WELLESLEY Real Estate Started Year With Whimper – Ends 2009 With Sigh of Relief

Central Street in Wellesley Square, looking west
Image via Wikipedia

WELLESLEY’s tumultuous REAL ESTATE market experienced a significant downturn in sales units and dollar volume for the first several months of 2009, that was tempered by an increase in unit volume during the latter part of the year.

The most notable year over year change for Wellesley was a 16.1% decline in the median selling price, matched by a decrease in dollar sales of 15.7%

Percentage change for the year ended 12/31/2009 vs. 2008

SALES Units…………………….. flat

$ Volume……………………….. – 15.7%

Median Price…………………… -16.1%

Units in Inventory……………… 6.1%

One of the major market influences for 2010 will continue to be inventory levels,- aka, supply and demand.

Wellesley managed to shake off it’s bloated inventory levels in 2009 through price reductions, sales, and attrition.

Will inventory stay in balance or will new listings flood the market in 2010?  Only time will tell.


John Prescott, Vice President

Century 21 Commonwealth

508-523-9252

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