Wellesley, MA Market Activty Report for May 2009

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

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

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