Newton

NEWTON AT A GLANCE


It’s been quite a year in Newton real estate wise.  So far this year 932 single family and condominiums sold!  On average it took 33 days to receive an offer that was 98% of the asking price.  The average sale price was $1,054,079, lowest list sale price was $232,000 and the highest sale price was $4,650,000. The sweet spot in the market is properties priced between 1 and 1.5 million dollars.  259 properties sold in that price range!  The least active price point was homes priced under 400K and homes priced over 4 million.  No surprise there since that is the top and bottom of market.

The market continues to be quite fluid.  We have low levels of inventory across all price ranges, with the exception of the over 3 million dollar mark.  There are only 128 single family homes on the market and 68 condos.  If you are thinking about selling and your house and it is in tip top shape, don’t wait until the spring.  Sell now while buyers are frantically trying to find a home.

Lowest Price: $232,000 Median Price: $914,250
Highest Price: $4,650,000 Average Price: $1,054,079
Total Market Volume: $987,671,758

 

Merry Christmas


Newton, MA.  December 24, 2014

 

Best Wishes for a very Merry Christmas.  May your presence mean more than your presents in you loved one’s lives.

xoxo Margaret

Bi Monthly Real Estate Recap for Newton, MA.


Bi Monthly Real Estate Recap for Newton, MA.cropped-cimg1501.jpg

posted by Margaret Szerlip 11.00AM EST/Newton, MA.

The real estate market continues to be busy this fall.  Inventory remains very low with a total of only 156 homes currently for sale.  115 of the 156 homes are priced over 1 million dollars and 61 or roughly 40% of the homes for sale in Newton are over 2 million dollars!  Kind of crazy.  A closer look reveals that the 1 million to 1.5 price range is most active with 9 homes going under agreement in the last 2 weeks. And another 9 priced between 1.5M and 2.5M.  The 600K price range seems to be lagging and I can assure you that is because houses are priced too high.  There is no lack of buyers in that price point.  The craziness of last spring’s bidding wars has abated somewhat. SOme of that is due to buyer fatigue of being out bid and some of that is greed on the part of sellers trying to suck every last cent out of a buyer.  I am also seeing more deals fall apart due to inspection issues.  When a buyer ends up paying more than they ever dreamed of paying for a house and an inspection turns up some nasty surprise you can be certain of a total walk away or a renegotiation from the buyer.  Sellers don’t be unreasonably greedy it could quite possibly come back to haunt you.

 


On-Market Snapshot
Report Run: 11/3/2014 10:48:54 AM
Property Type(s): SF
Snapshot Date: 11/03/2014
Towns: Newton
 11/03/2014  11/3/2014
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
$450,000 – $499,999 1 24 1 24
$500,000 – $599,999 3 16 3 16
$600,000 – $699,999 14 45 14 48
$700,000 – $799,999 9 35 9 35
$800,000 – $899,999 6 43 6 43
$900,000 – $999,999 8 44 8 44
$1,000,000 – $1,499,999 30 72 30 73
$1,500,000 – $1,999,999 24 125 24 126
$2,000,000 – $2,499,999 24 134 24 135
$2,500,000 – $2,999,999 19 120 19 120
$3,000,000 – $3,999,999 12 171 12 171
$4,000,000 – $4,999,999 3 76 3 76
$5,000,000 – $9,999,999 3 194 3 194
Over $10,000,000
Total Properties 156 Avg. 97 156 Avg. 98
Lowest Price: $474,900
Median Price: $1,649,000
Highest Price: $6,950,000
Average Price: $1,903,710
Total Market Volume: $296,978,784
Lowest Price: $474,900
Median Price: $1,649,000
Highest Price: $6,950,000
Average Price: $1,903,710
Total Market Volume: $296,978,784

 

PENDING

Pending Statistics
Report Run: 11/3/2014 10:50:44 AM
Property Type(s): SF
Start Date: 10/20/2014
End Date: 11/03/2014
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 1 1
$350,000 – $399,999
$400,000 – $449,999
$450,000 – $499,999
$500,000 – $599,999 3 2 1
$600,000 – $699,999 3 1 2
$700,000 – $799,999 3 2 1
$800,000 – $899,999 5 3 2
$900,000 – $999,999
$1,000,000 – $1,499,999 9 5 4
$1,500,000 – $1,999,999 4 2 2
$2,000,000 – $2,499,999 5 2 3
$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 35 18 17 0 0
Lowest Price: $339,900 Median Price: $1,197,499.50
Highest Price: $4,250,000 Average Price: $1,444,159
Total Market Volume: $50,545,586

 

SOLD

Total Sold Market Statistics
Report Run: 11/3/2014 10:52:33 AM
Property Type(s): SF
Status: SLD
Start Date: 10/20/2014
End Date: 11/03/2014
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 1 51 9 $495,000 $510,000 97 $510,000 97
$500,000 – $599,999 1 5 5 $570,000 $539,000 106 $539,000 106
$600,000 – $699,999 3 69 60 $659,000 $679,600 97 $721,600 92
$700,000 – $799,999 1 74 3 $720,000 $719,000 100 $719,000 100
$800,000 – $899,999 3 31 31 $858,000 $866,300 100 $891,633 97
$900,000 – $999,999 2 53 6 $916,000 $879,500 104 $874,000 105
$1,000,000 – $1,499,999 7 27 9 $1,203,551 $1,176,857 103 $1,176,857 103
$1,500,000 – $1,999,999 1 50 50 $1,870,000 $1,995,000 94 $1,995,000 94
$2,000,000 – $2,499,999 0 0 0 $0 $0 0 $0 0
$2,500,000 – $2,999,999 0 0 0 $0 $0 0 $0 0
$3,000,000 – $3,999,999 0 0 0 $0 $0 0 $0 0
$4,000,000 – $4,999,999 0 0 0 $0 $0 0 $0 0
$5,000,000 – $9,999,999 0 0 0 $0 $0 0 $0 0
$10,000,000 – $99,999,999 0 0 0 $0 $0 0 $0 0
Total Properties 19 Avg. 41 Avg. 22 $971,729 $968,300 101 $978,353 100
Lowest Price: $495,000 Median Price: $900,000
Highest Price: $1,870,000 Average Price: $971,729
Total Market Volume: $18,462,855

Buying a Home with as Little as 3-5% Down Payment


Buying a Home with as Little as 3-5% Down Payment

Posted: 30 Oct 2014 2:30PM EST Newton, MA.

Buying a Home for as Little as 3-5% Down | Keeping Current Matters

We have recently reported on the misconception that many buyers have regarding the down payment necessary to purchase a home. Multiple studies reveal that 40-50% of Americans believe you need between 15-20% of a down payment to be eligible to purchase a home. This misconception came about as the government just last year debated new guidelines for residential mortgages because of the housing collapse in 2007. Some were arguing that there should be a minimum of 20% or even 30% down payment on all mortgage loans. However, those standards were never implemented. To counter this misunderstanding, Christina Boyle, Freddie Mac’s VP and Head of Single-Family Sales & Relationship Management, in a recent Executive Perspectives explained that a person “can get a conforming, conventional mortgage with a down payment of as little as 5 percent”.

3% Down Payments Available Soon?

Just last week, Federal Housing Finance Agency Director Mel Watt announced that mortgages requiring only a three percent down payment may soon be available:

“To increase access for creditworthy but lower-wealth borrowers, FHFA is also working with the Enterprises to develop sensible and responsible guidelines for mortgages with loan-to-value ratios between 95 and 97 percent. Through these revised guidelines, we believe that the Enterprises will be able to responsibly serve a targeted segment of creditworthy borrowers with lower-down payment mortgages by taking into account “compensating factors.”

Bottom Line

If you are saving for either your first home or that perfect move-up dream house, make sure you know all your options. You may be pleasantly surprised. Line-Break

Bi-Monthly Newton, MA. Real Estate Recap


Bi-Monthly Newton, MA. Real Estate Recap  Newton, MA.  Top Brokers, Sotheby’s Newton, MA.

Posted October 24, 2014 by Margaret Szerlip Newton, MA.

 

The fall market is very busy here in Newton — the reason I have not been posting as often as I’d like.  Current inventory is still below normal.  We have a total of 167 properties for sale vs. 175 3 weeks ago and down from a “normal” 200 homes.  83 homes have gone under contract or have accepted offers in the last 3 weeks!  The hottest segment of the market is homes priced between 1 million to 1.5 million with 17 homes in contract.  9 homes priced over 2 million have also gone under contract in the same time period.  That is very welcome news that the high-end of the market is starting to heat up.  26 homes have closed, again the 1 million to 1.5 million had the highest number of homes close at 9.

Remember the spring market in Newton starts the end of January early February here in Newton.  So if you’re considering a sale call me for an analysis sooner than later.

On-Market Snapshot
Report Run: 10/24/2014 11:41:22 AM
Property Type(s): SF
Snapshot Date: 10/24/2014
Towns: Newton
 10/24/2014  10/24/2014
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
$450,000 – $499,999 1 14 1 14
$500,000 – $599,999 5 34 5 34
$600,000 – $699,999 11 34 11 37
$700,000 – $799,999 9 47 9 47
$800,000 – $899,999 9 66 9 70
$900,000 – $999,999 8 61 8 61
$1,000,000 – $1,499,999 34 67 34 67
$1,500,000 – $1,999,999 26 115 26 116
$2,000,000 – $2,499,999 27 114 27 114
$2,500,000 – $2,999,999 21 116 21 116
$3,000,000 – $3,999,999 10 177 10 177
$4,000,000 – $4,999,999 3 84 3 84
$5,000,000 – $9,999,999 3 184 3 184
Over $10,000,000
Total Properties 167 Avg. 92 167 Avg. 93
Lowest Price: $474,900
Median Price: $1,599,000
Highest Price: $6,950,000
Average Price: $1,867,799
Total Market Volume: $311,922,470
Lowest Price: $474,900
Median Price: $1,599,000
Highest Price: $6,950,000
Average Price: $1,867,799
Total Market Volume: $311,922,470

 

 

Pending Statistics
Report Run: 10/24/2014 11:39:03 AM
Property Type(s): SF
Start Date: 10/06/2014
End Date: 10/24/2014
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
$450,000 – $499,999 3 2 1
$500,000 – $599,999 7 2 3 1 1
$600,000 – $699,999 6 4 1 1
$700,000 – $799,999 4 2 2
$800,000 – $899,999 7 5 2
$900,000 – $999,999 3 2 1
$1,000,000 – $1,499,999 10 7 2 1
$1,500,000 – $1,999,999 5 5
$2,000,000 – $2,499,999 3 2 1
$2,500,000 – $2,999,999 1 1
$3,000,000 – $3,999,999 1 1
$4,000,000 – $4,999,999
$5,000,000 – $9,999,999
Over $10,000,000
Total Properties 50 33 13 1 3
Lowest Price: $465,000 Median Price: $889,000
Highest Price: $3,795,000 Average Price: $1,127,973
Total Market Volume: $56,398,698

 

Total Sold Market Statistics
Report Run: 10/24/2014 11:42:37 AM
Property Type(s): SF
Status: SLD
Start Date: 10/06/2014
End Date: 10/24/2014
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 0 0 $0 $0 0 $0 0
$500,000 – $599,999 4 26 $538,400 $533,725 101 $539,725 100
$600,000 – $699,999 2 30 $651,000 $662,000 98 $675,000 97
$700,000 – $799,999 4 51 $739,750 $746,500 99 $746,500 99
$800,000 – $899,999 3 16 $844,500 $786,667 107 $786,667 107
$900,000 – $999,999 2 51 $937,500 $954,950 98 $949,450 99
$1,000,000 – $1,499,999 9 46 $1,111,978 $1,086,889 103 $1,119,222 100
$1,500,000 – $1,999,999 2 60 $1,737,500 $1,812,500 96 $1,812,500 96
$2,000,000 – $2,499,999 0 0 $0 $0 0 $0 0
$2,500,000 – $2,999,999 0 0 $0 $0 0 $0 0
$3,000,000 – $3,999,999 0 0 $0 $0 0 $0 0
$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 26 Avg. 41 $934,842 $927,762 101 $940,454 100
Lowest Price: $519,000 Median Price: $888,500
Highest Price: $1,800,000 Average Price: $934,842
Total Market Volume: $24,305,900

Bi-Monthly Real Estate Recap Newton, MA.


Bi-Monthly Real Estate Recap Newton, MA.

Despite the usual slowdown during the Jewish holidays the real estate market has been humming along.  There are currently 175 single family homes listed for sale, down from 179 2 weeks ago.  179 homes for sale is still below normal.   38 homes went under agreement during this time frame.  17 homes sold in the past 2 weeks.  One thing I have started to notice are price changes, we have had 10 price reductions and one idiot raised their price in the last 2 weeks.  After all, if someone didn’t like your house at 600K they will surely love it at 629?!  The bulk of pendings were in the 800K-899K range followed by the 1M to 1.499M.  Over 2 million remains slow, however there was a sale in the over 5 million category.  That is something else I have noticed in Newton, Brookline, Wellelsey and Weston, the over 5 million market is definitely picking up steam.  Hopefully, that will trickle down.  We have been in a trickle up market for the past 2 years and it seems to stop at the 1.5 million mark.  Buyers continue to want new or like new at all price points.  Buyers still love white kitchens, I love white kitchens, but I am getting so sick of seeing the same kitchen in every newer house.   Let’s at least change-up the back splash and counter tops to something other than Carrera marble.   Apparently today’s buyers don’t want their children sharing a bathroom.  Really 2 kids can’t share a bath?  Jeez, how will these kids cope when they go to sleep away camp or college?  That’s a post for another day.  

The good news — I see the market continuing to be strong right up until Thanksgiving.  As always I appreciate your referrals.

On-Market Snapshot
Report Run: 10/6/2014 10:24:06 AM
Property Type(s): SF
Snapshot Date: 10/06/2014
Towns: Newton
 10/06/2014  10/6/2014
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
$450,000 – $499,999 2 43 2 43
$500,000 – $599,999 10 30 10 30
$600,000 – $699,999 8 49 8 53
$700,000 – $799,999 9 46 9 46
$800,000 – $899,999 9 67 9 70
$900,000 – $999,999 12 39 12 39
$1,000,000 – $1,499,999 34 62 34 63
$1,500,000 – $1,999,999 29 136 29 138
$2,000,000 – $2,499,999 24 137 24 138
$2,500,000 – $2,999,999 19 101 19 101
$3,000,000 – $3,999,999 13 189 13 189
$4,000,000 – $4,999,999 3 126 3 126
$5,000,000 – $9,999,999 3 166 3 166
Over $10,000,000
Total Properties 175 Avg. 96 175 Avg. 97
Lowest Price: $465,000
Median Price: $1,589,000
Highest Price: $6,950,000
Average Price: $1,834,169
Total Market Volume: $320,979,581
Lowest Price: $465,000
Median Price: $1,589,000
Highest Price: $6,950,000
Average Price: $1,834,169
Total Market Volume: $320,979,581

 

PENDING

Pending Statistics
Report Run: 10/6/2014 10:26:38 AM
Property Type(s): SF
Start Date: 09/22/2014
End Date: 10/06/2014
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
$450,000 – $499,999 1 1
$500,000 – $599,999 3 1 2
$600,000 – $699,999 3 1 2
$700,000 – $799,999 4 3 1
$800,000 – $899,999 8 5 3
$900,000 – $999,999 3 2 1
$1,000,000 – $1,499,999 6 6
$1,500,000 – $1,999,999 4 2 1 1
$2,000,000 – $2,499,999
$2,500,000 – $2,999,999
$3,000,000 – $3,999,999
$4,000,000 – $4,999,999
$5,000,000 – $9,999,999 1 1
Over $10,000,000
Total Properties 33 21 9 0 3
Lowest Price: $495,000 Median Price: $889,000
Highest Price: $5,800,000 Average Price: $1,134,806
Total Market Volume: $37,448,599

SOLD

Total Sold Market Statistics
Report Run: 10/6/2014 10:27:37 AM
Property Type(s): SF
Status: SLD
Start Date: 09/22/2014
End Date: 10/06/2014
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 0 0 $0 $0 0 $0 0
$500,000 – $599,999 1 4 $500,000 $499,000 100 $499,000 100
$600,000 – $699,999 0 0 $0 $0 0 $0 0
$700,000 – $799,999 5 19 $763,000 $753,760 102 $757,760 101
$800,000 – $899,999 0 0 $0 $0 0 $0 0
$900,000 – $999,999 0 0 $0 $0 0 $0 0
$1,000,000 – $1,499,999 6 70 $1,173,167 $1,155,333 102 $1,256,833 96
$1,500,000 – $1,999,999 2 70 $1,733,750 $1,827,000 95 $1,882,500 92
$2,000,000 – $2,499,999 2 32 $2,170,500 $2,237,000 97 $2,322,000 93
$2,500,000 – $2,999,999 0 0 $0 $0 0 $0 0
$3,000,000 – $3,999,999 1 3 $3,500,000 $3,500,000 100 $3,500,000 100
$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 17 Avg. 43 $1,333,088 $1,342,812 100 $1,396,341 97
Lowest Price: $500,000 Median Price: $1,169,000
Highest Price: $3,500,000 Average Price: $1,333,088
Total Market Volume: $22,662,500

PRICE CHANGES