It’s time again to report the real estate happenings in Newton! Inventory remains very low at 123 single family homes. To give some perspective, Weston, a town 1/8 of the size of Newton, has 112 homes listed. Wellesley with slightly more than 1/3 of Newton’s population has 107 single family listings. Only Brookline with a population of 57,000+ has less inventory than Newton. Here’s a breakdown of the numbers to clarify what is and isn’t selling. Currently, of the 123 homes for sale:
- 55 are priced $2 million+
- 49 are priced $1 – 2 million
- 19 are priced $399K – 999K (!)
I think this is astounding. So, what IS selling? The hottest segment of the market is for homes priced between $1 – 1.5 million. In the past month, 27 homes have accepted an offer. The $1.5 – 2 million price point is second with 19 homes going under contract. Homes priced in the 800’s always go quickly and often over asking. And 30 homes priced below $900 have accepted offers and 12 over $2 million.
Homes priced above $3 million are stagnating. There are 15 properties priced between $3 – 4 million, four between $4 – 5 million and three over $5 million. Two homes have gone under agreement priced over 3 million in the past month (I’m happy to report that one of my buyers purchased one of these homes!).
Is the over $3-million+ market sustainable? Whenever realtors think the market can’t keep going up…it does, but something changes. There are as many houses for sale in Wellesley and Weston because younger buyers want a more urban lifestyle with a shorter commuting time, making Newton and especially Brookline more appealing. There are fewer condos and homes for sale in Boston, however the ultra-luxury market is alive and well there. There have always been houses selling over three million dollars in the western suburbs but the shift in buying is to be closer to the city. Land is not a top priority but a town center is. Boston prices are now New York prices and New York is the new London.
ON MARKET SNAPSHOT
Lowest price: $399,000
Highest Price: $8,980,000
Median Price: $1,899,000
PENDING SNAPSHOT LAST 30 DAYS
Lowest Price: $399,000
Highest Price: $3,495,000
Median Price: $1,200,000
SOLD SNAPSHOT LAST 30 DAYS
Lowest Price: $660,000
Highest Price: $4,075,000
Median Price: $1,214,000
The numbers here are telling if you look at the Median Price. The pending and sold median price are similar at the 1.2 million mark, however the median list price of $1.899 is a disconnect. It tells me that we will see price reduction at the higher end of the market.
Please feel free to reach out to me to discuss the market in depth.