As of May 31, 2009, there were 221 single family listings in Wellesley on the Multiple Listing Service (MLSPin). During May, 49 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 $1,592,167.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 10.0 months. That is to say, based on the volume of sales during the past month, it will take approximately 301 days 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 $1,672,476. The lowest price is $275,900 and the highest price is $6,500,000, with the largest concentration of homes (43.9%) priced in the $1,000,000 to $1,999,999 price range. Of note, the average list price for a single family home in May 2008 was $1,735,787.

The median price is $1,395,000 and the average days on market are 117 days. This compares to a median list price of $1,375,000 and average days on market of 109 days as of May 31, 2008.

There were 24 properties that went under agreement during the month of May (May 2008- 46 properties). 22 single family homes sold during the month, with the average sales price being $1,094,866 and the median was $1,065,000, with the average days on market being 186 days. Compare this to 41 properties sold during May 2008, with an average and median sales price of $1,562,183 and $1,400,000, respectively, and the average number of days on market being 125 days.

During May 2009:

70 properties experienced price changes averaging -5.56%

Sales price to original price was 91%

Sales price to (last) adjusted price was 92%

4 property listings expired with an average days on market of 143 days

Year to date market performance:		2009		2008
Average original list price		$1,301,521		$1,548,796
Average sales price		$1,149,086		$1,244,415
Median sales price		$1,000,000		$1,200,000
Average days on market		152		137
Total number of single family homes sold		53		108

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

President Obama recently gave his 100 Day Progress report...

So let's take a look at how the local Real Estate market has been doing for the first five months of 2009...

As I described in my earlier reports, for the first two months of 2009 compared to last year, the market has varied greatly by town.

Needham continues to stay on solid ground, but has leveled off compared to the first two months.

Wellesley’s home sales in dollar value for the first five months of 2009 plummeted 60.7%, and the median home price in Wellesley fell 15.4%, compared to the same period in 2008 .

The Natick market for the same five month period, had a moderate decline of 19.6% in dollar volume, but is the only town in the trio to show a gain of 7.8% in median price.

WELLESLEY has tanked, NEEDHAM is stable, and NATICK has moderate declines.

Percentage Change for the first five months of 2009 vs 2008.

NEEDHAM WELLESLEY NATICK

SALES Units + 5.1% - 52.9% - 21.3%

VOLUME +1.1% - 51.9% - 19.6%

Median price - 5.4% - 15.4% + 7.8%

What does this mean?

Wellesley’s average list price for single family homes is currently $1,692,538. This is in stark contrast and out of balance with the average selling price of $1,162,520 for the first five months of 2009.

A further obstacle to Wellesley’s recovery is a current inventory of 207 homes for sale. Ninety two of these homes are priced at $1.5MM or more.

Based on the sales of just seven homes for more than $1.5MM during the first five months of this year, it will take about five years to absorb the inventory of homes priced at or above $1.5MM.

Overall, Wellesley’s 207 homes currently on the market will take approximately 20 months to be absorbed based on sales for the past five months annualized.

In contrast Needham has 124 homes currently for sale and Natick has only 102.

Two major factors are at play in the local real estate markets. The basic law of supply and demand; or in the case of Wellesley, oversupply, as well as the credit markets that are heavily biased against jumbo loans, which are needed to fiance the vast majority of homes in Wellesley.

The numbers tell a story. ..

Home prices in Wellesley will face significant downward pressure in the coming months before the market can gain equilibrium.

JOHN PRESCOTT

-BostonKayakGuy

Top Real Estate Agent for more than 14 years, serving the real estate needs of Wellesley, South Natick, Weston, Needham, Wayland, Newton, Framingham and other MetWest communities. www.johnprescott.net

JOHN PRESCOTT

Vice President

Century 21 Commonwealth

508-523-9252

BostonKayakGuy…The MetWest Scene

JOHN PRESCOTT

-BostonKayakGuy

Top Real Estate Agent for more than 14 years, serving the real estate needs of Wellesley, South Natick, Weston, Needham, Wayland, Newton, Framingham and other MetWest communities. www.johnprescott.net

JOHN PRESCOTT

Vice President

Century 21 Commonwealth

508-523-9252

BostonKayakGuy…The MetWest Scene

Hijacking Starbucks…

A Cautionary Tale

bostonkayakguy.wordpress.com — Highjacking Starbucks...a social media fable. (more) BostonKayakGuy...John Prescott's The MetWest Scene

«Full story on BostonKayakGuy

JOHN PRESCOTT

-BostonKayakGuy

Top Real Estate Agent for more than 14 years, serving the real estate needs of Wellesley, South Natick, Weston, Needham, Wayland, Newton, Framingham and other MetWest communities. www.johnprescott.net

JOHN PRESCOTT

Vice President

Century 21 Commonwealth

508-523-9252

BostonKayakGuy…The MetWest Scene