Newton is one of the better markets in New England. Currently there are 144 condos on the market with an average price of $542,034 while spending 118 days on the market. This is compared to the 174 units on the market last year with the average market price of $531,375. We had 25 condos sell in the month of May for an average sale price of $449,804 which was 96.91% of the list to sale price ratio compared to last years 31 units selling with an average list price of $456,639. Right now we have 8.47 months worth of inventory compared to last year’s 9.49 months worth of inventory.This is a great improvement considering last year the market was being stimulated by the first time home buyers tax credit and this is an organic improvement as people start to see a stabilization of the real estate market and an improvement of the economy.
The Single Family Home market is fairing a little differently in Newton, MA. There are currently 253 homes for sale for an average list price of $1.245m vs. 241 homes for sale for an average list price of $1.291 last year. This year in the month of May we saw 41 homes close for an average price of $950,599 which was 96.39% of the sellers asking price. Last year we saw 53 homes sell for an average price of $823,182. The downward trend in volume would be worrisome for many, however looking at the homes that went under agreement in the Month of May this year gives me a lot of hope. We saw 69 homes go under agreement in May of 2011 compared to 53 homes last year. This is very promising and shows that Newton may have been a late bloomer in this Spring market. There are currently 7.98 months worth of inventory on the market today compared to last years 6.72 months of inventory.
If you are thinking about buying or selling a home in Newton, then give Jeffrey Chubb of RE/MAX Select a call at 617-480-2600 or visit him on the web at www.MoveWithChubb.com. His expertise is second to none as he is one of the top agents in the state and sells on average a home a week. You won’t be disappointed!
Wondering what your home is worth, then get a Certified Market Analysis dropped into your INBOX today by visiting www.MAPropertyValue.com.