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Kathy Kelley's Blog

By Kathy Kelley | Agent in Wellesley, MA

CNBC: Doom and Gloom? We are doing just fine here in Wellesley!

“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) 

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