Luxury Market Report 2014 Newton MA. This report looks at all the properties in Newton listed as luxury. Luxury is defined by the National Association of Realtors as the top 10% of the market area. The market area is the Multiple Listing Service. In our area that is MLSPIN and it includes many areas not like Newton. These other towns take the top 10% of Newton houses which begins around $2,100,000 down to around $880,000. For the purposes of this report I will include what NAR tells us is luxury. I report weekly on the Newton Luxury report from $2,100,000 and up anyway.
There are 436 properties that were Active, Under Agreement or Sold last year.
Single Family Active Listings: 50 Avg. Liv.Area SqFt: 5,363.64 Avg. List$: $2,259,128 Avg. List$/SqFt: $426 Avg. DOM: 158.28
Single Family Under Agreement Listings: 39 Avg. Liv.Area SqFt: 4,830.31 Avg. List$: $2,181,123 Avg. List$/SqFt: $447 Avg. DOM: 80.28 Avg. DTO: 64.03
Days on Market of 158 for Active listings means that many of these properties are over priced. At $426/SqFt with the Average Sale Price of $412/SqFt and the DOM on these houses to be only about 60 days that tells the story.Putting your home on the market at the right price is the fastest and best way to get the most for your home in the quickest period of time.
Single Family Sold Listings: 347 Avg. Liv.Area SqFt: 3,801.76 Avg. List$: $1,470,910 Avg. List$/SqFt: $412 Avg. DOM: 59.98 Avg. DTO: 42.82 Avg. Sale$: $1,452,182 Avg. Sale$/SqFt: $412
Keep in mind that these are averages and each property will have it's own story to tell. No houses are exactly alike, but many are comperable. The reality here is that a competent agent will be able to know around what price your property should be on the market for to get a quick sale. A bad agent will accept overpriced listings to have listings and get Buyers from your property. A great agent will know exactly the price the house should sell for in the quickest period of time. This has been the Luxury Market Report 2014 Newton MA.