Newton Luxury Home report November 20 2014. This report is produced by the International Luxury Home Marketing group, of which I am a member of the select Million Dollar Guild. These statistics are for all of the Boston market and do not reflect the statistics for any single town. The spike we saw a couple of weeks ago has fallen back to a more nomral graph. The really good news for Sellers is that the prices are still slowly increasing. In Newton MA where I have a luxury listing, MLS #: 71746470 114 Shornecliffe Road there is a great deal of competition in the $2,225,000-#3,100,000 area. So much more so than most communities it is causing a bit of an issue for the Buyers. Too much choice in a Buyer's market and it becomes a slower moving market.
As the inventory drops and the need remains the prices will go up and it becomes a Seller's Market. This is not the case in Newton, MA where the inventory is high. Newton MA continues to be named as one of the top cities/towns in all the United States by pubilcations like MONEY, CNN-Money, 24/7 Wall Street and others. You can google it or look at my last blog today and connect to those links for the actual low down. What you see to the left here is not really indicative of what is going on in the Newton MA market.
Days on Market is an interesting statistic to pay attention to. It gives both the buyer and seller an insight into what they can expect. The DOM is rising for the luxury market while the inventory of the last slide is falling. This can mean that the Buyers are pulling back as we inch towards the holiday season, or the pricing is too high. When your home is listed at too high a price you do your house and your neighborhood a disservice. The internet is driving the market these days and there is a plethora of information to look at and interpret. An over priced home will just sit. Don't be that Seller, get your house properly priced and you stand the chance of creating a bidding war.
Here we are seeing that a bit more than a third of the market is reducing it's pricing to attract more buyers. We all know that the best activity is going to happen in the first 30 days and that the longer a property sits on the market it begins to loose the luster. Of course, there are other mitigating factors as well. Always work with a professional to get the most for your home with the least amount of difficulty. If you have any quesitons on this don't hesitate to reach out. I would be happy to share my experinece and insights with you. Newton Luxury Home report November 20 2014
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