Housing prices are even dropping in Wellesley
By adamg - Mon, 08/14/2006 - 8:50am.
Diana delivers the news:
... Four years ago there were no houses under $500,000. Two years ago there were practically none under $600,000. Now there are quite a few under $600,000. Not that those are the "wonderful Wellesley houses" newcomers want, however. Any house in Wellesley that's selling for $650,000 or less will need work (or demolition) to meet the higher standards of today's buyers coming into a town like this.
In recent months, several houses have been listed below assessed value - clearly not a good sign! ...
Well, clearly not a good sign for sellers, but good news for buyers and schadenfreude fans. Plus, she provides examples of sellers with completely unrealistic expectations.
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A bit more information on this
Here's some Wellesley single-family home sales data, from MLS.
July, 2005: 48 home sales. Median sales price, $1,015,000; average sales price, $1,096,000.
July, 2006: 47 home sales. Median sales price, $1,170,000; average sales price, $1,121,000.
So, in July, prices are up, year-to-year.
May data shows a drop in prices, however:
May, 2005: 30 home sales. Median sales price, $995,000; average sales price, $1,232,000.
May, 2006: 32 home sales. Median sales price, $971,000; average sales price, $1,160,000.
As of 07/31/2006, there have been 211 sales, whereas there had been 206 sales, by the end of July, 2005.