Wellesley, Massachusetts Market Report for December 31, 2008 - A Look Behind the Numbers
By Martin Kalisker, Real Estate Ethics & Dispute Resolutikn
As of December 31, 2008, there were 103 single family listings in Wellesley on the Multiple Listing Service (MLSPin). Year to date sales figures show a 19.8% decline in sales volume, however average sales prices are up 7.94% compared to 2007. Based on market absorption rates (see below), the market for single family homes in Wellesley should realize significant price pressure from buyers during 2009. This is further evidenced in the current average list prices for single family homes in Wellesley. In order for these homes to be sold in the shortest time possible, and in order to remain competitive with similar markets in Weston, for example, home sellers are going to have to lower their prices on these homes in inventory. If not, we will continue to see increasing market abso...