Home Buying in Newton>Question Details

Bria, Home Buyer in Newton Center, MA

What is the Newton real estate market like thus far in 2013 for homes in the $2-$3MM range? Av price/sq ft?

Asked by Bria, Newton Center, MA Tue Jan 29, 2013

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Currently there are 17 listings in the 2-3 million dollar price range. Of the 17 listings, nine were listed after January first, and ten were built in 2012 with the average living space 5,921 sq .ft.

In the past three months, nine properties went pending in that price range. Four of the properties were built in 2012. During the three month period there were five sales with two properties being new construction. The sale prices ranges from $2,250,000 to $2,850,000. The homes were all different styles and in different areas of the city, They ranged in land area from 13,000 square feet in Newton Centre to just under an acre in Newton Corner.

There are too many factors involved in pricing a home. We do not price a home by square footage alone. Location, condition, layout, land area all play significant roles. The biggest factor in any market is not to overprice the home. The multi- offer situation has been becoming common in the homes priced well, but mainly under $1.5. When you get up into your price range the homes do take longer to sell and the price is very important.

Renting is an option but high-price rentals also take longer to sell. Furnished rentals in the high-price range do take a long time. There is not as much of a market, but there is a market for everything eventually.

Nancy Comenitz
NewtonandBrooklienHomes.com
nancy@nancycomenitz.com
0 votes Thank Flag Link Wed Jan 30, 2013
Beware, Newton is RED HOT! Almost every new listing is going into multi bid scenarios. High demand and low inventory = competitive.

Here are the stat's overall for the last month:
Total Sold: 17
Avg. Sale Price/SqFt: $317
Avg. List Price: $929,076
Avg. Sale Price: $901,553
Avg. Days On Market: 68.82

In the last month, $2-$3million range, there was only 1 sale:
Avg. Liv.Area SqFt: 4,625.00
Avg. List$: $2,250,000
Avg. Sale$: $2,250,000
Avg. Days On Market 13.00
Avg. Sale Price/SqFt: $486

That really isn't enough information to draw a conclusion so here are the $2-3mill stat's from the last 6 months:
Total Sold: 15
Avg. Liv.Area SqFt: 5,805.40
Avg. List Price: $2,507,300
Avg. Sale Price: $2,406,133
Avg. Days On Market: 176.80
Avg. Sale Price/SqFt: $420
*As you will see by the numbers it is a pretty competitive price point.

*Tip,: when calculating the value of a single family you should consider lot size as much as square footage. Unlike condo's, the value of the single family is in the land you own.

Here is every property on the market in Newton:
http://www.territory.com/search?search_string=NEWTON&min…

Happy to help further just give us a call anytime. It is what we do, it's ALL we do.

Territory.com
Massachusetts Premier Buyer Brokerage
617 848 5407 x701
Web Reference: http://territory.com/
0 votes Thank Flag Link Tue Jan 29, 2013
I do not see significant changes this year thus far when it comes to selling Newton properties of $2-$3mm range. Only the prices are about 3-4% higher as compared to a year ago and to the past 3 years. The pricing trend applies to all real estate this year in Newton and surrounding communities.

Of course, when it comes to selling an individual home, one cannot assume the home sale price to be based solely on a price/sq. This is only good in assessing the comparative market adjustment.

A more significant market change is in a lower price range were homes are selling faster than before because of the low inventory level and a higher demand on such homes.
0 votes Thank Flag Link Tue Jan 29, 2013
The 2-3 range is always tougher market and typically takes longer to sell, but there is also a more limited but still a good demand for prime markets like Brookline and Newton.

Bria are you a buyer or seller?

Louis
0 votes Thank Flag Link Tue Jan 29, 2013
Of the 19 closings in the last 6 months over $2mm in Newton, only one was this year.
It closed at $486/ft which is up from $480/ft over the last 6 months.

There are currently 7 luxury properties under agreement in Newton and waiting for their closing.
Their average LIST $/foot is $416/ft.

If you need an experienced professional, I'd be glad to refer you to one who knows the Newton area.

My company on Cape Cod (Robert Paul Properties), leads all others here in the luxury Market.
We associate with some of the best off-Cape professionals in the world.

Best wishes, Heath
heath@robertpaul.com
508-548-8888
Licensed in MA



(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
Web Reference: http://www.robertpaul.com
0 votes Thank Flag Link Tue Jan 29, 2013
Hi,

The market is strong if the property is properly priced. There are quite a number of houses in the over $2m price range that are over-priced. However, there have been quite a few in that same price range that went under agreement and closed in the last several months. I would be happy to meet with you and discuss specifics. Regarding your question about rentals, there is always a demand for high quality rentals in all bedroom sized. This may vary seasonally, but a definite possibility. My company is a boutique real estate firm located in Newton Centre, specializing in sales, rentals, and property management. My cell # is 617-510-7213, Please call and we can talk about your specific needs.

Thanks, Barry Cheslin
0 votes Thank Flag Link Tue Jan 29, 2013
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