WELLESLEY, MA : MARKET DATA THROUGH APRIL

April Headlines

Wellesley
  • Unit sales are down by 40.9%.
  • Median price is down 22.7% to $1,189,000.
  • Months of supply in April was 4.7. This is up 25.3% from 3.8 in April of 2014.
Nearby Areas You May Be Interested In
  • Days on market in Needham is up 276.9% to 98.
  • Months of supply in Winchester in April was 4.4. This is up 109.1% from 2.1 in April of 2014.
  • Inventory in Winchester is up by 71.8%.
Changes Favoring Buyers
3 Months Ending April, 2015 % Chg From Apr, 2014
Unit Sales 47 -16.1%
Median Sale Price $1,332,500 -4.6%
Inventory 94 1.1%
Months of Supply 3.6 8.9%
Sales to List Price Ratio 92.7% -6.1%
New Listings 160 11.9%
Listings Under Contract 87 -11.2%
Changes Favoring Sellers
3 Months Ending April, 2015 % Chg From Apr, 2014
Market Time (Days) 105 -8.7%
Price per Sq Ft for Sold $403 1.8%

Sales

There were 13 unit sales in April. This is down 40.9% from 22 in April of 2014. Sales/list price ratio in April moved down to 96.8% from 97.2% in March.

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Prices

Median price in April was $1,189,000. This is down 22.7% from $1,538,800 in April of 2014. This is the lowest median price has been since September, 2014. 3-month median price of $1,332,500 in April was down marginally from $1,345,000 in March and down a little from $1,396,500 in April of 2014. Price per square foot in April was $454. This is up from $391 in March and up from $400 in April of 2014.

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Inventory

Inventory of 120 in April was up 33.3% from 90 in March and up 12.1% from 107 in April of 2014. New listings of 83 in April were up substantially from 57 in March and way up from 61 in April of 2014. Months of supply of 4.7 in April was up considerably from 3.4 in March and up moderately from 3.8 in April of 2014. This is the highest months of supply has been since October, 2014.

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Market Time

Days on market of 104 in April was up slightly from 89 in March but down considerably from 137 in April of 2014.

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Change in Median Sale Price for Single Family Properties YTD From 2014 To 2015 for Towns in Norfolk County Ranked by Best Performance
Town % Change
Cohasset 39.91%
Needham 25.71%
Milton 24.74%
Wrentham 22.67%
Foxborough 17.74%
Brookline 16.88%
Westwood 12.52%
Walpole 11.02%
Medfield 9.44%
Holbrook 9.17%

Selling Real Estate: How to Set a List Price for Your Home

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Setting the list price for your home involves evaluating various market conditions and financial factors. During this phase of the home selling process, your REALTOR® will help you set your list price based on:

  • pricing considerations
  • comparable sales
  • market conditions
  • offering incentives
  • estimated net proceeds

Pricing Considerations – Find a Balance Between Too High and Too Low

When setting a list price for your home, you should be aware of a buyer’s frame of mind. Consider the following pricing factors:

If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than other homes on the street. You may have told your REALTOR® to “Bring me any offer. Frankly, I’d take less.” But compared to other houses for sale, your home simply looks too expensive to be considered.

If you price too low, you’ll short-change yourself. Your house will sell promptly, yes, but you may make less on the sale than if you had set a higher price and waited for a buyer who was willing to pay it.

TIP: Never say “asking” price, which implies you don’t expect to get it. (read on)

Buyers: What a REALTOR® Can Do for You

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The REALTOR® you work with can be one of your most valuable resources in the home buying process. Unlike many real estate agents who are simply licensed by their state to do business, REALTORS® have taken additional steps to become members of the local board of REALTORS® and have agreed to act under and adhere to a strict Code of Ethics. Here is what a REALTOR® can do for you:

  • A REALTOR® can help you determine the price you can afford.
  • A REALTOR® can often suggest ways to accrue a down payment and explain alternative financing methods.
  • A REALTOR®, in addition to knowing the local money market, also can tell you what personal and financial data to bring when you apply for a loan.
  • A REALTOR® is already familiar with current real estate values, taxes, utility costs, municipal services and facilities, and may be aware of local zoning changes that could affect your decision to buy.
  • A REALTOR® can usually research your housing needs in advance through a Multiple Listing Service (MLS) – even if you are relocating from another city.
  • A REALTOR® can show you only those homes best suited to your needs: size, style, features, location, and accessibility to schools, transportation, shopping and other personal preferences.
  • A REALTOR® often can suggest simple, imaginative changes that make a home more suitable for you and that will improve its utility and value.
  • A REALTOR® is sensitive to the importance you place on this major purchase and commitment that you are about to make.
  • A REALTOR® can facilitate negotiation of a win-win agreement that will satisfy both you and the seller.

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