Newton

Town Overview

Newton is well known for the excellent school systems, super convenient locations (many subway stops, commuter rail stations, & buses), fine dinings, active adult learning programs, voted two year in a row as the safest city in the country, and lots of beautiful residential housings. Visit www.ci.newton.ma.us for detail information about this Garden city.

Market

Let's look at single-family market in Newton. First, the inventory. As of now, there are 211 houses available anywhere from $239,000 to $6,955,000. But you will find almost all the houses in the $500,000 to $1,999,999 range. Especially popular are houses in the $500,000's and upper-$1mill. range. The inventory is worth 4.6 months' supply now. Usually a balanced market is at 6 months' supply. Right now the inventory is on seller's side, because there are less in the inventory and the buyers have less choices. How does all this compare with the rest of the year? It's showing signs of picking up its pace. The inventory is low compared to the prior months in 2010 and to the better part of 2009.

And let's now analyze the sales figure. There were 69 sales in the past month. They sold fairly quickly after only 59 days! The houses sold for 97% of listing price and 95% of original price. There were 2 houses in the price range of $350,000 to $399,999, which is the lowest price range for Newton. They sold for 89% of the original price, and after 105 days! If you are a seller in this price range, please note that cheapest houses don't necessarily sell the quickest. Key is to price the houses right from the start. Rather than spending 100+ stressful days and having to cut down 10% from the original listing price, why not price it right to begin with, and enjoy a quick, stress-free sale?

Houses in $1,000,000 to $1,499,999 sold the most. And another range that sold well is $700,000-$799,999. Houses in $800,000-$999,999 range don't sell as much. This is a common trend in a wealthier neighborhood. Probably there are those who want and can afford $1mil+ houses and those who want affordable multi-room house for their kids in a neighborhood with good schools.

What about condos? There are 154 properties avaialble. The most popular range is $400,000 to $449,999. You'll find anything from $228,995 to $1980,000. Last month 25 condos sold, ranging from $116,000 to $1,055,000. 3 condos in the price range of $600,000 to $699,999 sold in just 15 days, and for 101% of the original price! Much credit goes to the sellers and their agents to price the property just right to create that kind of quick, profitable sale. They probably priced it just right so as to attract multiple buyers, thus resulting in 101% original price-to-sale price ratio.

Let's now analyze the overall Newton market, including single-family houses, condos, and multi-family properties. There are 410 properties total, having waited 112 days for their buyer. The price starts from $228,995. The median price is $689,000. The most widely available properties are in $500,000 to $599,999.

If you are hoping to buy bank owned properties, there are some showing up in Newton. You need to have an experienced agent keeping an eye on the market for you. REOs are hot properties right now. Many got sold in a few days over the asking price. Sign up at www.move2Boston.com if you want REO listings.

If you would like to receive a monthly Newton local housing data newsletter, visit www.move2Boston.com, click on the "Link to Raveis," then select "Subscribe to Housing Newsletter." At the same site, you can also generate a housing data report anytime you are interested.  Call Susie at 617-332-3420 if you would like her to walk you through this feature.

If you are relocating to Boston area, call or email me to get a FREE relocation package. We are familiar with many communities in the Greater Boston, not limited to one or two areas. We specialize in Buyer Representation. You can be rest-assured that you have a seasoned real estate professional looking out for your interests in the entire buying process.

Tel: 617-332-3420

email: susie@move2boston.com