Sales from July to August for both condos and single family homes in Newton, MA were very consistent. The change in the market snapshot for the Newton Real Estate Market for the month of August came from the amount of homes that were currently for sale. This change will help shift the market to a stronger seller’s market for the end of this period. Sellers, don’t get too excited… the month of September which is the start of the Fall market historically draws both more buyers as well as additional sellers to the market. I would expect the amount of homes for sale in Newton, MA to increase by month’s end.
The condo market for the month of August saw 35 homes sell for an average price of $483,039 which was 95.81% of the seller’s asking price. On average it took 82 days for these homes to sell. As of the end of August there were 127 Newton, MA Condos for sale with an average price of $531,552 while spending 120 days on the market. Using the last three months’ worth of sales, the Condo market in Newton, MA is currently a seller’s market with 4.14 months’ worth of inventory. 6 months is considered the perfect equilibrium where neither buyers nor sellers have a pricing advantage.
The Single Family Newton, MA Real Estate market saw 66 homes settle in the month of August. These homes sold for an average of $883,708 which was 96.97% of the seller’s asking price. Homes in August spent on average on 61 days on the market. As of the end of August we had 201 seller’s currently selling their Newton, MA home for an average price of $1,173,824 and 123 days on the market. Using the last 3 months’ worth of sales activity, we get a 2.77 month supply of homes currently for sale in Newton, MA. This would signal a STRONG seller’s market for Newton, MA Real Estate.
Don’t hesitate giving Jeffrey Chubb, owner of RE/MAX SELECT a call at 617-480-2600 or visit him on the web at www.MoveWithChubb.com if you are thinking about buying or selling a home in Newton, MA. On average he sells homes faster and for more money than his competition!