We (Jen & Holly) are thrilled to welcome Margaret Szerlip into our LiveNewton family. A long-time Newton resident with Jersey roots, Margaret is an experienced and well regarded Realtor® in Newton and Brookline. She has a keen sense of our local market, which is only deepened by her prior life on Wall Street. We believe we’ll all learn a lot from her posts, which she hopes to provide on a regular basis. Welcome, Margaret!
I am excited to be the real estate blogger for LiveNewton.net. Holly and Jen have done an incredible job getting this site up and running. I hope I can live up to their standards.
I thought I would write my first blog about the current real estate market in Newton. The single most important piece of information is — we have a dearth of inventory in homes priced under $1.5M, a glut over $2M and an overabundance over $3M. I cannot foresee the over $3M homes selling without price reductions.
“The busiest segment of the market continues to be homes priced between $1M and $1.5M…with the most desirable locations in Newton [shifting] to easy commuter locales.”
There are currently 98 single family homes for sale in Newton, about half of normal inventory. In the past 30 days 112 new homes came to the market, 92 went under agreement and 14 had price reductions. In order to have a real picture of the current market we need to break the activity down further. Fifty-four of the total homes for sale are priced over $500k and 17 are priced between $1M and $1.5M. The least expensive home for sale is $749k and the most expensive is $8,980M (somewhat startling!).
The busiest segment of the market continues to be homes priced between $1M and $1.5M. Twenty-eight new homes came to market in this price range in the past month and 26 properties went under agreement. That leaves 17 properties for sale in that segment, or slim pickings. I hate to say this but any home in that price range on the market for 3 weeks or more is overpriced and helping to sell the competition.
So what does all this mean? If you are a seller, don’t get greedy! Today’s buyers are savvy and do their homework, unless your house is in the most fantastic location, in 2017 pristine condition, buyers will not overpay.
The most desirable locations in Newton have shifted to easy commuter locales. Central Newton Centre is the hottest village. Waban and West Newton Hill remain strong contenders but an easy walk to bus, train or T is a must.
Buyers, be prepared! Have a solid pre-approval, put your best foot forward, work with a competent real estate agent, someone who is advocating for you. The listing agent has a fiduciary responsibility to the seller. She/he is obligated to get the highest possible price for their seller. If you are looking to move up into a higher-priced home, you may be surprised to learn your starter home may be worth more than you think. The less expensive price points have risen faster than the higher-priced homes, so you will likely have some equity to put towards your next house.
Please feel free to ask any questions!