Each week I think to myself, maybe things are slowing down and perhaps inventory is higher than I think. Then I sit down and do my research and take a hard look at the numbers and realize pretty quickly we are really in the same place we have been. It's still a struggle to build up that inventory. Not many drastic changes to report. 

Here is a tale that nicely demonstrates where we are. This adorable house (not my listing) sits beautifully on a side street in downtown Wellesley.

As soon as it was listed there was a rush of people with 5 days of packed showings and pre-inspections. At a listing price of $1.3M it was attractive to many, many people from first time homebuyers to empty nesters. 22 offers later it sold nearly 30% over asking. I am proud to say it was MGS Group agent who led their clients to victory. It was underpriced to begin with, so a good agents told their buyers not to get too invested if you only wanted to spend up to $1.5M. This is the reality of house hunting for those searching under $2M in our area. According to the watch group Inman, "homes in the lower tier of pricing are still 8% more expensive than at this time last year — and inventory has barely budged, according to a new analysis released Thursday by Zillow." And the Boston Globe was reporting, "the median price in the first quarter climbed 13% in the Metro West region which include Framingham, Needham, and Wellesley according to the Greater Boston Realtors. Ditto in Central Middlesex County communities such as Concord, Lexington, Sudbury and Weston."

In Wellesley, of the 24 houses on the market right now, two thirds are over $2M and most are north of $4M. The 8 properties priced in the lower tier will most likely sell by the time you read this. Just today we tried to book showings at a few adorable houses in Wayland priced around $1M that came on days ago, had multiple offers immediately. The number of houses selling far outpaces new listings being introduced in all the towns mentioned above.


Checking in on interest rates, they have also crept a little bit higher into the low to mid 6%, ans still a better value with an adjustable rate.

I am pleased to present my fantastic new offerings that will be coming soon. These are both impressive properties in very desirable locations, so I know the market will be pleased to see them coming in the next few weeks.

88 Audubon Road, Wellesley -Shown Above - $3,395,000


94 Suffolk Street - Wellesley - $2,149,000

This was school vacation week and a lot of people were lucky enough to go on vacation to warm destinations. Lucky them, but with the buds on the trees the real spring season is within reach and I can't wait! Have a great week!

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.