Newton MA: Monthly Real Estate Recap

Newton, MA:  Monthly Real Estate Recap   The May Real Estate Recap tells and interesting story but an old story.  Inventory continues to be very low with a total of 151 single family homes listed today, up from 134 May 2nd.  87 homes went under agreement during the month of May and 41 homes were sold.  The breakdown is below but a few things stand out.  Homes priced under 1.5 are selling on average between 100% and 106% of the asking price.  Homes priced between 1.5M and 2M are averaging 92% of the asking price.  The 2.5M – 3M continues to lag the entire market and are selling at roughly 86% of the asking price.  I should note that this is not necessarily from the original listing price.  We are seeing renewed interest in the over 3 million dollar home — but only if it is new construction and in a superb location.  That pretty much sums up the over 2 million market, if it’s new or like new, it sells.  If not re-evaluate your price, your need to sell or willingness to make significant changes to attract buyers.  The old adage of what  you want or need has no bearing on what a buyer will pay.  Bear in mind that 43% of the entire inventory is homes priced over 2M!  I have not seen that in the 11 years in business. In summary we have a shortage of under 1.2M inventory and a steady amount up to 1.5M.  A glut of inventory from 2M to 3M and some activity over 3M.  There is no shortage of buyers out there but they have very specific desires and an unwillingness to comprise and a complete aversion to major renovation.  I believe that this is short-sighted.  Too many buyers are overpaying for average at best houses that look like the Property Brothers from HGTV did a quick renovation.  There is real value if you are willing to do a little work, buy a house and live in it and see what changes work for your family. Unfortunately even my own buyers look at me like I’m nuts.  Oh and if you are addicted to HGTV — you can’t redo a house and furnish it for 70K here in the western suburbs.

Report Run: 6/2/2014 9:25:38 AM Property Type(s): SF Snapshot Date: 5/2/2014 Towns: Newton
 5/2/2014  6/2/2014
Price Range Number of Listings Avg. Days on Market vs. today 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 2 14 1 56
$450,000 – $499,999 1 0
$500,000 – $599,999 2 2 2 19
$600,000 – $699,999 4 18 6 28
$700,000 – $799,999 8 42 8 35
$800,000 – $899,999 10 14 6 46
$900,000 – $999,999 9 30 11 45
$1,000,000 – $1,499,999 28 59 32 37
$1,500,000 – $1,999,999 32 67 31 59
$2,000,000 – $2,499,999 14 85 24 82
$2,500,000 – $2,999,999 10 76 9 80
$3,000,000 – $3,999,999 9 58 14 87
$4,000,000 – $4,999,999 3 79 3 99
$5,000,000 – $9,999,999 2 34 4 44
Over $10,000,000
Total Properties 134 Avg. 55 151 Avg. 58
Lowest Price: $439,000
Median Price: $1,599,000
Highest Price: $7,500,000
Average Price: $1,817,576
Total Market Volume: $243,555,199
Lowest Price: $449,000
Median Price: $1,695,000
Highest Price: $7,500,000
Average Price: $1,938,932
Total Market Volume: $292,778,797

PENDING

Report Run: 6/2/2014 9:28:10 AM Property Type(s): SF Start Date: 5/2/2014 End Date: 6/2/2014 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 1 1
$400,000 – $449,999 2 1 1
$450,000 – $499,999 2 2
$500,000 – $599,999 3 2 1
$600,000 – $699,999 10 6 3 1
$700,000 – $799,999 12 10 2
$800,000 – $899,999 11 10 1
$900,000 – $999,999 6 3 2 1
$1,000,000 – $1,499,999 23 20 3
$1,500,000 – $1,999,999 9 9
$2,000,000 – $2,499,999 5 2 3
$2,500,000 – $2,999,999 1 1
$3,000,000 – $3,999,999 1 1
$4,000,000 – $4,999,999 1 1
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 87 66 15 0 6
Lowest Price: $399,000 Median Price: $995,000
Highest Price: $4,000,000 Average Price: $1,188,421
Total Market Volume: $103,392,700

SOLD

Report Run: 6/2/2014 9:30:53 AM Property Type(s): SF Status: SLD Start Date: 5/2/2014 End Date: 6/2/2014 Towns: Newton
Price Range # of Listings Avg. Days on Market Average Sale Price Average List Price SP:LP Ratio Average Orig Price SP:OP Ratio
$0 – $49,999 0 0 $0 $0 0 $0 0
$50,000 – $99,999 0 0 $0 $0 0 $0 0
$100,000 – $149,999 0 0 $0 $0 0 $0 0
$150,000 – $199,999 0 0 $0 $0 0 $0 0
$200,000 – $249,999 0 0 $0 $0 0 $0 0
$250,000 – $299,999 0 0 $0 $0 0 $0 0
$300,000 – $349,999 0 0 $0 $0 0 $0 0
$350,000 – $399,999 0 0 $0 $0 0 $0 0
$400,000 – $449,999 1 107 $425,000 $499,900 85 $559,000 76
$450,000 – $499,999 0 0 $0 $0 0 $0 0
$500,000 – $599,999 3 17 $552,000 $525,667 105 $525,667 105
$600,000 – $699,999 3 15 $630,667 $594,333 106 $594,333 106
$700,000 – $799,999 2 15 $723,750 $682,000 106 $682,000 106
$800,000 – $899,999 6 17 $845,917 $817,317 104 $817,317 104
$900,000 – $999,999 7 22 $943,286 $930,714 102 $930,714 102
$1,000,000 – $1,499,999 12 21 $1,204,354 $1,195,908 101 $1,208,408 100
$1,500,000 – $1,999,999 4 99 $1,693,375 $1,828,250 93 $1,837,250 92
$2,000,000 – $2,499,999 1 66 $2,050,000 $2,199,999 93 $2,275,000 90
$2,500,000 – $2,999,999 1 258 $2,915,000 $2,999,000 97 $3,400,000 86
$3,000,000 – $3,999,999 1 1 $3,350,000 $3,395,000 99 $3,395,000 99
$4,000,000 – $4,999,999 0 0 $0 $0 0 $0 0
$5,000,000 – $9,999,999 0 0 $0 $0 0 $0 0
$10,000,000 – $99,999,999 0 0 $0 $0 0 $0 0
Total Properties 41 Avg. 36 $1,137,555 $1,143,919 101 $1,161,507 100
Lowest Price: $425,000 Median Price: $970,000
Highest Price: $3,350,000 Average Price: $1,137,555
Total Market Volume: $46,639,750

 

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