PINNACLE MARKET REPORT REVIEWS 2013 RESIDENTIAL REAL ESTATE MARKET IN WELLESLEY/WESTON
Pinnacle Residential Properties of Wellesley, Mass. recently released the bi-annual Pinnacle Market Report. This in-depth primary market research compares 2012-2013 annual sales from MLS single-family property sales in both Wellesley/Weston and Dover/Needham markets.
A full report is available by request on www.pinnaclehouses.com, but a preview of findings include:
- Nationally, the news is positive. According to the National Association of Realtors, annual existing home sales were around $5.1M in 2013, the highest total in seven years and 10 percent higher than in 2012.
- In Massachusetts, single-family transaction volume was up nearly 8 percent, and market time was reduced by nearly a third fewer days.
- In Wellesley in 2013, the total number of single-family sales decreased 9 percent from 2012, with the greatest decrease in sales (-45%) was of homes priced under $1M due to a supply shortage. The number of sales between $1M-$1.5M was up 20 percent in 2013, but with no measurable appreciation.
- This low supply of entry-level homes is the most notable news for 2013, due to “age in place” empty nesters staying put in Wellesley over distant relocation and downsizing, and the fact that 30 Wellesley homes were sold directly from homeowners to builders instead of going into the open market to new homeowners, reducing the supply of homes under $1M.
- The Weston community saw the largest boom of single-family sales in 18 years. In 2013, 167 single-family homes were sold, up 18 percent from 2012. By price range, Weston’s homes priced under $1M sold 60 percent faster and, on average, at 94 percent of original asking price.
- Weston begins 2014 with more offerings on the market priced less than $1M (10 homes total) than Wellesley (5).
Located in Wellesley and serving Wellesley, Weston, Needham, Natick and Dover, Pinnacle Residential Properties is co-owned by Elaine Bannigan and Vin Spoto, a member of the board of directors of the Better Business Bureau and a member of the technology committee of the Mass. Association of Realtors. Celebrating their tenth anniversary last year, the firm features 13 experienced Pinnacle Realtors who live in the communities they serve. Pinnacle Realtors provide real-time market insights and intelligent data to those seeking efficient real estate services, and the team is known for its honest pricing, ethical practices, and local knowledge.
For more information, visit www.pinnaclehouses.com or call 781-237-5000.