Newton, MA

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Get Your Irish On! With MTV...John Prescott's The MetWest Scene

If you’re still ” Gawkin’ and Rockin‘” U2, or still in need of help with your “recession depression,” then check out this coverage of the Somerville Theatre concert and question and answers with the band…

Oh..and word has it that the Irish rockers filmed part of a music video before the concert at the Somerville…

MTV Coverage

Somerville Officially Proclaims “No Line on Horizon Day”/atU2.com

JOHN PRESCOTT

-BostonKayakGuy

Top Real Estate Agent for more than 14 years, serving the real estate needs of Wellesley, South Natick, Weston, Needham, Wayland, Newton, Framingham and other MetWest communities. www.johnprescott.net

JOHN PRESCOTT

Vice President

Century 21 Commonwealth

508-523-9252

BostonKayakGuy…The MetWest Scene

In an effort to be knowledgebale of our current market, I weekly pull the market statistics in Watertown, Belmont, Arlington, Newton, Waltham and Brighton. Below are the market statistics in Newton, MA. I will be posting the market Statistics for Newton, MA on Fridays.

Opportunity is the name of the game in Newton. Newton was featured in an article for Boston Magazine titled "Best Places to Live 2009: The Teflon Ten". In this article it calls Newton condos a cautious buying opportunity because the median sales price is down 5% from 2007.

The Newton Market Statistics definitely present great opportunity for buyers across the board. There is an increase in inventory, a decrease in average and median sales prices and interest rates are still relatively low.

With a rise in inventory that means that there are more options availabe. 203 single family homes in 2009 vs 157 single family homes on the market in 2008.

I know that this will post will worry sellers, but please do not fret. Depending on when you bought, you may still have equity in your home too.

For more information on my business please click the logo below or email me at mark@smarthomesboston.com. This is the first installment of the video series, so anything you are interested in having me discuss then please email me or call me at 617.448.9481.

As of February 28, 2009, there were 169 single family listings in Newton on the Multiple Listing Service (MLSPin). Home sales year to date have been sluggish, compared to the same two month period in 2008. A harsh winter has been partly to blame, but buyers still control the market. It is interesting to note the trend that more affordable homes continue to sell and go under agreement, while buyers are turning their backs on luxury properties and neighborhoods with home prices beyond their reach. Due to the uncertainty in the financial markets with jumbo loan financing, it is no wonder that Newton, as well as several other communities in the Metrowest area continue to build inventory. During February, 53 new single family listings were added to our MLSPin and an additional 6 single family homes were relisted for sale on the MLS, with an average list price of $1,040,351.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 734 days. That is to say, based on the volume of sales during the past month, it will take approximately 2 years to sell all of the single family homes currently in inventory and sitting on the Newton market. The good news, however, is that the number of homes under agreement at the end of the month paint a much rosier picture of current market conditions. If these levels continue, the Newton market will be much more "balanced" in terms of supply and demand.

The average list price for a single family home is $1,193,292. The lowest price is $349,900 and the highest price is $7,390,000, with the largest concentration of homes (50.3%) priced in the $500,000 to $999,999, price ranges. Of note, the average list price for a single family home in February 2008 was $1,233,153.

The median price is $899,000 and the average days on market are 109 days. This compares to a median list price of $835,000 and average days on market of 113 days as of February 29, 2008.

There were 29 properties that went under agreement during the month of February (February 2008- 49 properties). Seven single family homes sold during the month, with the average sales price being $679,986 and the median was $715,000, with the average days on market being 70 days. Compare this to 24 properties sold during February 2008, with an average and median sales price of $971,056 and $727,750, respectively, and the average number of days on market being 184 days.

During February 2009:

56 properties experienced price changes averaging -6.41%

Sales price to original price was 91%

Sales price to (last) adjusted price was 95%

6 property listings expired with an average days on market of 133 days

As of January 31, 2009, there were 134 single family listings in Newton on the Multiple Listing Service (MLSPin). Although it is encouraging to see that there were 18 homes put under agreement during the month, the reality is that all but one listing sold for under $1,000,000 a potential sign that there may be trouble ahead for higher-end homes that will continue to stay in inventory, while more attractively priced homes will sell. The months ahead should mirror this trend that is being noted throughout the metropolitan Boston and Metrowest area. During January, 37 new single family listings were added to our MLSPin and an additional 3 single family homes were relisted for sale on the MLS, with an average list price of $971,837.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 236 days. That is to say, based on the volume of sales during the past month, it will take approximately 7.89 months to sell all of the single family homes currently in inventory and sitting on the Newton market.

The average list price for a single family home is $1,223,361. The lowest price is $319,900 and the highest price is $8,950,000, with the largest concentration of homes (36.6 and 42.5%) priced in the $500,000 to $799,999 and $900,000 to $2,499,999, respectively, price ranges. Of note, the average list price for a single family home in January 2008 was $1,147,799.

The median price is $869,000 and the average days on market are 121 days. This compares to a median list price of $774,900 and average days on market of 125 days as of January 31, 2008.

There were 18 properties that went under agreement during the month of January (January 2008- 35 properties). 17 single family homes sold during January, with the average sales price being $924,453 and the median was $910,000, with the average days on market being 75 days. Compare this to 25 properties sold during January 2008, with an average and median sales price of $959,616 and $846,000, respectively, and the average number of days on market being 89 days.

During January 2009:

39 properties experienced price changes averaging -5.58%

Sales price to original price was 93%

Sales price to (last) adjusted price was 96%

5 property listings expired with an average days on market of 99 days

As of December 31, 2008, there were 105 single family listings in Newton on the Multiple Listing Service (MLSPin). Year to date sales figures show a 19.3% decline in sales volume and average sales prices are reflect a modest decrease of 3.5% compared to 2007. Based on current market absorption rates (see below), the market for single family homes in Newton appears to be "balanced." In other words, market supply and demand are in balance, such that it is neither a buyers' nor a sellers' market. However, some of the inventory currently available has been sitting idle for over four months and are priced below historical averages for Newton - suggesting some concerns on the part of buyers with regard to these particular listings. Certain parts of Newton are also experiencing an increase in bank owned or short sale properties. It takes a special kind of buyer to be attracted to these types of properties. During December, 9 new single family listings were added to our MLSPin, with an average list price of $613,966.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 113 days. That is to say, based on the volume of sales during the past month, it will take approximately 3.75 months to sell all of the single family homes currently in inventory and sitting on the Newton market.

The average list price for a single family home is $1,175,985. The lowest price is $325,000 and the highest price is $8,950,000, with the largest concentration of homes (49.5%) priced in the $450,000 to $799,999 price range. Of note, the average list price for a single family home in November 2007 was $1,076,175.

The median price is $789,000 and the average days on market are 129 days. This compares to a median list price of $749,450 and average days on market of 137 days as of December 31, 2007.

There were 6 properties that went under agreement during the month of December (December 2007- 23 properties). 28 single family homes sold during December, with the average sales price being $853,978 and the median was $732,500, with the average days on market being 72 days. Compare this to 35 properties sold during December 2007, with an average and median sales price of $787,856 and $696,465, respectively, and the average number of days on market being 95 days.

In December 2008:

24 properties experienced price changes averaging -5.30%

Sales price to original price was 91%

Sales price to (last) adjusted price was 95%