It was (and is) a very competitive market (lots of competitive bids depending on the season) yet very insulated so it's a great place to invest your money. They have great schools and it is close proximity to downtown. Almost every offer scenario we were in with clients was a competitive bid.
Here are some numbers to give you a sense of where the market stood at the end of this spring season compared to 2011. I chose the below dates because the average time to close is about 60 days and the spring market really heats up end of April/all of May leaving July and August as prime months for closings, giving a general synopsis of that yrs market.
7/1/2011 - 9/1/2011
Total Single families sold:132
Avg. Days on Market: 69
Sale Price to Listing Price Discount: 3%
Sale Price to Original Price Discount: 6%
Median Price: $772,500
7/1/2012 - 91/2012
Total Single Families Sold: 170
Avg. Days on Market: 80
Sale Price to Listing Price Discount: 2%
Sale Price to Original Price Discount: 4%
Median Price: $862,450
As you can see by the numbers the spring market was red hot this year! The median price increased in 2012 about 11% which is astounding. You can also see there were smaller discounts in sale prices compared to the previous year which was probably a reflection of the competitive bid scenarios (drives prices up).
Since you asked up to 1.55M I thought you would be interested to know that in 2011 during the time frame above the most transactions happened in this price point: $1,000,000 - $1,499,999 and in 2012 it was the exact same.
I hope that helps! There is always more where this came from as it is our primary job as exclusive buyer's agents to educate home buyer's. Feel free to contact us anytime with questions about a market or home.
Massachusetts Leading Real Estate Agency for Buyer's
family oriented environment, location - close to everything, yet, suburban...
The better the area - the more competition is there.
However, there are different options when buying a house there.
If you buy a house on a good parcel of land - you can build on, when you recover from your purchase funds layout....increasing the value of your house, in case you decide to sell later on.
I know many people who did this in Newton, where equity grows pretty fast.
Hope this helps,
Beachfront Realty, Inc.
Year # of Avg Days Avg $
Sales on Market Sold
2009 116 68 $653K
2010 114 69 $755K
2011 99 42 $715K
2012 86 26 $858K
The trend is pretty obvious from the numbers. As the inventory level declines and the rates kept low, the prices are going up...
During the same period the year before, the number of homes sold between $1-2 MM was 56, at 96% of list price. Days on market averaged 87.
So, the data suggests that priced right, it is, in fact, a fairly competitive market. Of the 52 homes this past year in that range, there were 16 that were on the market for less than 30 days!
Among buyers, there is pent up demand for homes in Newton Centre (and other areas of Newton) but I believe we are on/near a pendulum point where buyers have had the advantage of low prices/rates for years and for many reasons, some unknown, sellers are less likely to list and sell at any price. Of course, in any market if the home is priced correctly, multiple offers will prevail.
Also, many buyers have tried to move to this area prior to the first day of school (great school system) so there may be less competition for the moment.
Newton Center values have held up extremely well despite the downturn in the economy.