How's the Market Doing in Newton, MA? Get the Latest Market Update - 10/31/2008

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

Weichert Works In Newton, MA   Map of Newton, MA

 

As of October 31, 2008, there were 150 single family listings in Newton on the Multiple Listing Service (MLSPin).  Sales of single family homes are down almost 18.6% for the year, with on- going price adjustments to existing inventory, which is aging.  During October, 40 additional single family listings were added to our MLSPin, (3 of which were back on market) with an average list price of $1,188,788. 

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 5.77 months.   That is to say, based on the volume of sales during the past month, it will take 173 days to sell all the single family homes currently sitting on the Newton market.

The average list price is $1,246,187.  The lowest price is $325,000 and the highest price is $8,950,000, with the largest concentration of homes (37.3%) priced in the $1,000,000 to $1,999,999 price range.  Of note, the average list price for a single family home in October 2007 was $1,089,640.

The median price is $999,000 and the average days on market are 108 days.  This compares to a median sales price of $797,000 and average days on market of 112 days as of October 31, 2007.

There were 28 properties that went under agreement during the month of October (October 2007- 41 properties).  26 single family homes sold during October, with the average sales price being $847,824 and the median was $726,250, with the average days on market being 112 days. Compare this to 37 properties sold during October 2007, with an average and median sales price of $935,936 and $767,500, respectively, and the average number of days on market being 102 days.

In October 2008:

53 properties had price changes averaging -3.93%

Sales price to original price was 95%

Sales price to (last) adjusted price was 97%

 


Year to date market performance:                                                    

 

2008

 

2007

Average original list price

 

$970,881

 

$1,032,285

Average sales price

 

$902,880

 

$951,411

Median sales price

 

$756,000

 

$784,500

Average days on market

 

75

 

100

Total number of single family homes sold

 

451

 

554

 

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