The real estate market here in Newton is insane and Brookline is certifiable! There are currently only 86 single family homes for sale in Newton — 86? This is the lowest inventory I have seen in Newton since I became a Realtor in 2003. This is lower than mid summer or Christmas morning. In the past 7 days 45 homes went under agreement. If you have home listed for sale priced under 1.8 and you do not receive an offer, reduce your price! Look at the Under Agreement stats from MLS I posted below.
Single Family Listings: 45 Avg. Liv.Area SqFt: 3,252.47 Avg. List$: $1,377,591 Avg. List$/SqFt: $431 Avg. DOM: 51.38 Avg. DTO: 37.47
The over 2 million remains sluggish with 46 of the 86 homes for sale priced above 2 million. There has been a slight uptick in homes going Under Agreement in the past month. 9 homes have an accepted offer and all but one were on the market for many months and most had more than 1 price drop.
Notice the above stats from MLS. The current on market homes the average list price is $2,456,774 vs. $1,377,591 average under agreement price. If that stat doesn’t point out the remarkable imbalance in inventory I don’t know what does.
The old adage remains, this is a supply and demand business. There are many more buyers for houses priced less than 1.5 than house priced 2.5 and up and that segment of the market has a 50% share of inventory. Price your home to sell, do not price your home for negotiating room because the only one negotiating will be the seller.