Newton Massachusetts Market Update for March 2009

By
Industry Observer with Greater Boston Association of REALTORS MA 9505496/Broker

Weichert Realtors Synergy Works in Newton MA  Weichert Realtors Synergy Specializes in Newton, MA

 

As of March 31, 2009, there were 221 single family listings in Newton on the Multiple Listing Service (MLSPin).  During March, 99 new single family listings were added to our MLSPin and an additional 3 single family homes were relisted for sale on the MLS, with an average list price of $1,103,861.   Inventory levels are building and supply is now far exceeding demand - especially in the higher end of the Newton market.  Now may be a great time to buy, but if Newtonians don't need to sell, they would be well advised to either hold off for a while or price their homes to sell today, because there will be more homes competing with overpriced listings tomorrow.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 11.6 months.   That is to say, based on the volume of sales during the past month, it will take just under 1 year to sell all of the single family homes currently in inventory and sitting on the Newton market.

The average list price for a single family home is $1,224,268.  The lowest price is $349,900 and the highest price is $7,390,000, with the largest concentration of homes (33.9% and 30.3%) priced in the $500,000 to $799,999 and $1,000,000 to $1,999,999 price ranges.  Of note, the average list price for a single family home in March 2008 was $1,258,731.

The median price is $925,000 and the average days on market are 93 days.  This compares to a median list price of $899,000 and average days on market of 102 days as of March 31, 2008.

There were 45 properties that went under agreement during the month of March (March 2008- 58 properties).  19 single family homes sold during the month, with the average sales price being $763,468 and the median was $681,000, with the average days on market being 111 days. Compare this to 28 properties sold during March 2008, with an average and median sales price of $717,458 and $567,500, respectively, and the average number of days on market being 74 days.

During March 2009:

77 properties experienced price changes averaging -4.99%

Sales price to original price was 91%

Sales price to (last) adjusted price was 95%

3 property listings expired with an average days on market of 205 days

 

Year to date market performance:                                                    

  

2009

 

2008

Average original list price

  

$901,004

  

$965,269

Average sales price

  

$811,000

  

$875,174

Median sales price

  

$736,000

  

$717,520

Average days on market

  

90

  

113

Total number of single family homes sold

  

45

 

77

         

  

 Is now the right time to sell your home?  Contact WEICHERT, REALTORS®-Synergy for a complimentary Price Trend Analysis that you can use to evaluate your options.

 

Looking for other options?  Meet with a local Weichert neighborhood specialist to discuss how our expertise can provide you with a competitive edge in selling your property.  Stop chasing the market.  Let the market chase you!  Contact us now at http://synergy-metrowest.com/cma.htm

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http://www.synergy-metrowest.com

 

  

 

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