Newton Real Estate Market – A Snapshot

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.

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