August Real Estate Recap

August Real Estate Recap

Margaret Szerlip Newton, MA.  Real Estate, Sotheby’s Newton, MA.

 

Happy Fall!  Summer is over and with the sadness comes a renewed sense of moving forward.  Overall this summer was more active than past summers.  There was even a ray of sunshine in the over 2 million category, however, it will take many sales and price adjustments to clear out inventory at that price point.  MANY homes above 2 million are simply overpriced in the minds of the buyers.  I sense this fall market will be quite busy.  Interest rates are slated to rise and we all know that cost is more important than price.

There are a total of 126 single family homes currently listed in Newton and a whopping 91 are over 1 million dollars roughly 75% of the market and 65 are above 2.5 million or 50% of the market.  In my opinion that end of the market is over saturated and obviously over priced.  I believe we will see at least a 10% decline in prices to clear this inventory out, possibly more in certain areas of Newton.  As newer listings come on the market with proper pricing many of these stagnant listings will sit unless the sellers get realistic.  Any offer a seller receives on a house over 2 million cannot be ignored.  I am not suggesting sellers accept any offer but a seller MUST counter an offer.  It does not matter what price a buyer starts an offer with it only matters what a buyer will ultimately pay.  Understand there is a market for expensive homes although those buyers generally don’t HAVE to move, they’d like to move, so they are willing to wait for the right house in a neighborhood they want.  This is a buyers market in the over 1.5 range so sellers cannot be unrealistic.  That being said I expect sales of under 1.5 million to be robust.

CURRENTLY LISTED

On-Market Snapshot
Report Run: 9/1/2014 12:32:02 PM
Property Type(s): SF
Snapshot Date: 08/31/2014
Towns: Newton
 08/31/2014  9/1/2014
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 1 81 1 82
$400,000 – $449,999
$450,000 – $499,999 1 46 1 47
$500,000 – $599,999 6 39 6 40
$600,000 – $699,999 8 41 7 49
$700,000 – $799,999 8 88 8 90
$800,000 – $899,999 5 91 5 98
$900,000 – $999,999 6 26 6 27
$1,000,000 – $1,499,999 26 60 26 61
$1,500,000 – $1,999,999 17 154 17 158
$2,000,000 – $2,499,999 20 117 19 119
$2,500,000 – $2,999,999 14 92 14 93
$3,000,000 – $3,999,999 9 189 9 190
$4,000,000 – $4,999,999 2 141 2 142
$5,000,000 – $9,999,999 3 130 3 131
Over $10,000,000
Total Properties 126 Avg. 97 124 Avg. 99
Lowest Price: $399,000
Median Price: $1,594,500
Highest Price: $6,950,000
Average Price: $1,866,618
Total Market Volume: $235,193,887
Lowest Price: $399,000
Median Price: $1,594,500
Highest Price: $6,950,000
Average Price: $1,873,345
Total Market Volume: $232,294,887

 

UNDER AGREEMENT

Report Run: 9/1/2014 12:32:54 PM
Property Type(s): SF
Start Date: 08/01/2014
End Date: 08/31/2014
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 1 1
$450,000 – $499,999 3 2 1
$500,000 – $599,999 1 1
$600,000 – $699,999 6 1 3 1 1
$700,000 – $799,999 9 5 3 1
$800,000 – $899,999 4 2 1 1
$900,000 – $999,999 7 5 1 1
$1,000,000 – $1,499,999 9 5 4
$1,500,000 – $1,999,999 4 4
$2,000,000 – $2,499,999 4 3 1
$2,500,000 – $2,999,999 2 2
$3,000,000 – $3,999,999
$4,000,000 – $4,999,999
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 51 31 15 1 4
Lowest Price: $399,000 Median Price: $910,000
Highest Price: $2,999,000 Average Price: $1,122,788
Total Market Volume: $57,262,199

 

SOLD

Total Sold Market Statistics
Report Run: 9/1/2014 12:34:12 PM
Property Type(s): SF
Status: SLD
Start Date: 08/01/2014
End Date: 08/31/2014
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 0 0 $0 $0 0 $0 0
$450,000 – $499,999 1 21 $480,000 $499,000 96 $499,000 96
$500,000 – $599,999 3 55 $566,333 $569,300 100 $592,333 96
$600,000 – $699,999 4 17 $649,975 $645,975 101 $645,975 101
$700,000 – $799,999 7 26 $743,857 $750,243 99 $754,529 99
$800,000 – $899,999 7 30 $833,500 $797,286 105 $823,286 103
$900,000 – $999,999 9 34 $916,778 $905,433 101 $921,544 100
$1,000,000 – $1,499,999 20 39 $1,209,125 $1,212,190 101 $1,232,990 99
$1,500,000 – $1,999,999 11 70 $1,708,977 $1,760,164 97 $1,826,000 94
$2,000,000 – $2,499,999 2 28 $2,112,500 $2,022,500 105 $2,022,500 105
$2,500,000 – $2,999,999 1 14 $2,580,000 $2,680,000 96 $2,680,000 96
$3,000,000 – $3,999,999 1 202 $3,200,000 $3,500,000 91 $3,500,000 91
$4,000,000 – $4,999,999 1 71 $4,100,000 $4,000,000 103 $4,000,000 103
$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 67 Avg. 42 $1,211,308 $1,217,955 100 $1,241,333 99
Lowest Price: $480,000 Median Price: $1,050,000
Highest Price: $4,100,000 Average Price: $1,211,308
Total Market Volume: $81,157,650

 

 

 

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