New Wellesley Listing for Sale!

This house is for the discerning high end buyer.

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Wellesley Real Estate Update – as of 9/21/11

If you, or someone you know, is considering buying or selling real estate in Wellesley, MA – here is some useful information about the current housing market:

Number of properties currently on the market in Wellesley:
Single Family: 168 Properties
Multi Family: 3 Properties
Land: 7 Properties

Number of new Wellesley Real Estate listings in the last month:
Single Family: 43 Properties
Multi Family: 1 Property
Land: 1 Property

Average list price for Real Estate in Wellesley over the last 6 months:
Single Family: $1,482,534
Multi Family: $1,124,333
Land: $619,967

Luxury Home Sales – Mid-Year High End Eastern MA Market Commentary

EASTERN MASSACHUSETTS HIGH END MARKET ACTIVITY

Single-Family House Sales: Greater Boston

In June of this year, 212 single-family homes conveyed in Eastern Massachusetts (excluding the Cape and Islands and towns west of Worcester County) priced over $1 million and this was 9 fewer than the same month last year — a 4% decline. The market for million dollar homes is still in recovery, but it remains unclear if we will achieve the peak levels of a few years ago. (For comparative purposes, there were 174 million closings in June 2008 versus 212 this year.)

On a year-to-date basis for the year 2011, 16 more single-family homes have sold over $1 million than the same six months of 2010, for an increase of 2.7%. Last year, the market absorbed 602 million dollar homes between January and June; the comparable number in 2011 is 618 (and only 385 in 2009).

As sellers contemplate putting their luxury homes on the market this summer or for the fall market, they need to be aware of the imbalance between supply and demand (much more supply than demand) and the skittishness of potential buyers at the high end of the market.

The $2,000,000 to $2,999,999 price segment is also recovering, but it is a much more thinly-traded market than many sellers realize. Sales in this price band account for only 77 of 405 million dollar plus properties conveyed. This is just 12% of the entire million dollar market!

On a year-to-date basis, 7 more single-family homes have sold between $2,000,000 and $2,999,999 than the same six months of 2010, for an increase of 13%.

Single-Family House Sales: Statewide

While 80 towns are represented in the 664 closed sales over $1 million for the first six months of 2011, the data are skewed towards the more popular communities. The top 5 towns ( Newton , Wellesley , Brookline , Boston , and Lexington ) account for over 43% of the closed million dollar sales. As was true all year last year — with the exception of Barnstable on Cape Cod — there is a heavy concentration of sales in this price range in the towns with the closest proximity to the City of Boston.

Some other statistics for this market segment:

— The average price for a single-family sold over $1 million so far in 2011 is $1,656,218

— The average house in this price range had approximately 11 rooms and 5 bedrooms

— On average, these houses sold at 93.75% of their original listing price — underscoring yet again the importance of accurate pricing in today’s market. Listings priced too far over market value are not selling.

For the state as a whole, million dollar single-family sales in the first six months of 2011 exceeded the same period of last year by 5.4%. The top 10 towns for million dollar sales were up over 7% during the same period. With the exception of Weston , Lexington, Needham, and Cambridge, 6 of the top 10 towns were either flat or up.

Condominium Sales: Statewide

12 cities and towns are represented in the 208 closed sales for the first half of 2011, but Boston alone accounts for 77% of the closed million dollar condo sales.

Some other statistics for this market segment:

— The average price for a condo sold over $1 million in calendar 2011 was $1,833,154. (Interestingly, this is higher than the average sales price for a million-dollar single-family home in the same time period: $1,656,218.)

— The average condo in this price range had 6 rooms and approximately 3 bedrooms

— On average, these condos sold at 94.87% of their original listing price — underscoring yet again the importance of accurate pricing in today’s market. Condos priced over the market simply aren’t selling.

The comparison for the first six months of 2011 versus 2010 is somewhat deceptive because of sales at 400 Stuart Street (The Clarendon). In the first 6 months of 2010, in the first wave of occupancy, 23 units closed at the building versus 16 in the same period of 2011.

Wellesley, Newton, Needham, Weston, Brookline Condominium Sales Update 2nd Quarter 2011

This is the condominium update for Q2 in Massachusetts

Wellesley, Newton, Needham, Weston, Brookline Single Family Sales Update 2nd Quarter 2011

This is the single family update for the Q2 in Massachusetts

Preparing a house to sell… what to consider upgrading? Cost effective renovations…

I am often asked by single family home owners in Wellesley , Weston , Newton , Needham , and Brookline , “What should we do to get our house ready for sale?” While this can be a very different answer depending on the house etc., there are some things that are consistenly cost effective.
What upgrades make sense to do if you are selling, and want to attract buyers? Here are the 5 top projects to consider:

Project 1: Entry Door Replacement (Steel)
Cost $1,218
Resale value $1,243
Cost recouped 102.1%
(National averages)

Project 2: Garage Door Replacement
Cost $1,291
Resale value $1,083
Cost recouped 83.9%
(National averages)

Project 3: Siding Replacement (Fiber Cement)
Cost $13,382
Resale value $10,707
Cost recouped 80.0%
(National averages)

Project 4: Kitchen Remodel (Minor)
Cost $21,695
Resale value $15,790
Cost recouped 72.8%
(National averages)

Project 5: Deck Addition (Wood)
Cost $10,973
Resale value $7,986
Cost recouped 72.8%
(National averages)

Selling a house west of Boston can be challenging, but with some cost effective repairs or upgrades, you can increase your chances of a well time sale.