Newton Massachusetts Market Update for January 2009

As of January 31, 2009, there were 134 single family listings in Newton on the Multiple Listing Service (MLSPin).  Although it is encouraging to see that there were 18 homes put under agreement during the month, the reality is that all but one listing sold for under $1,000,000 a potential sign that there may be trouble ahead for higher-end homes that will continue to stay in inventory, while more attractively priced homes will sell.  The months ahead should mirror this trend that is being noted throughout the metropolitan Boston and Metrowest area.  During January, 37 new single family listings were added to our MLSPin and an additional 3 single family homes were relisted for sale on the MLS, with an average list price of $971,837.   

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 236 days.   That is to say, based on the volume of sales during the past month, it will take approximately 7.89 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 $1,223,361.  The lowest price is $319,900 and the highest price is $8,950,000, with the largest concentration of homes (36.6 and 42.5%) priced in the $500,000 to $799,999 and $900,000 to $2,499,999, respectively, price ranges.  Of note, the average list price for a single family home in January 2008 was $1,147,799.

The median price is $869,000 and the average days on market are 121 days.  This compares to a median list price of $774,900 and average days on market of 125 days as of January 31, 2008.

There were 18 properties that went under agreement during the month of January (January 2008- 35 properties).  17 single family homes sold during January, with the average sales price being $924,453 and the median was $910,000, with the average days on market being 75 days. Compare this to 25 properties sold during January 2008, with an average and median sales price of $959,616 and $846,000, respectively, and the average number of days on market being 89 days.

During January 2009:

39 properties experienced price changes averaging -5.58%

Sales price to original price was 93%

Sales price to (last) adjusted price was 96%

5 property listings expired with an average days on market of 99 days