Month: January 2015

Newton Real Estate Predictions 2015


Newton Real Estate Predictions 2015

I am predicting a return to normal across all price ranges this year.   Barring any serious international terrorist activity I believe that 2015 will be a very good year to buy or sell a home.  I also think the very high-end will make a comeback.  There is so little inventory — a mere 81 homes for sale!  We will see an increase in the next few weeks.  I am really hoping that 2015 is a return to quality.  So often in the past few years I have seen buyers pass on homes of the highest quality only to buy a new construction home of questionable quality.  Please don’t mis-understand me, there are some new construction homes built to the highest of standards with superior finish work.  Unless you purchase one of these high quality custom homes — remember in 10 years your home is neither new or old, it is simply a dated home!  The open concept continues to reign and I don’t see that changing anytime soon.  Today’s buyers’ do not want many unused rooms, they don’t want a living room and a family room and a dining room and an office and a sun-room on the first floor, they’d like all that rolled into one.  They’d like to turn the formal living room into the pool or ping pong room. Dining rooms are a must for some and a foreign concept to others.  This generation of buyers must really love their children because they are in constant need of seeing them, even their teenagers!  Honestly, I couldn’t wait for my children to be old enough to go to the playroom.  Teenagers on the third floor is apparently not great either.  I am hoping once their children become teenagers that thought process will change.

I do not foresee the crazy bidding wars of 2014.  By the fall market last year you could already sense buyer fatigue and buyers were choosing to walk away rather than face another rejection.  I did put a house on the market last week for 1.279M.  We suspected that we may receive more than one offer but we did not think the house would go 100K over asking.  We had 3 offers, 1 was below and 2 were over.  Of the 2 one was a clear winner, a very nice sum over asking but not crazy.  The Brookline market is still quite insane.  Boston prices have risen so dramatically that city dwellers are moving to Brookline.  As the prices in Brookline become inflated, Newton will see an increase in price per square foot.

Newton Centre continues to be the hottest market in Newton (in my opinion.)  This group of buyers don’t want to own 2 cars, they’d like to walk to public transportation and entertainment.  Many use Zip cars or Uber if they have need for the occasional second car.  Big yards are also not high on the list for these urban buyers.  A smallish yard close to a playground is appealing.  High-end buyers still want some land.

Financing has been trouble-free.  Low rates, loosening of credit, lower down payments are all back but with more checks and balances.

Please check in with me about buying or selling your next home!

On-Market Snapshot
Report Run: 1/23/2015 10:58:56 AM
Property Type(s): SF
Snapshot Date: 12/23/2014
Towns: Newton
 12/23/2014  1/23/2015
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
$450,000 – $499,999 1 7 1 15
$500,000 – $599,999 2 132
$600,000 – $699,999 5 69 4 47
$700,000 – $799,999 4 91 2 148
$800,000 – $899,999 4 96 4 89
$900,000 – $999,999 2 132
$1,000,000 – $1,499,999 13 112 16 91
$1,500,000 – $1,999,999 13 179 17 154
$2,000,000 – $2,499,999 11 219 13 202
$2,500,000 – $2,999,999 10 135 8 139
$3,000,000 – $3,999,999 9 176 10 194
$4,000,000 – $4,999,999 2 161 2 61
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 72 Avg. 146 81 Avg. 139
Lowest Price: $499,000
Median Price: $1,849,000
Highest Price: $4,650,000
Average Price: $2,016,778
Total Market Volume: $145,208,085
Lowest Price: $499,000
Median Price: $1,750,000
Highest Price: $4,300,000
Average Price: $1,981,107
Total Market Volume: $160,469,685
Pending Statistics
Report Run: 1/23/2015 11:10:00 AM
Property Type(s): SF
Start Date: 01/01/2015
End Date: 01/23/2015
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
$450,000 – $499,999 1 1
$500,000 – $599,999 2 2
$600,000 – $699,999 1 1
$700,000 – $799,999 1 1
$800,000 – $899,999 2 2
$900,000 – $999,999 1 1
$1,000,000 – $1,499,999 3 3
$1,500,000 – $1,999,999 3 3
$2,000,000 – $2,499,999 1 1
$2,500,000 – $2,999,999 1 1
$3,000,000 – $3,999,999
$4,000,000 – $4,999,999 1 1
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 17 15 2 0 0
Lowest Price: $489,000 Median Price: $1,195,000
Highest Price: $4,000,000 Average Price: $1,433,170
Total Market Volume: $24,363,898

 

Total Sold Market Statistics
Report Run: 1/23/2015 11:03:02 AM
Property Type(s): SF
Status: SLD
Start Date: 01/01/2015
End Date: 01/23/2015
Towns: Newton
Price Range # of
Listings
Avg. Days
on Market
Avg. Days
to Offer
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 0
$50,000 – $99,999 0 0 0 $0 $0 0 $0 0
$100,000 – $149,999 0 0 0 $0 $0 0 $0 0
$150,000 – $199,999 0 0 0 $0 $0 0 $0 0
$200,000 – $249,999 0 0 0 $0 $0 0 $0 0
$250,000 – $299,999 0 0 0 $0 $0 0 $0 0
$300,000 – $349,999 0 0 0 $0 $0 0 $0 0
$350,000 – $399,999 0 0 0 $0 $0 0 $0 0
$400,000 – $449,999 0 0 0 $0 $0 0 $0 0
$450,000 – $499,999 0 0 0 $0 $0 0 $0 0
$500,000 – $599,999 3 54 41 $573,333 $627,967 92 $634,333 91
$600,000 – $699,999 1 20 20 $627,000 $649,000 97 $699,000 90
$700,000 – $799,999 3 9 6 $759,363 $722,333 105 $722,333 105
$800,000 – $899,999 4 16 5 $844,619 $810,500 104 $810,500 104
$900,000 – $999,999 3 35 6 $933,629 $912,296 102 $912,296 102
$1,000,000 – $1,499,999 8 29 25 $1,239,563 $1,237,625 101 $1,257,000 100
$1,500,000 – $1,999,999 1 92 84 $1,695,000 $1,699,000 100 $1,699,000 100
$2,000,000 – $2,499,999 1 168 168 $2,200,000 $2,600,000 85 $2,995,000 73
$2,500,000 – $2,999,999 0 0 0 $0 $0 0 $0 0
$3,000,000 – $3,999,999 1 32 32 $3,775,000 $3,795,000 99 $3,795,000 99
$4,000,000 – $4,999,999 1 51 51 $4,000,000 $4,250,000 94 $4,250,000 94
$5,000,000 – $9,999,999 1 229 136 $5,495,000 $5,525,000 99 $6,295,000 87
$10,000,000 – $99,999,999 0 0 0 $0 $0 0 $0 0
Total Properties 27 Avg. 44 Avg. 32 $1,403,183 $1,424,029 100 $1,475,477 98
Lowest Price: $555,000 Median Price: $960,000
Highest Price: $5,495,000 Average Price: $1,403,183
Total Market Volume: $37,885,951