: 12    Avg. Liv.Area SqFt: 2,540.25     Avg. List$: $865,725    Avg. List$/SqFt: $342     Avg. DOM: 94.00   

Single Family Sold Listings: 12    Avg. Liv.Area SqFt: 3,081.00     Avg. List$: $1,095,083    Avg. List$/SqFt: $357     Avg. DOM: 83.58    Avg. Sale$: $1,012,667   Avg. Sale$/SqFt: $337

The List Price to Sales Price is still at a “not too bad” area of 92%.  The averages in the sales price to square footage, to me, is an odd statistic.  No two homes are the same and looking at them only on the basis of their square footage price is not something I think is relevant unless you are a builder or developer. They will all have differing amenities and neighborhoods that would have to be considered.  What is interesting in the above is the fact that the homes Under Agreement went under agreement in under 100 days meaning they were priced to sell.  Next month we will see if that shows the List Price to Sales Price going up or down.

Single Family Expired Listings: 16    Avg. Liv.Area SqFt: 3,689.53     Avg. List$: $1,420,119    Avg. List$/SqFt: $382     Avg. DOM: 305.06   

Single Family Canceled Listings: 15    Avg. Liv.Area SqFt: 3,247.73     Avg. List$: $1,374,533    Avg. List$/SqFt: $411     Avg. DOM: 197.93  

YIKES, 305 for the DOM for Expired listings.  Time for a new agent.  If in almost a year of not selling and the agent hasn’t either marketed the property correctly or gotten the owner to understand their price was too high indicates a breakdown.  You can see that the list price to square footage price is way out of line from the Solds, so that could be the issue. The canceled listings have the same issue.