Wellesley MA Single Family Housing Report April 2016. MLSPIN (Boston Area Move In Homes MLS) reports 178 homes in Wellesley above the MLS luxury level price are on the market this last month. That is a lot of choice for the buyers in this highly coveted town.
Single Family Active Listings: 136 Avg. Liv.Area SqFt: 4,728.29 Avg. List$: $2,276,328 Avg. List$/SqFt: $484 Avg. DOM: 108.09 Avg. DTO: 49.83
With 136 properties on the Active Market in the last 30 days and 10 we sold in that same period of time. Using the equation of Actives divided by Solds gives you the number of months of Inventory. 6 months is considered a normal market. Less than 6 months is a Seller’s market and more is a Buyer’s market because there is a lot of property on the market and a lot of competition keeps the prices lower. Conceivably this is when the market is working as it should. 136 Actives divided by 10 Solds equals 13.6 months of inventory. This is a Buyer’s Market by this
statistic. Prices should drop and Days on Market should go up. This is never the case with each house in each price point. While we has statistical norms, no two houses or communities are exactly alike so there are always variables that a qualified professional Realtor® can provide you insight into these statistics.
Single Family Under Agreement Listings: 28 Avg. Liv.Area SqFt: 4,142.96 Avg. List$: $1,875,964 Avg. List$/SqFt: $457 Avg. DOM: 87.64 Avg. DTO: 59.93
Single Family Sold Listings: 10 Avg. Liv.Area SqFt: 3,535.30 Avg. List$: $1,518,700 Avg. List$/SqFt: $437 Avg. DOM: 106.70 Avg. DTO: 76.60 Avg. Sale$: $1,485,800 Avg. Sale$/SqFt: $427
Many of the homes on the market in Wellesley in the last month are overpriced. This is clear when you look at DOM and Avg.Sale$/SqFt. Shorter time to offer and a much longer DOM indicates a degree of overpriced listings languishing on the market.
Single Family Expired Listings: 2 Avg. Liv.Area SqFt: 5,968.50 Avg. List$: $3,197,000 Avg. List$/SqFt: $532 Avg. DOM: 190.00
Single Family Canceled Listings: 2 Avg. Liv.Area SqFt: 7,500.00 Avg. List$: $2,995,000 Avg. List$/SqFt: $399 Avg. DOM: 143.00
Wellesley MA Single Family Housing Report April 2016