Real Estate Market in Boston's metrowest communities shows that the houses in the best condition at the best price in their range are selling but each town tells its own story..
.(more) BostonKayakGuy...John Prescott's The MetWest Scene
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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
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
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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
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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
bostonkayakguy.wordpress.com — Talk fast, pepper your sentences with 'like', flatten out those A's and think a word ending with r is a vowel? If you're the epitome of 'Boston speak' then you may be just who the casting for "The Town" is looking for! A Ben Affleck film...(more) BostonKayakGuy...John Prescott's 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
BOSTON Auditions May 28 – So You Think You Can Dance
bostonkayakguy.wordpress.com — Dress to Impress! And strut your stuff at Boston auditions for SO YOU THINK YOU CAN DANCE May 28...(more) Bostonkayakguy...John Prescott's The MetWest Scene
Full Story on bostonkayakguy.wordpress.com
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
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Purveyor of metrowest homes Wellesley Natick Needham Framingham Weston "South Natick" REAL ESTATE *Relocation expert international clients, local companies * Advisor to Babson Wellesley Olin College
For the past 14 years, John Prescott has been an award winning real estate professional focusing on luxury homes in Natick, Wellesley, South Natick, Weston, Wayland, Needham, Dover, and Framingham.
An entrepreneurial businessman, graduate of Babson College, and formerly associated with the Federal Reserve Bank of Boston, Prescott is well known in greater Boston's metrowest communities for providing clients exemplary service, innovative technology, and financing acumen.
He has worked extensively with people relocating to Boston from the West Coast, as well as many European and international clients. John has had the pleasure of working with many companies including eInk, Boston Scientific, Staples, Gillette, Newton-Wellesley Hospital, and Nordstrom's.
John Prescott is recognized as the Neighborhood specialist for South Natick, Farm Hill, Eliot Hill, Algonquian, Walnut Hill, Wellesley, Cliff Estates, Fells, Dana Hall, Country Club, Westgate, Poet's Corner and College Heights.
John Prescott's take on the current real estate market? "The challenge of investing in real estate in today's economic climate is complex, yet given the opportunity, it is a challenge I welcome."
Ocean kayaking, real estate investing, and travel are Prescott's favorite pursuits. Fine wine, stimulating conversation, and the company of his family occupy Prescott's time when he's not surfing the waves in his kayak, but only once his clients have been accommodated.
JOHN PRESCOTT'S expertise boils down to one thing: HE delivers the whole package.
John Prescott has enthusiasm! He's thrilled to work with individuals looking to downsize, families looking for more expansive space to meet their needs, as well as first time buyers. Specific segments of his clientele include recent college graduates, corporate relocations, new college faculty and staff, families looking for specific neighborhoods, investors, and individuals looking to make real estate purchases which are a "good value."
JOHN PRESCOTT'S PHILOSOPHY:
When working with sellers, John Prescott states, " I'm in it, to sell it. I hire staging consultants, floor plan graphic illustrators, produce virtual tours, expert photography, and individually tailored marketing campaigns. I establish a highly visible internet presence for each listing, tapping into web applications used by various and specific segments of the buyer audience."
"And most importantly, I will tell you the truth. Houses sell when they are priced correctly. I do extensive research and evaluation to determine the appropriate listing price."
"And I will be there every step of the way in your contract negotiations. I pledge to negotiate the best terms possible, and will assist you in making the sometimes difficult decisions necessary in real estate transactions. I am, and will be, your best advocate."
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John Prescott's The MetWest Scene
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John Prescott, Vice President, Century 21 Commonwealth
http://activerain.com/topmetrowestrealestateagent
Greater Boston, Metrowest, Natick, Wellesley, South Natick, Needham,Weston, Wayland, Dover, REAL ESTATE. John Prescott is an award winning real estate investing expert for metrowest Boston.
Neighborhood expert for Farm Hill, Algonquian, Eliot Hill, Whitridge, Charles River, South Natick, and Wellesley neighborhoods Poet's Corner, Country Club, Fells, Westgate, Cliff Estates, Hills, downtown, College Heights, and others.
Real estate adviser to Babson, Olin, And Wellesley College communities.
No one knows this area better than John Prescott!
He'll Make It Happen!!
Subscribe now to his customized searches; and call him at 508 - 523 - 9252.
www.BostonKayakGuy.com/wordpress.com
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