By Les Masterson
The Wellesley real estate market is doing well compared to other cities and towns in the state, but sales have decreased since last year.
July saw a decrease of 14 percent in home sales in Wellesley compared to a year ago.
Home sales in Wellesley decreased from 63 in July 2012 to 54 in July 2013. Year-to-date, Wellesley has seen 212 home sales – compared to 259 a year ago, according to The Warren Group.
However, the median sale price is on the rise. In July 2012, the median sale price in Wellesley was $1,075,000. This year, it was $1,147,000. Year-to-date, the median sale price is $1,047,500, which is an increase from $900,000 a year ago.
"Many recent real estate reports have signaled a strong real estate recovery, and our numbers speak to that rebound," said David Harris, editorial director of The Warren Group, publisher of Banker & Tradesman. "While consumer confidence and strong employment numbers continue to bolster the market, there's concern that higher mortgage rates and increasing home prices could dampen the revitalized market."
Norfolk County has seen an increase in home sales this year (3,462 compared to 3317 a year ago) and saw a better July this year compared to 2012 (785 this year compared to 692 last year).
The median sale price in Norfolk County in July was $423,000, which is an increase from $376,000 a year ago. So far this year, the median sale price has been $395,000 in Norfolk County – compared to $360,000 in 2012.
“The combination of buyers wanting to close and move in before the start of the school year and their concern over increasing interest rates resulted in another positive month in July,” said 2013 Massachusetts Association of REALTORS President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “Hopefully the activity of the past few months will encourage homeowners who are thinking about selling to put their homes on the market. Buyer demand is there, but the shortage of inventory often prices buyers out of the market.”
Home sales are also on the rise statewide.
“A total of 5,941 single-family homes statewide sold in July, up from 5,014 during the same month last year. This is the best month for sales volume since June 2006, when there were 6,152 sales. It's also the best July since 2005 when 6,672 sales were recorded. So far this year, 27,600 homes have sold in Massachusetts, up 3.5 percent from 26,647 during the same period in 2012,” according to The Warren Group.