Newton’s Top Brokers, Sotheby’s Newton, MA. Newton, MA. Real Estate
Wishing all of you a very healthy, happy and prosperous 2014!
I’m hoping many of you find the following information informative. 2013 was a very good year for homes priced under 1.5, an ok year for homes priced between 1.5 and 2.5 and terrible over 3 million dollars. I know most of you aren’t going to shed any tears for that pocket of sellers but those sales do affect the market in general. It has been my experience that most real estate markets are trickle down, meaning the high-end propels the less expensive homes. The past year has been the opposite, the lower priced started strong and ended stronger but we never seemed to see a surge in the very high-end here. If we can’t break through a particular price barrier we will have a stagnant market. We did however, have a sale priced over 6 million! Please note that when I say lower priced I do not mean low-end. We often forget in this wealthy community that buying a $500,000 home takes an enormous sum of money! No one without a good job or an inheritance can afford a home priced at a 1/2 million dollars. I’ll save my thoughts on that to post on another day.
2014 is anybody’s guess…we have oh so very little inventory, which will push prices up, but it also makes buyers sit on the sidelines waiting for new homes to come on the market. Sellers if you are thinking about selling, act now, call me….mortgage rates will rise! A 1% increase in rates reduces borrowing power by 10%! Here are the numbers: Yes,that is correct – a median house price of $911,000 and an average of $1,085,00!
|Total Sold Market Statistics|
|Report Run: 1/6/2014 11:00:02 AM
Property Type(s): SF
Start Date: 01/01/2013
End Date: 12/31/2013