Newton, Massachusetts Market Report for December 31, 2008 - A Look Behind the Numbers

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

Weichert Realtors Synergy Works for Newton, MA  Weichert Realtors Synergy Serves all of Newton, MA

As of December 31, 2008, there were 105 single family listings in Newton on the Multiple Listing Service (MLSPin).   Year to date sales figures show a 19.3% decline in sales volume and average sales prices are reflect a modest decrease of 3.5% compared to 2007. Based on current market absorption rates (see below), the market for single family homes in Newton appears to be "balanced."  In other words, market supply and demand are in balance, such that it is neither a buyers' nor a sellers' market.  However, some of the inventory currently available has been sitting idle for over four months and are priced below historical averages for Newton - suggesting some concerns on the part of buyers with regard to these particular listings.  Certain parts of Newton are also experiencing an increase in bank owned or short sale properties.  It takes a special kind of buyer to be attracted to these types of properties. During December, 9 new single family listings were added to our MLSPin, with an average list price of $613,966.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 113 days.   That is to say, based on the volume of sales during the past month, it will take approximately 3.75 months to sell all of the single family homes currently in inventory and sitting on the Newton market.

The average list price for a single family home is $1,175,985.  The lowest price is $325,000 and the highest price is $8,950,000, with the largest concentration of homes (49.5%) priced in the $450,000 to $799,999 price range.  Of note, the average list price for a single family home in November 2007 was $1,076,175.

The median price is $789,000 and the average days on market are 129 days.  This compares to a median list price of $749,450 and average days on market of 137 days as of December 31, 2007.

There were 6 properties that went under agreement during the month of December (December 2007- 23 properties). 28 single family homes sold during December, with the average sales price being $853,978 and the median was $732,500, with the average days on market being 72 days. Compare this to 35 properties sold during December 2007, with an average and median sales price of $787,856 and $696,465, respectively, and the average number of days on market being 95 days.

In December 2008:

24 properties experienced price changes averaging -5.30%

Sales price to original price was 91%

Sales price to (last) adjusted price was 95%

 Market performance for the year:                                                    

 

2008

 

2007

Average original list price

 

$973,732

 

$1,016,697

Average sales price

 

$903,312

 

$936,321

Median sales price

 

$755,000

 

$777,000

Average days on market

 

74

 

99

Total number of single family homes sold

 

498

 

617

 

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