In the last 6 months 14 properties sold in the bates school district and all were above 1500 square feet but one which sold in the $400000 range and likely wasn't in the best shape. The sale price to original price is 94% which means that properties on average in this area are seeing price drops off original price of about 6%. In an area like wellesley it is sometimes difficult to use average sale price stat's because there is a big market for $1million+ properties that scew the numbers. So, in attempt to narrow it down, the 5 properties that have sold in the $700000-900000 range - all above 1600 square feet w/similar yards - have an average price per square foot of $419. I checked out your property of interest and looks like it may be just slightly over priced. I make this determination with very few interior photo's and certain upgrades can have an effect on value. I can see that the kitchen does not have top of the line upgrades (although it isn't a bad kitchen) and the living room/sitting room looks small(er) but the yard looks fabulous and level.
I think there is potential to get the property in the $770,000-780,000 range and there are 2 great comps to support an offer like this. That said the property has only been on the market for 2 days so the seller may be reluctant to take a lower offer today but you never know.
Hope that helps!