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The MetWest Scene

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Submitted:4 min ago - Boston...murder...craigslist killer...antifreeze murderer. Do we ever really know the people closest to us? A murder mystery on Dateline MSNBC...and Newton-Wellesley Hospital plays...(more) BostonKayakGuy...John Prescott's The MetWest Scene

Death by Antifreeze

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Wow! Very scary.

How many people are leading double lives?

And to think Newton-Wellesley helped get the bad guy!

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

Photo: MSNBC

BostonKayakGuy…The MetWest Scene

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As of March 31, 2009, there were 221 single family listings in Newton on the Multiple Listing Service (MLSPin). During March, 99 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 $1,103,861. Inventory levels are building and supply is now far exceeding demand - especially in the higher end of the Newton market. Now may be a great time to buy, but if Newtonians don't need to sell, they would be well advised to either hold off for a while or price their homes to sell today, because there will be more homes competing with overpriced listings tomorrow.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 11.6 months. That is to say, based on the volume of sales during the past month, it will take just under 1 year 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 $1,224,268. The lowest price is $349,900 and the highest price is $7,390,000, with the largest concentration of homes (33.9% and 30.3%) priced in the $500,000 to $799,999 and $1,000,000 to $1,999,999 price ranges. Of note, the average list price for a single family home in March 2008 was $1,258,731.

The median price is $925,000 and the average days on market are 93 days. This compares to a median list price of $899,000 and average days on market of 102 days as of March 31, 2008.

There were 45 properties that went under agreement during the month of March (March 2008- 58 properties). 19 single family homes sold during the month, with the average sales price being $763,468 and the median was $681,000, with the average days on market being 111 days. Compare this to 28 properties sold during March 2008, with an average and median sales price of $717,458 and $567,500, respectively, and the average number of days on market being 74 days.

During March 2009:

77 properties experienced price changes averaging -4.99%

Sales price to original price was 91%

Sales price to (last) adjusted price was 95%

3 property listings expired with an average days on market of 205 days

Is now the right time to sell your home? Contact WEICHERT, REALTORS®-Synergy for a complimentary Price Trend Analysis that you can use to evaluate your options.

Looking for other options? Meet with a local Weichert neighborhood specialist to discuss how our expertise can provide you with a competitive edge in selling your property. Stop chasing the market. Let the market chase you! Contact us now at http://synergy-metrowest.com/cma.htm

http://www.synergy-metrowest.com

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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