Wellesley

Town Overview

Wellesley is among "Best Places to Live," according to Boston Magazine's yearly survey and ranked #2 by Forbes in 2009 as "America's Most Educated Small Towns" for percentage of adults who hold at least one college degree.

In 2007, Wellesley High School was ranked the 70th best public high school in the nation by U.S. News & World Report.

Each year Wellesley sponsors the annual Wellesley's Wonderful Weekend fireworks.

Wellesley is at a crossway between Mass Pike and Highway 95, and is accessible to the city of Boston by MBTA.

Market Review

Wellesley's current 165 listings, varying from $350,000 to $10.7mil., with media price of $1,8425,000, have been in market for 172 days. This inventory translates to 5.8 months' supply. For the first time since January 2009, the market shifted back below 6.0 months, which means the market is picking up its pace again and now it is more advantageous for sellers, because there are less in the inventory.

Let's analyze the houses on market. There are many houses in the $1million range (62 houses). There are a few affordably priced houses from $350k to $599,999, but not many. But they have been waiting for a long time for a new owner, so they might be worth a look. If you want to buy a house in $600,000 to $799,999 range, you'll have plenty of choices (24 houses) as well.

Let's see how the single-family houses in Wellesley are selling. There were 37 houses sold last month, after an average of 118 days. Lowest priced house was $210,000 and the highest $2,000,000. Median price was $970,000. These houses sold for 90% of the original price, on average, and at 94% of listing price. Looks like Wellesley sellers have had to cut down a price or wait it out long in order to sell. Although 118 days is not bad compared to the rest of 2010, but the time it takes to sell a house in Wellesley has been on gradual increase from January 2009. But we are seeing the sales figure jump up significantly for the last few months, so we can expect good things.

One house in a $200k's is worth our attention. It stayed on the market for more than a year and ended up selling for almost half of original price, or 84% of listing price. This is a classic example of how cheaper houses don't necessarily sell quickest. It's about pricing it right, rather than trying to aim higher and having to wait a long time to sell, and ending up selling for what it should have been priced at anyways.

Last month there were no houses sold from $250,000 to $499,999.

Let's see the market with condos, single-family houses, and multi-unit house combined. There are 185 properties available, with average of 177 days on market. There are 4 properties in the $350,000 to $399,999 range and they have been waiting for almost a year. There are 18 condos and 2 multi-family houses available.

If you would like to receive a monthly Wellesley local housing data newsletter, visit www.move2Boston.com, click on the "Link to Raveis," then select "Subscribe to Housing Newsletter." At the same site, you can also generate a housing data report anytime you are interested. Call Susie at 617-332-3420 if you would like her to walk you through this feature.

If you are relocating to Boston area, call or email me to get a FREE relocation package. We are familiar with many communities in the Greater Boston, not limited to one or two areas. We specialize in Buyer Representation. You can be rest-assured that you have a seasoned real estate professional looking out for your interests in the entire buying process.

Tel: 617-332-3420

email: susie@move2boston.com