Wellesley's real estate market was strong in August, but sales are down year-to-date.
Wellesley saw 58 home sales in August this year compared to 44 a year ago. Year-to-date, Wellesley has seen 270 homes sales, which is down from 303 a year ago, according to The Warren Group, which released August home sales data last Tuesday.
The August median house price in Wellesley was $1,202,500, which is up from $980,850 from a year ago. So far this year, Wellesley's median sale price has been $1,050,000 – compared to $912,500 last year.
Norfolk County numbers
Norfolk County saw a 14.74% increase in home sales in August compared to a year ago – 794 this year compared to 692 last year.
Year-to-date, Norfolk County has seen 4,256 home sales, which is compared to 4,009 sales last year.
The August median sale price increased from $397,000 to $418,500 this year. Year-to-date, the median price has been $399,900, which is an increase from $365,000 through this time last year.
Concerns about Massachusetts market
Massachusetts surpassed 5,000 home sales in August for the third time this year.
There were 5,925 home sales in August this year compared to 5,205 last year. Year-to-date, 33,523 homes sold in August, which is an increase from 31,851 last year.
"Due to the seasonal nature of the real estate market, this is probably the last month this year we'll see such high volume. The busy summer selling season is coming to an end, but probably the year-to-year comparisons will stay strong for a while longer. This is further evidence of a strong market, and another great recovery year in real estate," said The Warren Group CEO Timothy M. Warren Jr. "It will be interesting to see if the Federal Reserve's decision to keep stimulating the economy will reverse the rise in interest rates and keep the real estate market rising."
The median sale prices increased by 10.6% to $340,000 in August compared to a year ago. August was the 11th straight month of median price increases.
For the year, median prices have increased by 12% to $325,000.
Though the numbers are positive, real estate experts remain concerned that the inventory of available homes may soon not meet demand.
“Buyer demand is steady, but folks are going to find it increasingly difficult to find a home if inventory doesn’t improve,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree.
There is also concern about the median home sale price increases in Massachusetts.
"I remain concerned with the steady price increases across the state," Warren said. "However, it seems the high prices aren't shutting buyers out of the market - just yet. The market is benefitting from pent-up demand."