Wellesley & Weston Real Estate News

Oct. 23, 2020

Introducing: 27 Tanglewood Road, Wellesley

Set on an ended way in a top location, this gorgeous, nearly-new Colonial offers everything you could want! So impressive, with soaring ceilings and an open floor plan that flows from the formal living and dining rooms to the heart of the home--a fabulous kitchen and family room! It's the kitchen you've dreamt of with superb amenities and appointments and an inviting, spacious family room is the most comfortable spot for everyone to relax and enjoy a roaring fire. A private sun-filled office is ideal for working from home and a well-designed mudroom from the garage will help keep everyone organized. Each of the five bedrooms is roomy and has great closet space. The baths have beautiful finishes with natural stone and designer tile. The lower level is a great escape and includes full bath, home gym, game room and playroom. The entire family will love the level and private grounds with an expansive patio for entertaining and a fenced backyard lawn that's perfect for gardening and play.
Interested in seeing this beautiful property? Contact me for a private and covid-safe showing at 617.306.3642.
To stay in the loop on all things real estate, be sure to sign up on my website, Teriadler.com
The Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
Oct. 23, 2020

Market Update - 10/23

The numbers say it all this week yet once again. Housing sales are surging in the suburbs. The great scramble to settle into a home out here continues with no signs of settling down.
What struck me immediately when I looked at this week's chart is how few homes are for sale in my hometown, Wayland. Only 19 houses for sale! Buyers are waiting by the sidelines, ready to pounce on new listings as soon as they come on there. Years ago, Wayland was a sleepy real estate market--but now, it is red hot, and in very good company with the surrounding towns.
Looking at the larger picture in Massachusetts, the Greater Boston Real Estate Board is reporting: "state wide, the median price for a single family home soared 12.4% and sales rose more than 32% from a year earlier. " This dramatic headline spurred a headline for a recent Boston Globe article.
While we are feeling quite lucky to be selling homes in such a robust area out here, I was interested about how the climate is in Boston proper. Many of the Boston buyers are leaving to head west-- even if it’s only 14 miles away. Lucas Garofolo with Keller Williams is a broker in Boston (and a friend of mine as well!), and he shared with me his collected data from Downtown Boston neighborhoods (Back Bay, Beacon Hill, Charlestown, Fenway, Midtown, North End, Seaport, South End, Waterfront and East End) This information is based off of LINK, which is Boston's version of MLS.
 
Boston's Downtown Area:
  • The overall median selling price was down -7% in Q3 compared to 2019.
  • The median selling price per square foot was down -4% in Q3 compared to 2019.
  • The average days on market is 69 Days.
  • The number of units sold is down -14% compared to 2019.
  • Rents are also tumbling dramatically.
Such a drastic difference from how we are living out here and Boston is just a 15-20 minute car ride away. Who would have ever thought this would become the story of 2020? It's a story that's far from over and each chapter is one of disbelief. Thanks for living through it with me, this weekly blog helps me as much as I hope it helps you.
Teri Adler Group
617.306.3642
tadler@pinnaclehouses.com
Oct. 16, 2020

Market Update - 10/16

Every week, I think to myself that maybe we will see a change in the market--but that’s just not the case. What strikes me is just how low the inventory is across all our towns:
These are record-breaking lows, which doesn’t give new buyers who are entering the market much of a choice when shopping for their next chapter. In order to get their new home, buyers have to jump in quickly when a new listing comes on the market. This can be tough if you aren’t just a car ride away. 
 
Mortgage rates remain low. While new applications didn't jump up dramatically this past week, they are up 24% from the same time last year. 
So much lies ahead in the coming weeks and months, which continues to add a layer of anxiety in daily life for many of us. The election brings uncertainty, and in Massachusetts, we all wonder what the colder weather means for us and our social gatherings with the pandemic continuing on. Massachusetts continues to be a standout in terms of managing the number of Covid-19 cases, and was labeled as a "steady" state, according to the Wall Street Journal. Spending time outside brings a sense of peace and hope, but as it gets colder and we are inside more, I hope we are still as successful controlling the spread of the virus.
 
In terms of real estate, we have a tried and tested pandemic protocol that seems to be working. Buyers, sellers and brokers are all on board with safety guidelines. It's really been seamless!
Be well and have a great week. We have seen a number of new listings come on since we read the numbers from last week, so more reports to come.
Oct. 9, 2020

Market Update - 10/9

 
Another show stopping week for the real estate numbers in the Metrowest area. And yes, inventory remains quite low:
This photo below from our open house at 7 Lovewell Road Wellesley demonstrates how many buyers are out there hopeful they will find their next home. This was an hour and half time period and the line didn't diminish the entire period. Thank goodness it was warm and sunny. In the end, half a dozen people stepped up with offers hoping to own this lovely home. I wish I had houses for them all.
Nationally, according to the Chief Economist Danielle Hale with Realtor.com, for the first time since they started collecting the data, homes spent less time on the market in September than in August. September prices rivaled the peak prices in the summer and as expected, there are about 1/2 million fewer homes for sale now than last year.
Personally, I received some great calls from clients in other parts of the country who are ready to fly here to Boston to start the process of moving. We have really missed the relocation segment of the market and it feels good to have them back. There is a sense of normalcy knowing people are flying into the area to start new chapters professionally and personally.
Have a wonderful holiday weekend and enjoy the fall weather.
Teri Adler Group
617.306.3642
tadler@pinnaclehouses.com
 
Oct. 3, 2020

Introducing: 7 Lovewell Road, Wellesley, MA

 
An incredible opportunity for in-town living at its best! This classic colonial is in the heart of Wellesley Center yet it is set on an ended way. It's a beautiful home with tall ceilings, many lovely details, and wonderful updates. The crisp, white kitchen has stainless appliances and solid stone counters and it blends seamlessly with an open dining room. The spacious front to back living room has a handsome fireplace and french doors that lead to a gorgeous, breezy three season porch. The master suite has lots of closet space, a soaring cathedral ceiling and a spacious bath. Both the family bath and half bath have been newly renovated with tasteful materials and designs. The generous lower level provides a terrific playroom or family room. The heating system and hot water tank were recently updated and there is a newer roof. Garden, play or just relax in your level and grassy yard. It's just a short stroll on a crisp fall night to the train, shops, restaurants and Brook Path.
Interested in seeing this beautiful property? Contact me for a private and covid-safe showing at 617.306.3642.
To stay in the loop on all things real estate, be sure to sign up on my website, Teriadler.com
The Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
Oct. 2, 2020

Introducing: 117 Albion Road, Wellesley, MA

Distinctive Cliff Estates Colonial with so many fabulous spaces to entertain, work or relax. The living room is exceptional - wide, with a fireplace, built-ins and a picture window that overlooks beautiful and lush grounds. There is a family room that is brimming with light from walls of glass and a den with an additional fireplace - allowing everyone so much comfortable room. The white eat-in kitchen has newer appliances and lots of quality cabinetry. It connects to a generous and lovely formal dining room, perfect for holiday gatherings. There is also a terrific home office suite plus a bedroom on the first floor. The bedrooms are all spacious with great closet space and the master suite is exceptional with its own full bath. Even first floor laundry and a mudroom. Easy living in one of the best locations in town and privately set on a circular drive. Outstanding!
Interested in seeing this beautiful property? Contact me for a private and covid-safe showing at 617.306.3642.
To stay in the loop on all things real estate, be sure to sign up on my website, Teriadler.com
The Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 
Sept. 30, 2020

Market Update - 9/30

 
I am so glad I didn't rush to judgment the last few weeks when we saw fewer houses going under agreement. The latest numbers support that the rush for buying a home continues to be strong. The short slow down could have been because people were getting back to school and there seemed to be an added anxiety readjusting for a strange fall. 
Houses that the market perceive as a good value and are priced well are selling swiftly. Some price bands are more robust than others. I noted before that the $1.5-$2M price range in the Wellesley-Weston market moved the fastest. In examining why, my guess is these buyers have one or two kids, they are in upper management at work, and they tend to feel more secure in their jobs. Surprisingly the $1M and under range isn't quite as brisk as past years in Wellesley. Perhaps that segment of the market is younger and are nervous about losing their jobs. 
That said, we ventured out of our main selling region and had bids on houses in Framingham and Medway in the $500k range for two clients-- the Framingham house had 10 offers and sold more than 10% above it's asking price. I am thrilled to say my clients got it! In Medway we were up against 17 other offers! Buyers feeling outpriced in towns closer to Boston are flocking farther out, desperate to find a home. Wow! In Framingham, the broker shared with me that many buyers are dropping inspection contingencies in order to get a leg up in the offer process. A risky move, but in some cases a necessity to win a bidding war.
In terms of the low inventory we see everywhere, it's a problem nationally. Some sellers realize that this is an opportunity to take advantage of a good market and sell for a high price. Others are tentative and holding off on selling, either due to Covid-related issues or even the simple question of where will THEY go? It's not an ideal time to move across the country or down south for many. 
 
Here's a quote from Bloomberg which is quite interesting and shows how extreme the low inventory really is nationwide.
 
"The combined effect has created an extreme drought of previously owned homes for sale. At the end of July, there were 1.3 million single-family existing homes for sale, the lowest count for any July in data going back to 1982, according to the National Association of Realtors. In the week ended Sept. 12, total for sale inventory was down 29.4% from a year earlier at the lowest level since at least late 2017."
Have a great week everyone! As always, reach out with any questions. If you are thinking of listing your house, do it! There are many, many buyers out there who want it.
Amy, Susan, and I had the wonderful time taking new pictures with Maura Wayman at our 232 Lincoln Road listing. I couldn't be prouder to call these amazing women my team. Talented, smart, hard working, and kind equals an incredible success story each and every day. Thank you both so much for being a bright light in 2020!
Sept. 24, 2020

Market Update - 9/25

 
What a difference a few weeks makes! Yes, the last few weeks have shown a dramatic decline in the number of houses coming on the market and a decrease in what went under agreement. Brokers are saying to each other that it feels slower out there. That said, I still think it's too early to say if the macroeconomics of the world are affecting us or if we are just experiencing a seasonal slow down. Families and educators alike are quite busy managing the kids who are now back to school in some capacity. The transition into the classroom or virtual classroom has been harder than usual, which is unsurprising with the layer of complexity the pandemic has over us all.
We do have the luxury now of looking back at the year as we head into the fourth quarter. The latest statistics show a sharp increase in pricing this year. In an article from realtor.com comes this quote about home sales nationally: "From June to July, median sales price rose by 8.5%, more than double the 4.1% increase seen in family income levels, NAR reports. But mortgage rates that have fallen to all-time lows are helping to offset some of the rising costs. All four regions of the country showed a jump in prices, but the Northeast showed the highest jump, at 10% and the West Coast showed the most modest at 2.3%, where natural disasters have hampered real estate activity. Overall, home prices have reached a two year high."
So stay tuned. We will know soon what this all means to the market. Traditionally, the fall season is our secondary market and it's a quick brisk market that peaks around Halloween and then slows down by Thanksgiving. Then, we of course start all over again in January when the "spring" market hits. That typical routine sounds very appealing--any sense of normalcy is welcome. We shall see what the future brings us.
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
Sept. 20, 2020

Introducing: 17 Roberts Road, Wellesley, MA

Charming classic center entrance colonial with lovely updates! This sun-filled home has a generous front-to back-living room with a fireplace, formal dining area, and a den or home office with a vaulted ceiling and walls of windows that allow you to overlook the expansive, private and beautiful backyard. The eat-in kitchen sparkles and the baths are newly renovated with a crisp white design and marble accents. The spacious bedrooms have ample closet space, and there is a a finished room on the lower level. Even new central air! Everything you want on a cul de sac known for block parties. This lovingly maintained and well-styled home is ready to be yours!
$899,000
Interested in seeing this beautiful property? Contact me for a private and covid-safe showing at 617.306.3642.
To stay in the loop on all things real estate, be sure to sign up on my website, Teriadler.com
The Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
Sept. 18, 2020

Market Update - 9/18

In this week's report, the local numbers show things moving ahead with the same consistency that we have been seeing. An impressive number of homes are coming on the market and going under agreement quite quickly in all price ranges. The demand in our area still seems quite high and the inventory (number of houses on the market) is quite low. I continue to encourage sellers to come on the market now, since as of today, the power still seems to be in the hands of the seller. We will never be able to predict what will happen in the future and real estate may not always be as rosy, so act now if you can.
That said, some national reports (while still boasting a robust real estate market) are a little cautious about the future. As noted in realtor.com's weekly update, Danielle Hale, realtor.com's chief economist says, “Prices are rising and housing inventory is vanishing almost as fast as it appears.” However, Hale points to two housing indicators that may hint at a turn in the market. Housing demand from buyers has cooled slightly, while new listings showed a smaller decline than previous weeks, Hale says. “This could be a hiccup in weekly activity, or, if these trends continue, they could signal a shift in market dynamics leading into the fall when political, economic, and health-related uncertainties abound,” she says. 
Buyer demand dropped 3.3 points since last week, and inventory showed improvement, rising 3.2 points higher—though it still remains below its pre-COVID-19 baseline. 
Typically, the fall for me means a season of new starts and stability. I find that this year, I feel differently, and I am not alone. Many whom I have talked with are uneasy and anxious about the uncertainty of what is to come. Our balance is off with homeschooling, an unsettled political climate, fires, and now floods. Autumn was early to arrive and made a big entrance with cool temperatures in late August. Is this a precursor of something bigger? Hard to say-- as always, I will keep watching and analyzing.
 
Have a wonderful weekend and a Happy New Year to those celebrating Rosh Hashanah. Until next week.