What's Happening in Wales MA Real Estate? 2000-2011 Market Watch
October 26, 2011: What's happening in the Wales, Massachusetts, real estate market? This year has shown a slowing of single family home sales in Wales as well as a drop in average price. To date, 10 single family homes have sold in Wales, at an average price of $115,790. Quite a change from 2010, when we saw 20 single family homes sell, at an average price of $166,780.
Keep in mind, though, that in the first half of 2010, home buyers enjoyed a significant incentive: an $8000 credit for a home purchased by June 30, 2010. That incentive created a burst of activity in the market throughout the state, not just in the town of Wales. Of the 20 homes sold in Wales in 2010, 8 were sold in the first half of the year.
A second factor to consider is the tornado that impacted south-central Massachusetts on June 1, 2011. The real estate market saw little activity in the early summer months as residents began recovery efforts following the storm.
The graphs below show single family home sales and average price in Wales, MA, from January 1, 2010, through October 26, 2011. When you take a step back from the market, you can easily see where the market boom occurred.
Date source: MLS PIN
Current Market Conditions in Wales MA
There are currently 21 single family homes currently on the market in Wales, MA. The average list price of these homes is $154,760. Of these, one has an accepted offer but is continuing to show for back-up offers. An additional four properties are under contract, with list prices ranging from $71,000 to $305,000.
Summary
As with many other towns in central Massachusetts, the real estate market in Wales is sluggish. Based on 2011 sales to date, there is about 10 months' worth of inventory available. Buyers still have the advantage here, with supply outweighing demand. The Wales market represents great opportunity for buyers and investors, with many homes priced below $150,000.
For home sellers in Wales, MA, a competitive sales strategy will be important. Condition and pricing must be carefully examined to ensure a successful and smooth home sale.
If you have specific questions about the real estate market in Wales, Massachusetts, please give me a call at (508) 982-0686.
Your Central Massachusetts Real Estate Adviser,
Kathryn Acciari, REALTOR
CDPE, CIAS, HAFA Certified
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