Wellesley Real Estate Market Report

Despite the erratic weather we've been having, spring is here! While the weather is unpredictable, the Wellesley real estate market is not, and is looking strong heading into the spring season.  In March we experienced a month of preparatory work for the busy season we are seeing now! The market is busy with listings in preparation for National Open House weekend this past weekend.

17 single family homes were sold this past month in Wellesley, MA. Currently, 112 homes remain on the market for sale and there are another 32 homes under agreement, waiting to close. Sales were up for the month of March almost 20% compared to March 2012; this is great news for sellers!

The following listings represent the highs and lows of the transactions that occurred during March. By looking at the averages, it will paint a valuable overview of the market during this period. The range of homes sold this past month include everything from a  three bedroom 1 full bath listed for $344,900 which sold for $325,000 to a five bedroom four full and two half baths listed for $2,599,000 and sold for $2,500,000. The average listing price of a single family home sold in Wellesley during March was $1,296,631, while the average sale price was $1,013,088. That is less than a 25% differential, which reveals that there is room for negotiation but not much.  Again these are averages, and the swing between asking price and sale price is very contingent on the home itself. This supports that proper home pricing will lead to a quick successful sale. 

The average days on market for single family homes in Wellesley this past month was under 130 days, averaging at 127. However, 10 of the 17 homes, over 50% of the properties that sold in March 2013, sold in less than 127 days. This is a large contrast to what we have seen in the past few years, when homes were languishing.

Finding the perfect home that fulfills all of your desires includes getting that home for a fair price. When submitting an offer, buyers need to do their research and make an appropriate offer as you don't want to lose your shot at the home you see yourself living in. Your real estate agent should guide you through the offer process based on facts and figures.  Having been a buyers' market for some time now, buyers need to adjust their offers for the new market; there are many multiple offer situations, something we have not seen in a long time. Inventory is on the rise, but still low when compared to the amount of buyers entering the market at this time. If you are ready to list your home, now is the time.