Wellesley Home Sales Dropped in March

Low inventory continues to hamper home sales.

Wellesley's single-family homes took a tumble in March, which The Warren Group blamed on “shrinking inventory," which is “depressing sales volume."

Mirroring a similar trend for the commonwealth and Norfolk County, single-family home sales in Wellesley dropped from 29 in March 2012 to 14 in March 2013. Year-to-date, Wellesley has seen a total of 43 homes sold – compared to 59 in 2012, according to The Warren Group, which publishes Banker & Tradesman.

"Low inventory is plaguing housing markets all over the country, and Massachusetts is no exception," said David Harris, editorial director at The Warren Group. "With mortgage rates low and prices competitive, we're hopeful more sellers will emerge and the trend in dropping home sales will reverse."

Similar to the commonwealth and Norfolk County, Wellesley single-family home median sale price increased in March. While Massachusetts saw an 8 percent increase from March 2012, the median price of Wellesley's 37 homes sold in March 2013 was a 21 percent increase from March 2012, according to The Warren Group.

"It's clear that the low supply of homes for sale is continuing to pressure prices," Harris said. "And there is definitely concern that such steep price spikes will cause an affordability issue."

Wellesley March 2012 March 2013 % change March sales 29 20 -31% YTD sales 59 43 -27% March median sale price $836,000 $797,000 -4.67% YTD median sale price $775,215 $827,014 6.68% Norfolk County March sales 363 350 -3.58% YTD sales 934 925 -.96% March median sale price $327,000 $345,500 5.66% YTD median sale price $325,000 $350,000 7.69% Massachusetts March sales 3,215 3,100 -3.58% YTD sales 8,017 7,849 -2.1% March median sale price $263,000 $285,000 8.37% YTD media sale price $255,500 $282,500 10.57%

Source: The Warren Group

Larry Lawfer April 24, 2013 at 01:16 PM
Why or why do these reports come out focusing on one issue of the industry and not the industry as a whole? So we have less inventory; on the other side of that indicator, this is causing faster sales and increased prices. The economy does not react in a single economic indicator vacuum. Inventory is connected to price, to Days on Market, to the lending practices, etc... After so much bad news why paint this in that same brush stroke when the overall real estate market is slowly moving in the right direction?


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