Month: September 2009

A Very Busy Summer for Real Estate in Newton


The past 3 months have been incredibly busy. Summer is usually a very quiet time with fewer buyers out in full force. This summer, 286 houses are under agreement or sold. The sales have occurred across all price ranges. Of the 286; 246 have already closed and the average list to sales price was a remarkable 98.5%, a very good ratio. The average list price was $902,000 with an average sale price of $887,000; houses remained on the market roughly 75 days. The breakdown follows:

1 $100K-199K
8 $300K-399K
17 $400K-499K
42 $500K-599K
33 $600K-699K
31 $700K-799K
23 $800K-899K
20 $900K-999K
52 $1000K-1500K
12 $1500K-1999K
5 $2000K-2499K
2 $3 million+

These numbers reflect a growing sense of confidence buyers have in the real estate market. Interest rates are extremely favorable and lenders appear to be settling in to standard lending practices. I believe the worst may be behind us; in fact, our inventory is quite
low at this time.