West Newton Hill 2012 Real Estate Recap

Sothebys, Newton, MA.  Top Realtor Newton, MA.  Newton, MA, Real Estate  West Newton Hill

January 2013

My best wishes for a happy, healthy and prosperous New Year.    I believe this is going to be a breakout year for the Newton housing market, if inventory increases.    As of today, January 9th  there are only 82 single-family homes for sale in all of Newton across all price ranges.  I know many of you have been waiting on the sidelines for the right time to sell and the time is now.  Sellers, the Spring market begins in late January not April.  Inventory is the lowest I have ever seen, mortgage rates are at historic lows AND banks are willing to lend.  I expect to see 2-3% gains, (possibly 5% for very special homes) by the end of 2013.  I do not expect to see 7-10% gains in value per year in the near future.

The first half of 2012 was very busy; houses were selling in record time at very good list to sale price ratios.  The momentum did not carry into the fall market as expected mainly because inventory levels were so low that there just was not anything to buy.  We have averted the fiscal cliff and survived the presidential election.

West Newton Hill had 42 homes sell in 2012 versus 25 in 2011, a considerable increase! Prices also rose along with the sales to an average sale price of $1,657,000 from $1,458,000 in 2011.  While this is good news, these numbers need further dissecting.  The market was undeniably better, but not 12% better.  What was different in 2012?  12 homes sold for 2 million or more in 2012 versus 3 in 2011.  The 2 million+ homes had been the most difficult to sell in the past 5 years and we finally broke through that barrier in 2012.  If you look at home prices on a square footage basis, it tells a different story, the price per square foot was $405.00 in 2011 opposed to $388.00 in 2012.  New construction is the most sought after home in the 2 million dollar and above range.  To break through the 3.5 million range the house needs to be new or like new on a large level lot with outstanding craftsmanship and many amenities.

Please call me with any real estate needs you have.   My formula for pricing houses is spot on.  I can be reached via phone, e-mail or text at 617-921-6860 or margaretszerlip@gmail.com.

Address                      Sale Price             SQ.FTs

64 Perkins St                  $785,700             388.00

386 Chestnut                  $800,000              442.00

24 Mt. Vernon Te              $808,425             328.00

12 Westfield Rd               $936,582              364.00

159 Mt. Vernon St             $950,000             404.00

17 Wauwinet Rd               $1,030,000          385.00

9 Wauwinet Rd                  $1,054,000          449.00

1663 Commonwealth         $1,060,000          364.00

120 Forest Ave                   $1,097,000          348.00

29 Westfield Rd.                $1,099,000           335.00

32 Leonard                         $1,111,500           320.00

1159 Commonwealth          $1,122,500          317.00

39 Valentine Park                $1,146,400          325.00

54 Ellis Road                        $1,192,500          312.91

128 Highland St                     $1,200,000         355.66

386 Highland Street               $1,220,000         404.00

58 Valentine Park                   $1,250,000         384.00

219 Fuller Street                     $1,260,000         337.00

381 Highland Street                $1,268,000         335.00

64 Myrtle St                             $1,325.000          310.00

36 Howland Rd.                       $1,360,000         485.00

50 Putnam St                          $1,366,840         312.71

318 Prince St.                         $1,420,000         282.00

33 Berkeley St                         $1,458,000         389.00

70 Crestwood Rd                    $1,510,000         400.53

9 Somerset Rd                       $1,549,000          371.00

80 Dartmouth St                      $1,550,000         646.00

146 Forest St                           $1,610,000         365.00

212 Chestnut St                       $1,790,000         380.00

224 Chestnut St                        $1,950,000         433.00

40 Wykeham Rd                        $2,000,000       400.00

212 Temple St    *                     $2,172,500        305.00

79  Hillside Ave                         $2,175,000          395.00

212 Temple St    *                     $2,300,000         323.00

315 Highland Ave                      $2,550,000         418.00

5 Crocker Circle                        $2,550,000         495.00

49 Shaw St                                $2,680,000         388.00

170 Otis St                                 $2,990,000         471.00

165 Highland  Street                   $3,585,000         618.00

18 Temple St                              $3,999,000         629.00

26 Dartmouth St                          $4,200,000         671.79

42: Sold      Average List:  $1,742,000        Average Sale:  $1,657,000   Average Living Area SQ FT: 4,177

Average Days on Market:  98   Average Sale Price per SQ FT: $388.00

*home sold twice: first for 2,300,000 and then 2,172,500

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