Boston Area Luxury Housing Market Nov 16 2015 comes to you from the Institute for Luxury Home Marketing. This report follows the luxury housing market across the world and then drills down into each specific high end area, like the Boston real estate. Luxury is defined as the 10 10% of the reporting market, which in most cases in the US is the MLS. Over the last 90 days and mirroring the last 7 days the average price point for a luxury home has been dipping and is hovering around a 1.86 million dollar mark.47-Dudley-Newton-Livingroom
47 Dudley Road, Newton MA 02459 is a home that fits comfortably inside anyone's definition of luxury. This 3 home private cul de sac sits off the winding Dudley Road in Newton Center. Open Houses on Sunday's from 11AM to 12:30PM. Once you leave Dudley to drive down this beautiful private way you are taken away from the sounds of the city and you land on a large plot of land with a wonderful house that is currently on the market for $1,849,000. MLS #: 71897990
Price, Days on Market and Inventory round out this report and in general it is reporting a Seller's market in many of the towns with a few Buyer's markets in some price points in some towns. Call me if you would like to know what is going on in your neighborhood. Inventory drives the price and as you can see the inventory is dropping right now. A normal market is defined as 6 months of inventory. So with 420 houses on the market, the market would need to sell 70 houses a month.
ILHM-Boston-Luxury-Housing
Price goes down when inventory goes up and it is the condition and the marketing that will dictate your finding and securing a buyer for your home. A property that is receiving 20 showings and one offer in the first month is being marketed well. Price, Condition and Market determine value to the Buyers. The Buyer is the one who determines what they feel is a good price for them That is fair market value.
When your property stays on the market for an extended period of time the value in the eyes of the buying public goes down. The question in their mind is what is wrong with the house when what is wrong is they price was too high to start with and the Seller was determined to get a price that the Buying public wasn't offering. Real Estate is a process and it pays to have someone with you who knows the way. This has been the Boston Area Luxury Housing Market Nov 16 2015
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