Real Estate: Newton July Market Recap

Summer is usually a quieter time in real estate once you get past the 4th of July, but not this year. Currently, there are 105 homes on the market vs. 118 a month ago. The details:

  • 64 homes are priced above $2 million
  • 35 homes are priced between $1 – 2 million
  • 54 homes went under contract in the past month – the busiest segment was $1 – 2 million with 27 homes
  • The lowest priced home to receive an offer was $399K
  • The highest priced home to receive an offer was $3.750M
  • 97 homes closed in July with an average sale price of $1,358,31

We need inventory, so if you are thinking of selling, now is the time! If you think your home is worth more than 2 million dollars it is imperative (for you) that you’re priced correctly from the start. Seek guidance from a realtor, educate yourself by going to open houses to understand what buyers want. The desires of the buyers have changed in the last 3-5 years and they will discount the price to reflect what they believe is obsolete. The influx of homes in the higher price ranges are sitting not because of an absence of buyers but because buyers do not perceive value.

Remember: Every home is salable at the right price. This is a supply and demand business. If you are fortunate enough to already live in Newton, it is very possible to move up to a larger house if you wish. If you are a first-time buyer, it is, unfortunately, very difficult to find an affordable home. The price of condos and townhouses has skyrocketed, but they’re a bit more affordable than a single family. Condo building in Newton is hot button topic, though I appreciate both sides of the argument.

JUNE 26th SNAPSHOT

Price Range

# of Listings

Avg. Days on Market

$500,000 – $599,999

2

7

$600,000 – $699,999

4 12

$700,000 – $799,999

5

31

$800,000 – $899,999

6 20

$900,000 – $999,999

4 27

$1,000,000 – $1,499,999

23

59

$1,500,000 – $1,999,999

13 38

$2,000,000 – $2,499,999

18

104

$2,500,000 – $2,999,999

17 90

$3,000,000 – $3,999,999

15

145

$4,000,000 – $4,999,999

4 201

$5,000,000 – $9,999,999

5

286

Overall

116

87 (average)

WENT PENDING

Price Range

# of Listings

$350,000 – $399,999

1

$400,000 – $449,999

0

$450,000 – $499,999

0

$500,000 – $599,999

0

$600,000 – $699,999

5

$700,000 – $799,999

3

$800,000 – $899,999

4

$900,000 – $999,999

7

$1,000,000 – $1,499,999

20

$1,500,000 – $1,999,999

7

$2,000,000 – $2,499,999

4

$2,500,000 – $2,999,999

1

$3,000,000 – $3,999,999

2

Total Properties

54

SOLD HOMES

Price Range

# of Listings Avg. Days on Market Avg. Days to Offer Average Sale Price

$600,000 – $699,999

1 4 4 $629,000

$700,000 – $799,999

8 20 16

$738,688

$800,000 – $899,999

9 20 15 $855,911

$900,000 – $999,999

9 28 18

$945,778

$1,000,000 – $1,499,999

40 25 18 $1,218,976

$1,500,000 – $1,999,999

18 32 27

$1,756,417

$2,000,000 – $2,499,999

8 62 37 $2,238,500

$2,500,000 – $2,999,999

4 136 126

$2,680,000

Overall

97

33

25

$1,358,312

 

Please feel free to browse through the Compass website to keep abreast of the market. You can start a Collection (self-explanatory on the site) and we can communicate through the site. Have a good week!

This guest post contributed by:

Margaret Szerlip

Compass

Email:  margaret@compass.com Mobile:  617.921.6860

Copyright © 2017 · All Rights Reserved · LiveNewton.net

Author: Holly

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