As of March 31, 2009, there were 181 single family listings in Wellesley on the Multiple Listing Service (MLSPin). During March, 64 new single family listings were added to our MLSPin and an additional 3 single family homes were relisted for sale on the MLS, with an average list price of $1,399,617. Home sales are less than half of what they were year-to-date last year. Certainly the weather has partly been to blame, as we have had our share of snow and cold. Interest rates on jumbo loan financing certainly aren't where the rest of the (conforming) loan market has moved. But I think there is another reason for this - there are a large number of significantly overpriced homes on the Wellesley market at the moment.
Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 20.1 months. That is to say, based on the volume of sales during the past month, it will take over 1.5 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 $1,841,654. The lowest price is $225,000 and the highest price is $5,995,000, with the largest concentration of homes (41.4%) priced in the $1,000,000 to $1,999,999 price range. Of note, the average list price for a single family home in March 2008 was $1,717,274.
The median price is $1,499,000 and the average days on market are 126 days. This compares to a median list price of $1,385,000 and average days on market of 107 days as of March 31, 2008.
There were 17 properties that went under agreement during the month of March (March 2008- 35 properties). 9 single family homes sold during the month, with the average sales price being $1,119,444 and the median was $950,000, with the average days on market being 163 days. Compare this to 15 properties sold during March 2008, with an average and median sales price of $1,259,400 and $975,000, respectively, and the average number of days on market being 86 days.
During March 2009:
38 properties experienced price changes averaging -5.88%
Sales price to original price was 87%
Sales price to (last) adjusted price was 93%
6 property listings expired with an average days on market of 74 days
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Year to date market performance:
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2009
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2008
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Average original list price
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$1,237,086
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$1,466,342
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Average sales price
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$1,095,714
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$1,332,024
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Median sales price
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$945,000
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$1,079,750
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Average days on market
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122
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146
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Total number of single family homes sold
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21
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50
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-BostonKayakGuy
