Real Estate Trends – Newton, Massachusetts #2

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 market in Newton, MA in Middlesex County

 Newton MA City Hall - Newton Massachusetts Real Estate

We first checked out Newton, MA single family homes back in February and this is the 4th time we have looked at Newton overall.

Market Trends in Newton, MA – May 2015 and 2016:

The Newton, MA market has fallen off since last year.   The average prices are down and the median prices were down as well.  The days on market were down quite a bit though.  Inventory was down a little with 54 sales in May of 2015 down to 47 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Newton, MA the average listing price in May 2015 was $1,437,476.  This was down to $1,142,051 in May 2016.  This gives a very sizable decrease of 20.55% year over year. 

Looking at the median prices we see that they were lower in both years.  For May of 2015 the median listing price for Newton, MA was $1,265,000 and in May 2016 it was $999,000 which now gives a slightly larger decrease of 21.03%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Newton, MA in May of 2015 was $1,413,589 and in May 2016 that was down to $1,152,880.  That gives another sizable decrease of 18.44%, but a little smaller than the average list price. 

We see the same pattern that we did for the median list price.  For May of 2015 the median sales price for Newton, MA was $1,265,000 and in May 2016 it was $1,062,500 giving another large decrease of 16.01 %, a bit less than the median list price and the lowest drop of the 4.

Prices are down a good bit for Newton, MA this month.  The pattern here is that the drop in sale prices is a little lower than the listing prices, instead of the more common situation where the medians and averages track well with each other.  The lesser drops in sale prices is caused by the fact that in 2016 there were several above asking price sales in the middle of the range which allowed both the average and median sales price to be above the listing prices.  While prices are down this is actually a silver lining showing that a well priced home is still clearly in demand around the median prices.  So overall prices are down a lot ranging from 16-21%.  Medians are the preferred analysis tool for evaluating real estate prices so we will put more weight there, but since they are the high and the low the fact that sales are far more important to look at than listings the drop is probably much closer to the just a hair over 16% seen with the median sale price instead of the over 20% drops seen with both listing prices or even the ~18.5% drop seen with the average sale price.

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 property to sell in the current market.  For Newton, MA the average days on market in May of 2015 were 50.31 and the average days on market for May 2016 were 39.32 for a fairly moderate 21.84% decrease.

Newton, Massachusetts Summary:

The Newton, Massachusetts real estate market is down a bit since last year.  The average prices were down quite a bit while the median prices were down a lot as well.  The days on market were down some however.

In summary if you are looking to sell a house in Newton, MA now you should expect to get a lot less for it than you would have gotten last year.  However you could also expect it to take less time to sell compared to last year as well. 

 

Do you need to sell your Newton, Massachusetts house 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: Newton City Hall via Massachusetts Peace Action)

 

Real Estate Trends – Newton, Massachusetts

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 market in Newton, MA in Middlesex County

 Union Street in Newton MA - Newton Massachusetts Real Estate

In the past we reviewed Newton’s Condo Market and also it’s Multifamily Market but this is the first time we have looked at the single family market.

Market Trends in Newton, MA – January 2015 and 2016:

The Newton, MA market has fallen a little since last year.   The average prices were down a lot and the median prices were down as well.  The days on market appear to be down a bit though.  Inventory dropped substantially going down from 40 sales in January of 2015 to 25 in January 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Newton, MA the average listing price in January 2015 was $1,447,295.  This was down to $1,309,396 in January 2016.  This gives a sizable decrease of 9.53% year over year. 

Looking at the median prices we see that they were a bit lower in both years.  For January of 2015 the median listing price for Newton, MA was $1,125,000 and in January 2016 it was $1,100,000 which gives a much smaller decrease of 2.22%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Newton, MA in January of 2015 was $1,412,862 and in January 2016 that was down to $1,256,400.  That gives a bigger 11.07% decrease compared to the average list price. 

We see the same pattern with the median sale prices as we did for the listing prices.  For January of 2015 the median sales price for Newton, MA was $1,155,000 and in January 2016 it was $1,100,000 giving another smaller decrease of 4.76%. 

All the metrics we looked at show that prices are down at least some for Newton, MA in January.  The averages were down a pretty sizable amount, however the medians quite a bit less.  Since medians are generally much more favored in doing this kind of analysis we will give a bit more weight to those over the corresponding average value.  Since ultimately sales are more important we also give more weight to the larger drop seen in the median sales price vs. that of the median listing price.  So while the averages say that prices could be down over 10% it seems more likely they are down around 5% as seen with that change in the median sales price.

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 property to sell in the current market.  For Newton, MA the average days on market in January of 2015 were 63.35 and the average days on market for January 2016 were 52.56 for a modest 17.05% decrease. 

Newton, Mass Summary:

The Newton, Massachusetts real estate market is down since last year.  The average prices were way down.  The median prices were also down but by a bit less.  The days on market were down a little though.

In summary if you are looking to sell a house in Newton, MA now you should expect to get less for it than you would have gotten last year.  However, you can also expect it to take a little less time to sell compared to last year as well. 

 

Do you need to sell your Newton, Massachusetts house 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: Union Street in Newton Center via Wikipedia)

 

Real Estate Trends – Newton, Massachusetts (Multifamily)

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.

It has been a while since we last looked at a Multifamily market (Not since we did Lowell and Brockton in back to back posts in February) so we are going to look at that niche.  It is much smaller than the single family and Condo markets in most places so most towns do not have enough data to even do a report.  However it is good to take a look at the places that do have a viable multifamily market so we will try to highlight those a little more regularly.

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

 Newton Massachusetts Seal - Newton MA Real Estate

Near the end of last month we highlighted the Condo Market in Newton and saw it was down a little bit.  Let’s see if the trends are similar or not for Multifamily properties.

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

The Newton, MA Multifamily market appears to be down a good amount since last year.  Both the average listing and average sales prices were down quite a bit.  The days on market though look to be down substantially since last year at first glance, this does seem well overstated with a deeper look though.  Inventory was fairly consistent going from 8 sales in July of 2014 to 9 in July 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Newton, MA multifamilies the average listing price in July 2014 was $932,000.  This was down to $770,756 in July 2015.  This gives a huge 17.30% decrease year over year. 

With that big of a change we definitely want to look at the median prices for multifamilies in Newton, MA as well.  Looking at those numbers we see it is a bit different in 2014 but pretty close in 2015.  For July of 2014 the median listing price for a Newton, MA multifamily was $949,499 and in July 2015 it was $679,000 which actually gives a much larger 28.49% decrease.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Newton, MA multifamilies in July of 2014 was $902,375 and in July 2015 that was down to $786,894.  That gives a noticeably smaller, but still very large, decrease of 12.80%. 

Looking at the median prices we see that they are a smaller than the average prices, but are both a lot closer than the listing price were.  For July of 2014 the median sales price for a Newton, MA multifamily was $890,000 and in July 2015 it was $768,000 giving a slightly larger 13.71% decrease compared to the averages.  While the decrease was also higher here for the median prices, like the listing prices were, the difference was fairly small and just supported a similar level of decrease.

Both methods show that prices are down significantly for Newton, MA multifamilies from last year. 

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 multifamily properties in Newton, MA the average days on market in July of 2014 were 64.0 and the average days on market for July 2015 were 20.33, for a very significant 68.23% decrease. 

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain , Halifaxand Braintree (Condos) outliers in the data can really skew these numbers.  This again is the case for Newton, MA multifamilies in July.  In this case there was a very high days on market place in 2014.

In 2014 there was a house with 320 days on market; this was higher the other 7 properties combined with 62.5% of the total days on market for all 8 houses.  When removed the new calculation for the remaining 7 properties gives an average days on market of 27.43. 

Using the adjusted numbers we see that there is a much smaller 25.88% decrease.  So the general did not change from thinking things were down since last year.  However the perception went from being down a very large amount to now being a much more modest decrease.

Newton, Mass Summary:

The Newton, Massachusetts multifamily real estate market looks like is has declined quite a bit since last year.  The significant drops in listing prices and sale prices, by both averages and medians, show things are down.  However, the decrease in days on market is a slight counter argument.  While days on market are important to track they are far less important overall than the prices when looking at a market.  In addition to that it is worth noting that they were fairly low in both years so while the decrease is still noticeable it just made a good situation a bit better.

In summary if you are looking to sell a multifamily house in Newton, MA now you should expect to get significantly less for it than you would have expected to get last year.  In addition you should also expect it to take a little less time to sell compared to last year.

 

Do you need to sell your Newton, Massachusetts multifamily house 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: Newton MA Seal via Wikipedia)

 

 

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)