Wellesley Real Estate Market Chills in June

The Wellesley real estate market cooled off quite a bit in June, according to single-family home sale figures released by The Warren Group, which is publisher of Banker & Tradesman.

Wellesley had 49 single-family homes sold with a median sale price of $1,075,000. This is a decrease from a year ago when 68 homes sold for a median sale price of $1,100,000. In fact, it’s a decrease of nearly 29 percent. Both the sale numbers and median price has declined.

The first six months showed a decline in Wellesley home sales, with 154 single-family homes selling in June of 2014, compared to 158 in the same month last year. The median home price rose from $1,026,500 to $1,148,250, more than 11 percent, according to the Warren Group.

Norfolk County

Norfolk County home sales lagged slightly behind 2013 numbers. There were 2,585 single-family homes sold during the six months of this year compared to 2,677 last year. The median sale price increased in June 2014 compared to 2013 ($467,000 from $440,000) and for the first six months ($420,000 compared to $385,000).

Massachusetts

In Massachusetts, single-family home sales rose 3.7 percent in June compared to a year ago. Year-to-date home sales are down 1.8 percent. The median price increased by 2.8 percent to $359,900 in June compared with $350,000 in June 2013. For the year, the median sales price was up 4.7 percent.

“These numbers are a reflection of sales made during the spring market,” said The Warren Group CEO Timothy M. Warren Jr. “Mortgage interest rates are lower than they were last summer and demand remains high as homebuyers seem to be overcoming the problems with low inventory. We could see more gains in sales volume in the big months of July and August.”

Low inventory continues to play a key role in the Massachusetts real estate market.

“Low inventory once again affected the market in June resulting in a lower number of sale and higher prices,” said 2014 Massachusetts Association of REALTORS President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “However, we’re hopeful that the influx of new properties added to the market in June will help prices to start leveling off, giving more people the opportunity to buy.”