NEWTON, MA – The average selling price for condos and townhouses in Newton, MA increased 17.3% for the most recent three months August-October 2016 versus the same period last year, from $640,376 to $763,988. This jump was driven in large part by a 59% gain in the number of units sold over $750,000, from 23 to 47 properties for the 2015 period versus 2016.
The data for average selling prices per square foot -- generally more indicative of price trends for condos and townhouses by factoring in the size of units sold – was more muted, but still showed an average increase of 5.8%, from $394 per square foot to $417 per square foot.
The study by Jonathan Slater, President of Castles Luxury Properties, also indicated that properties “moved” more quickly in the 2106 period, as “Days to Offer” dropped 22% (the number of days a property is on the market before an offer is accepted), from an average of 36 to 28 days.
“More properties sold, and properties sold faster and at higher prices -- all good signs for sellers,” notes Slater.
Slater points out that the only negative barometer for the current period was that the discount of selling to listing prices increased from 1.7% versus just .2% for the same period last year. “Still, it’s been a strong recent market in Newton,” says Slater.
Single Family Home Prices Up 5.4%
The average price for single family homes in Newton also increased for the period, gaining 5.4% for August to October 2016 versus the same period in 2015, with selling prices climbing to $1,301,098 from $1,234,031.
Average Sale Prices Distorted by Big Jump in Luxury Unit Sales
Slater cautions that the significant growth in the number of condos and townhomes sold for $750,000 or more -- comprising 47% for this year’s period versus 30% previously – distorts the selling price data. “Average selling prices jumped considerably more than prices per square foot, because we had a sharp increase in units sold over $750,000,” Slater concludes.
Castles’ study is based on an analysis by Slater of data sourced from MLS Property Information Network, Inc. (“MLS”) and is based on the result of closed sales during the respective periods which generally reflects accepted offers 30-60 days earlier.
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Contact Info
Jonathan Slater
President, Castles Luxury Properties
jslater@CastlesLuxury.com
617-216-4000
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