Newton 3rd Quarter Real Estate Stats

Fall continues to be very busy with buyers in all segments of the market. The stagnant high-end market has also seen a turn around since many buyers have stepped up to the plate in the past month or so.
So far the 3rd quarter of ’09 130 homes have pending contracts and 199 have sold. 2008 saw 99 homes pending in the 3rd quarter and 168 properties sold, a 30% increase in pending contracts and about a 20% increase in solds. The most significant change has been in the high-end. That segment of the market came to a virtual hault until the summer. The break down follows:
2008 UAG
9 homes 1-1.499 million
3 homes 1.4-1.999 million
4 homes 2-2.499 million
0 homes avove 3 million
17 homes 1-1.499 million
4 homes 1.5-1.999 million
1 home 2-2.499 million
1 home 2.5-2.999 million
5 homes 3-4 million
So why are homes moving again? Quite simply, the prices have dropped. The median price of a single family home 3rd quarter of ’08 was $817,000, vs. $754,000 for the same time period in ’09; a decline of slighlty less than 8%. Interest rates are also lower than this time last year, although guidlines seem to change on a weekly basis. Historically, October has always been the smost volatile month on Wall Street; if we do not see any debacles there, I would expect the housing market to be on the upswing in terms of volume. I do not see prices rising substantailly if at all, but I do expect a more steady housing market here in Newton. Realistic buyers and sellers are the key to healthy real estate market.

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