February Single Family Home Sales and Market Update for Newton, MA

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

Weichert Works in Newton, MA  Map of Newton, MA

 

As of February 28, 2009, there were 169 single family listings in Newton on the Multiple Listing Service (MLSPin).  Home sales year to date have been sluggish, compared to the same two month period in 2008.  A harsh winter has been partly to blame, but buyers still control the market.  It is interesting to note the trend that more affordable homes continue to sell and go under agreement, while buyers are turning their backs on luxury properties and neighborhoods with home prices beyond their reach.  Due to the uncertainty in the financial markets with jumbo loan financing, it is no wonder that Newton, as well as several other communities in the Metrowest area continue to build inventory.  During February, 53 new single family listings were added to our MLSPin and an additional 6 single family homes were relisted for sale on the MLS, with an average list price of $1,040,351.   

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 734 days.   That is to say, based on the volume of sales during the past month, it will take approximately 2 years to sell all of the single family homes currently in inventory and sitting on the Newton market.  The good news, however, is that the number of homes under agreement at the end of the month paint a much rosier picture of current market conditions.  If these levels continue, the Newton market will be much more "balanced" in terms of supply and demand.

The average list price for a single family home is $1,193,292.  The lowest price is $349,900 and the highest price is $7,390,000, with the largest concentration of homes (50.3%) priced in the $500,000 to $999,999, price ranges.  Of note, the average list price for a single family home in February 2008 was $1,233,153.

The median price is $899,000 and the average days on market are 109 days.  This compares to a median list price of $835,000 and average days on market of 113 days as of February 29, 2008.

There were 29 properties that went under agreement during the month of February (February 2008- 49 properties).  Seven single family homes sold during the month, with the average sales price being $679,986 and the median was $715,000, with the average days on market being 70 days. Compare this to 24 properties sold during February 2008, with an average and median sales price of $971,056 and $727,750, respectively, and the average number of days on market being 184 days.

During February 2009:

56 properties experienced price changes averaging -6.41%

Sales price to original price was 91%

Sales price to (last) adjusted price was 95%

6 property listings expired with an average days on market of 133 days

 

Year to date market performance:                                                    

  

2009

 

2008

Average original list price

  

$933,554

  

$1,078,296

Average sales price

  

$853,150

  

$965,219

Median sales price

  

$859,500

  

$777,000

Average days on market

  

74

  

135

Total number of single family homes sold

  

24

  

49

  

 

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