All you have to do is look at the number of homes that went under agreement in the last few weeks all across the area, and it's easy to see just how active the market is right now. I am pleased to announce that two of my own listing also went under agreement last week with nice strong offers.
Sale Pending
1094 Monument Street Concord
Last Asking Price $5,895,0000
Sale Pending
53 Bow Road Newton
Last Asking $1,475,000
This month will be nearing the final chapter of our spring market 2024. We will see a smattering of new listings and a flurry of buyers trying to nab them in time to be settled for September. To me the fall always feels like a time for new beginnings. That said, if you dissect the numbers even further the inventory that remains on the market is more than we had seen in years past. There were weeks in Wellesley and Needham during the pandemic with just 14 houses available in each town - now we are about three times that number. Yes, it is still a seller's market, but with more houses not selling immediately we can't tune out the message that buyers may be sending. The average days on market for the properties currently listed for sale in Wellesley is 58 days. People are not willing to buy just anything at any price. A price change is the tool to help reposition a property and capture a new set of eyes and outlook. At the RIGHT price, a potential new owner sees all the good things in a property and feels good moving forward. When a property is overpriced, the objections stand out and stop people from writing solid offers.
Mortgage rates have inched lower into the mid-6% range. Those who say they are going to wait for rates adjust down even further before jumping in will be making a terrible mistake. As soon as rates inch down in the coming months/year, more people will flood the market and prices will go even higher.
On a fun note, while out in the garden with my husband we noticed bold and colorful hydrangeas. This was a stark contrast to last year's plants with just big leafy greens. Turns out we were onto something and the Cape Cod Times published this article on why the flowers are thriving this season. Who doesn't love a hydrangea?
Enjoy and have a great holiday week with friends and family!
For Sale
37 Garden Road
$2,895,000
200 Pond Road, Wellesley
$10,000,000
200 Pond Road sits majestically in Wellesley and offers multi-acreages that are extremely rare. Nothing like it!
33 Royalston Road, Wellesley
$6,750,000
I'm always available and more than happy to provide an analysis for you! Email me at [email protected] or call at (617) 306-3642 to schedule a meeting.
