Newton, MA

In an effort to be knowledgeable 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, Massachusetts for Single Families, Condominiums and Multi-Families. I will be posting Newton, MA market statistics weekly on Fridays.

The market in Newton has seemingly slowed in comparison to last year at this time, but there are a few bright spots as well. Average sales prices have dropped significantly between 2007 and 2008 in single family homes, condominiums and multi-family homes. In single family home sales there have been 102 less sales year-to-date, which is a pretty steep number. Inventory is still doing well though, hovering around 150 homes on the market. This means that either homes are being overpriced or potential buyers are "waiting for the market to bottom out."

A bright spot is that condominium home sales have dropped the least and have almost identically market inventory. With 245 sales year-to-date the condominium market seems to be close to the level of last year.

If you are interested in learning about more Market Statistics or would like to be emailed these statistics on a weekly basis for a particular town, please email me at mark.madden@commonmoves.com

Please click here to visit the Know Your Market Archives.

As of October 31, 2008, there were 150 single family listings in Newton on the Multiple Listing Service (MLSPin). Sales of single family homes are down almost 18.6% for the year, with on- going price adjustments to existing inventory, which is aging. During October, 40 additional single family listings were added to our MLSPin, (3 of which were back on market) with an average list price of $1,188,788.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 5.77 months. That is to say, based on the volume of sales during the past month, it will take 173 days to sell all the single family homes currently sitting on the Newton market.

The average list price is $1,246,187. The lowest price is $325,000 and the highest price is $8,950,000, with the largest concentration of homes (37.3%) priced in the $1,000,000 to $1,999,999 price range. Of note, the average list price for a single family home in October 2007 was $1,089,640.

The median price is $999,000 and the average days on market are 108 days. This compares to a median sales price of $797,000 and average days on market of 112 days as of October 31, 2007.

There were 28 properties that went under agreement during the month of October (October 2007- 41 properties). 26 single family homes sold during October, with the average sales price being $847,824 and the median was $726,250, with the average days on market being 112 days. Compare this to 37 properties sold during October 2007, with an average and median sales price of $935,936 and $767,500, respectively, and the average number of days on market being 102 days.

In October 2008:

53 properties had price changes averaging -3.93%

Sales price to original price was 95%

Sales price to (last) adjusted price was 97%

Barney Frank…Has the Fat Lady Sung?

Image by Getty Images via Daylife

Barney Frank will debate to keep job…

Barney Frank, Earl Sholley and Susan Allen will engage in a debate for the 4th congressional seat on Sunday, October 26 at Wellesley College at 4:30 pm.

The event is free and open to the public. The doors will open at 3:30 pm.

Issues on the table include Frank’s possible role in the collapse of the financial markets, his alleged ties to Fannie Mae, and his inability to denounce the lack of proper oversight to many of the financial institutions at the root of our economic woes.

A congressman since 1981, Barney Frank has claimed he had no power to stop the various pieces of the failing economic puzzle from falling into place. His continued support of lax lending policies remains at the center of discussion.

Frank to Receive Award for Low Income Housing,

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

Overview

The Falls Ridge Condominiums is complex of 33 condominiums in Newton. Falls Ridge is located at 51 Pettee Street, which is directly off Eliot Street. The building which houses the condominiums was built in 1904 as the Ralph Waldo Emerson School. In 1955 an addition was added to school giving it the full shape it is today. In 1984, the entire complex was converted into condominiums with the Emerson Community Center being connected on the far right side. Most of the units have 1 deeded parking space as well.

Units & Pricing

Each unit varies in size and number of bedrooms. For the most part, the units are all over 1,000 square feet and are for the majority 1 bedroom condominiums. There are some 2 bedrooms as well. Units have in-unit laundry, central air and elevator access to every floor.

The monthly condominium fees range from $400 - $650. The condo fee includes: Heat, Hot Water, Water, Sewer, Master Insurance, Elevator, Exterior Maintenance, Landscaping, Snow Removal, Extra Storage, Refuse Removal, Garden Area

Sales History

The number of sales over the last ten years in MLS transactions has ranged from 0 in 2000 to 8 in 2005.

• 1998 - Average Sales Price: $152,214 (5 units sold) with an Average Market Time of 29 days
• 1999 - Average Sales Price: $216,500 (4 units sold) with an Average Market Time of 32 days
• 2000 - Average Sales Price: $0 (0 units sold) with an Average Market Time of N/A days
• 2001 - Average Sales Price: $290,000 (4 units sold) with an Average Market Time of 16 days
• 2002 - Average Sales Price: $269,167 (6 units sold) with an Average Market Time of 50 days
• 2003 - Average Sales Price: $344,000 (2 units sold) with an Average Market Time of 70 days
• 2004 - Average Sales Price: $293,000 (3 unit sold) with an Average Market Time of 42 days
• 2005 - Average Sales Price: $359,898 (8 units sold) with an Average Market Time of 98 days
• 2006 - Average Sales Price: $373,200 (4 units sold) with an Average Market Time of 119 days
• 2007 - Average Sales Price: $381,250 (4 units sold) with an Average Market Time of 165 days

Currently there are 2 condominiums for sale at Fall Ridge listed at $309,000 and $399,000. Year-to-Date in the Falls Ridge Condominiums 0 units have been sold. For more information on the current listings or to be notified of any new listings in the Falls Ridge complex please email me at mark@smarthomesboston.com

Area

The Falls Ridge Condominiums are located in the Historic Upper Falls section of Newton. With quick access to both Route 9 and I-95 this is a great place for commuters to lay their head at night.

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