Newton, MA. A Real Estate Snapshot
There are currently:
236 Single Family Homes Listed for Sale, average list price is $1.164M with a marketing time of 109 days
60 homes are currently under agreement, average list price is $953K and a marketing time of 98 days
40 homes have sold in the past month averaging $830K and a marketing time of 83 days.
What do these numbers mean? I feel that these numbers are a clear reflection of seller reality, or lack thereof. The average list price in a stable market is much closer to the average sale price. Currently we have a 300K spread between average list and average sold. It is my opinion that we are still in a declining market. While I do not think Newton real estate prices will drop precipitously we are probably looking at a 3-5% reduction. It is worth noting that the high-end market (2.5M+) appears to be strong in the western suburbs.