Real Estate Trends – Newton, Massachusetts (Condos)

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward

Today we are highlighting the Condo market in Newton, MA in Middlesex County

 

We are based out of Newton, MA so this is home base for us.  I also live in a condo in the city so this one has special interest to me.

Market Trends in Newton, MA – June 2014 and 2015:

The Newton, MA Condo market appears to be down a little bit since last year.  Both the average listing and average sales prices were down some while the days on market were also up a tick.  Inventory went down just a little with 41 sales in June 2014 and 37 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Condos in Newton, MA the average listing price in June 2014 was $646,932.  This was down to $613,805 in June 2015.  That gives a modest 5.12% decrease year over year. 

As with several other towns recently the medians at first glance looked a bit different so we wanted to calculate the changes with those as well.  In this case for Newton, MA Condos we see a median list price of $595,000 in June 2014 and $529,000 in June 2015 giving a much larger 11.09% decrease.  More than double what we saw with the averages and rather than a small decrease we would call this pretty significant.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Newton, MA Condos in June of 2014 was $661,244 and in June 2015 that was down to $623,350.  That gives a slightly larger but similar decrease of 5.73%. 

Taking another look at the medians we see they are also a bit different.  If we look at those we see the median sale price for Newton, MA Condos was $588,000 in June 2014 (yes it was the same as the list price median) and $550,000 in June 2015 this actually gives a slightly smaller 5.17% decrease.

The Newton, MA Condo market was down some from last year.  I would say that the market was down in the 5-6% range and that the 11% we see with the median list is just an anomaly

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Newton, MA Condos the average days on market in June of 2014 were 23.78 and the average days on market for June 2015 were 29.43, for what looks like a fairly large 23.76% increase.  However seeing that the numbers are both pretty small that percentage is fairly deceiving as the higher mark is still less than 30 days and is generally considered to be pretty good.  It is safe to say that the days on market are up, but the effect is probably less dramatic than just looking at the percentage change suggests.

Newton, Mass Summary:

The Newton, Massachusetts real estate Condo market looks like is has declined a little bit since last year.  The small drops in both listing prices and sale prices show this.  In addition the increase in days on market also supports this conclusion.

In summary if you are looking to sell a Condo in Newton, MA now you should expect to get slightly less than you would have expected to get last year.  In addition you should also expect it might take a little bit longer to sell compared to last year as well.  

 

Do you need to sell your Newton, Massachusetts Condo fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Jackson Homestead by Thomas Kelley via Wikipedia)

 

 

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