Single Family Home Sales in Newton, MA - A Market Update 11/30/08

As of November 30, 2008, there were 141 single family listings in Newton on the Multiple Listing Service (MLSPin). Newton leads the pack in terms of consistent market performance in a down market. Home prices are slightly down from last year, but buyers and sellers seem to "get it" in Newton. During November, 27 new single family listings were added to our MLSPin, with an average list price of $1,058,215.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 223 days. That is to say, based on the volume of sales during the past month, it will take about 7.4 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 $1,218,732. The lowest price is $325,000 and the highest price is $8,950,000, with the largest concentration of homes (40.4%) priced in the $900,000 to $1,999,999 price range. Of note, the average list price for a single family home in November 2007 was $1,051,377.

The median price is $995,000 and the average days on market are 113 days. This compares to a median list price of $749,500 and average days on market of 117 days as of November 30, 2007.

There were 18 properties that went under agreement during the month of November (November 2007- 50 properties). 19 single family homes sold during November, with the average sales price being $986,277 and the median was $757,500, with the average days on market being 63 days. Compare this to 28 properties sold during November 2007, with an average and median sales price of $823,332 and $772,000, respectively, and the average number of days on market being 91 days.

In November 2008:

40 properties experienced price changes averaging -4.44%

Sales price to original price was 94%

Sales price to (last) adjusted price was 98%