Now is a great time to buy in Wellesley as inventory is high at 210. Based on last year's sales of 271 properties this translates to a 9.3 month absorption rate. According to the NAR a six month inventory is normal. Anything below 6 indicates a sellers market and anything above is a buyers market.
I have a spreadsheet with data going back to 1996 if you are interested in it. Feel free to call me at 339-222-8103.
PS....All statistics are from information obtained from the MLS system.
Here is every property currently on the market:
The prices in Wellesley had not seen the affects that some other areas have. However, the prices have more recently started to drop and more quickly than in some of the other areas that had a slower decline.
The median price in Wellesley for 1/1/08 - 5/18/08 was $817,500. And, the median price for this year from 1/1/09 - 5/18/09 was $500,000. The days on market has dropped this year from the same time period last year of 133 days to this year at 127 days.
Wellesley is, and I believe always will be, a very desirable town to live in. With the prices in all markets and, if it applies to you, the first time homebuyer credit, it is a fabulous time to be buying real estate.
I hope this information helps. If I can be of any other help in Wellesley or any other town, feel free to contact me via email or phone.
Have a great day.
Century 21 Commonwealth
29 Washington Street
Wellesley, MA 02481