Newton Real Estate Market is CRAZY!

OMG its crazy what is happening in the Newton/Brookline real estate market.  Brookline prices are now like swanky Boston condos, and Newton prices are now Brookline prices…I have a client who bought a condo at 45 Province in Boston a year ago for around $1,175 a square foot, condos in that building are now selling in the $1,600 a square foot range.  I am beginning to think a dog house will cost a 100 grand in Brookline and the insanity continues into Newton.

So what’s selling? pretty much anything priced under 1.4.  If it’s cute and staged — it’s sold.  Homes between 1.4 and 1.9 are slightly tougher to sell.  There are some great deals out there and honestly I don’t understand the rationale behind why a buyer would so over pay for a house that’s adorable but will never be anything  more than adorable.  Look at the stats I put up below!  I took these from MLS, there are 75 homes on the market and there are only 15 under 1 million dollars!

Sellers, the time is now!  This is a supply and demand business and there is no supply.   Buyers, get yourself a broker (ME) and try not to get caught up in this frenzy.  Run some numbers, check what you are paying on a price per square foot basis AND if you do not have the cash to pay for a house DO NOT give up your mortgage contingency.  I suspect we will some appraisal issues in the near future.  If you are not gutting a house DO NOT give up an inspection contingency.  There will ALWAYS be another house.

On-Market Snapshot
Report Run: 3/14/2014 10:56:03 AM
Property Type(s): SF
Snapshot Date: 03/14/2014
Towns: Newton
 03/14/2014  
Price Range Number of
Listings
Avg. Days
on Market
     
Under $50,000
$50,000 – $99,999
$100,000 – $149,999
$150,000 – $199,999
$200,000 – $249,999
$250,000 – $299,999
$300,000 – $349,999
$350,000 – $399,999
$400,000 – $449,999
$450,000 – $499,999 1 42
$500,000 – $599,999 1 2
$600,000 – $699,999 2 4
$700,000 – $799,999 3 8
$800,000 – $899,999 4 110
$900,000 – $999,999 4 69
$1,000,000 – $1,499,999 18 61
$1,500,000 – $1,999,999 15 156
$2,000,000 – $2,499,999 13 137
$2,500,000 – $2,999,999 3 199
$3,000,000 – $3,999,999 8 47
$4,000,000 – $4,999,999 2 153
$5,000,000 – $9,999,999 1 2
Over $10,000,000
Total Properties 75 Avg. 97  
Pending Statistics Print this page  /  E-mail this page  /  Make a PDF of this pagePDF this page
Report Run: 3/14/2014 11:00:21 AM
Property Type(s): SF
Start Date: 12/14/2013
End Date: 3/14/2014
Towns: Newton
Went Pending Current Status
Price Range # of
Listings
# UAG # CTG # Sold # Other
Under $50,000
$50,000 – $99,999
$100,000 – $149,999
$150,000 – $199,999
$200,000 – $249,999
$250,000 – $299,999
$300,000 – $349,999
$350,000 – $399,999
$400,000 – $449,999 2 1 1
$450,000 – $499,999 4 1 2 1
$500,000 – $599,999 9 6 2 1
$600,000 – $699,999 9 4 3 2
$700,000 – $799,999 15 10 2 3
$800,000 – $899,999 13 6 1 4 2
$900,000 – $999,999 13 7 2 3 1
$1,000,000 – $1,499,999 21 11 7 3
$1,500,000 – $1,999,999 13 8 3 1 1
$2,000,000 – $2,499,999 3 1 1 1
$2,500,000 – $2,999,999 4 2 2
$3,000,000 – $3,999,999 2 2
$4,000,000 – $4,999,999 1 1
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 109 59 21 22 7
Lowest Price: $449,000 Median Price: $899,000
Highest Price: $4,200,000 Average Price: $1,224,298
Total Market Volume: $133,448,499
 
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