Home > Blogs > Kathy Kelley's Blog
235 views

Kathy Kelley's Blog

By Kathy Kelley | Agent in Wellesley, MA
  • CNBC: Doom and Gloom? We are doing just fine here in Greater Boston!

    Posted Under: Market Conditions in Wellesley  |  August 25, 2010 10:06 AM  |  155 views  |  No comments

    “Hey Kathy, I hope you are doing ok, these housing numbers are terrible.”

     

    This and variations on the theme are the messages on my VM and in my email box this morning.

     

    What?? I am doing great! (#3 Agent by Wellesley Market Share 1/1-7/31).  And the local real estate market is doing just fine!

     

    The talking heads are all over the news today with a ‘sky is falling’ scenario because existing homes sales are off dramatically from June to July this year.

     

    Hello??? There was a big tax incentive to go under contract by April 30, and close by June 30. Of course we had a big drop in closings in July. 2010 buyers closed in May and June. However,  a close look at the facts shows that Single Family sales Year To Date are up compared  to 2009.

     

    MLS PIN covers most of Eastern Massachusetts.  Here is the number of closed  SF sales:
     

    June 2009                        June 2010                                               

    4246                                    5145                                                                       

      

    July 2009                       July 2010                                               

    4493                              3138                                                                       

     

    Total Sales                     Total Sales

    1/1-8/25/2009                  1/1- 8/25/2010

    22,561                             24,242                                                           

     

    MLS PIN Sales for Eastern Mass are up by 1,681 transactions Year to Date!

     

    So why all the doom and gloom?

     

    In Wellesley, the news is even better.  Wellesley is usually the last to fall and the first to recover. We are way up in Single Family sales YTD.

     

    June 2009                        June 2010                                   

    34                                    69

                                                   

    July 2009                        July 2010                       

    38                                    36

                                       

    Total Sales                     Total Sales

    1/1- 8/25/2009                    1/1- 8/25/2010                                               

    155                                    220

     

    The drop from June to July 2010 was completely expected. August closings will be soft as well. Prices are still extremely sensitive, but buyers, encouraged by the lower prices and the willingness of smart sellers to negotiate, are anxious to take advantage of the ridiculously low interest rates. I expect business to pick up after Labor Day and anticipate a reasonably healthy fall. It will not be nearly as strong as Spring 2010, but I expect sales to beat Fall 2009. You heard it here. We’ll see!

     

    If you are thinking about buying or selling in Wellesley, or anywhere in Metro West, please contact me: KathyKelley@realtor.com. (Don’t’ forget it is Kelley with an Ey)

                                                                            

 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer