Wellesley Real Estate: Tear Down Trend Alive and Well!

New construction and the associated tear down of older and smaller homes is alive and well in Wellesley.

For the eight month period from 1/1/2011 to 8/31/2011 twenty two new construction single family homes were sold in Wellesley with an average sale price of $2,109,500. The 22 homes represented 10% of the total number of homes sold.

For the same eight month period in 2012 the number of new construction single family home sales increased by 18% to 26 homes. The total number of homes also increased proportionally so that new construction represented 10.1% of sales.

The only significant change from the first eight months of 2011 versus 2012 was a decrease in the average sale price of new construction homes of 10.1% and a corresponding per square foot price decrease of 6.9%.

Fast forward 50 years and at this rate Wellesley may not have any smaller/older homes left to tear down!

What do you think about this trend?

John Prescott, Vice President

508-523-9252

Century 21 Commonwealth

592 Washington Street, Wellesley

Related:

* Tis’ the season for Wellesley teardowns | The Swellesley Report

 

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