Wellesley Housing market update August 21, 2012

Click here to view current Wellesley listings for sale.

Number of properties currently on the market in Wellesley:

  • Single Family: 122 Properties
  • Multi Family: 1 Property
  • Land: 7 Properties

 Number of new Wellesley Real Estate listings in the last month:

  • Single Family: 19 Properties
  • Multi Family: 0 Properties
  • Land: 2 Properties

Average list price for Real Estate in Wellesley over the last 6 months:

  • Single Family: $1,857,199
  • Land: $1,127,667
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July Existing Home Sales Statistics:

Existing home sales report for July were released today. Regionally sales in the Northeast and the Midwest were up, and in the West and the South they were down. Sales increased by 2.7% to a rate of 750,000 units, a 19% increase from last year while the Midwest increased by 1%, to a pace of 1.05 million, 31.1% higher than July 2010.
The South existing home sales declined by 1.6% to a rate of 1.84 million in July but remain 19.5% above sales in July 2010. Sales in the West are down 12.6% to an annual pace of 1.04 million in July, which is 6.9% higher than a year ago.

The median sales price for all existing home was $174,000, down 4.4% from last year. Approximately 29% of all sales in July were of distressed homes either from foreclosure sales, real estate owned by lenders, or short sales compared to 30% from last month and 32% from a year earlier.

First time buyers were responsible for 32% of sales, up 1% point since June with repeat buyers accounting for 50%, and 18% for investment properties.

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.

This week in Metro West Real Estate…

As of today, June 25, 11 properties in Brookline, Newton, Needham, Wellesley and Weston sold within a week of coming on the market according to MLS. 7 were single families, and 4 were condos.
When priced properly, buyers will pull the trigger. Plus, with the severe winter delaying the spring market it appears that the market will remain active into July.
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Wellesley Elementary Schools

If this is a time of the year for you to be considering Wellesley Elementary Schools, here is a link to direct your to some great details about them.