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Bob Tanski's Blog

By Bob Tanski | Agent in Newton, MA

Market Conditions Condos Newton MA May 2010

There are currently 171 condos currently for sale in Newton Ma. The average list price for these condos is $526,526 and these condos have been on the market for an average of 104.67 days.

There are currently 49 condos under agreement to be sold in Newton, Ma. The average list price for these condos is $534,071 and these condos have been on the market for an average of 90.00 days.

31 condos sold during the month of May 2010 in Newton, Ma. The average sale price for these condos was $456,639 and these condos were on the market for an average of 120.29 days.

Absorption Rate is the ability of the real estate market to sell all of the properties currently for sale in a given amount of time. For example if there were currently 100 condos on the market and the condos were selling at a rate of 20 condos per month, there would be a five month supply of condos on the market. We can use this number to help determine what type of market we are in.

When there is less than a 5 months supply of condos on the market this is considered a Seller’s Market.

When there is more than a 7 months supply of condos on the market this is considered a Buyer’s Market.

When there is between a 5 and 7 months supply of condos on the market this is considered a Balanced Market.

Time Frame 12 Months 6 Months 3 Months 1 Month
Transactions Closed 280 114 82 31
Average Days on Market 119.75 141.93 151.09 120.29
Average Home Sales Per Month 23.33 19.00 27.33 31.00
Months Supply on Market 7.33 9.00 6.26 5.52

The absorption rate all by itself is an interesting statistic, but more important is the trend. It can be seen from table above that we are in a balanced market but the trend is towards a Seller’s Market. No doubt this is due to the First Time Home Buyer’s Tax Credit. I predict that this trend will continue through June while the market sheds the remaining properties under contact looking for the Tax Credit. It will be most interesting to see how the market behaves past June.

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Interested in buying a home in the Newton Massachusetts area please visit NewtonAreaRealEstateSales.com and search for properties directly from the Multiple Listing Service (MLS).

Want to know what you home is worth or what homes are selling for in a particular area? Please sign up for a free, no obligation Market Report.

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