Newton Massachusetts - Condos - September 2010
Market Statistics
For Sale
- There are currently 150 condos currently for sale in Newton Ma. (An increase of 19.0%.)
- The average list price for these condos is $528,149. (A decrease of 11.7%.)
- These condos have been on the market for an average of 108.45 days. (A decrease of 17.2%)
- There are currently 21 condos under agreement to be sold in Newton, Ma. (Flat month-to-month.)
- The average list price for these condos is $558,043. (An increase of 6.6%.)
- These condos have been on the market for an average of 142.43 days. (An increase of 22.5%.)
- 15 condos sold during this month in Newton, Ma. (A decrease of 51.6%.)
- The average sale price for these condos was $459,730. (An increase of 6.9%.)
- These condos were on the market for an average of 82.33 days. (A decrease of 12.8%.)
Absorption Rate
Absorption Rate is the ability of the real estate market to sell all of the houses currently for sale in a given amount of time. For example if there were currently 100 houses on the market and the houses were selling at a rate of 20 houses per month, there would be a five month supply of homes on the market. We can use this number to help determine what type of market we are in.
- When there is less than a 5 months supply of homes on the market this is considered a Seller's Market.
- When there is more than a 7 months supply of homes on the market this is considered a Buyer's Market.
- When there is between a 5 and 7 months supply of homes on the market this is considered a Balanced Market.
| Time Frame | 12 Months | 6 Months | 3 Months | 1 Month |
| Transactions Closed | 273 | 163 | 66 | 15 |
| Average Days on Market | 117.92 | 113.94 | 94.08 | 82.33 |
| Average Sales Price | $475,723 | $473,454 | $478,628 | $459,730 |
| Average Home Sales Per Month | 22.75 | 27.17 | 22.00 | 15.00 |
| Months Supply on Market | 6.59 | 5.52 | 6.82 | 10.00 |
Market Analysis
For Buyers
You would be hard pressed to find someone that would tell you that we aren't in a buyers market, the lack of condominiums for sale has not supported the traditional definition of a buyers market. However, this month saw a sharp increase in the number of homes for sale. Couple this fact with historic low mortgage rates and the market is very attractive for buyers.
For Sellers
The news is not quite so good for sellers. There were sharp declines in the number of homes that went under contract and the number of homes sold. You can expect condo prices to decline with the increase in inventory.
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