How well do home values in newton center hold up? is it quite competitive (multiple competing bids) on homes > $1.5MM now?

Asked by Bria, Newton Center, MA Thu Sep 13, 2012

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Territory.c…, Agent, MA,
Tue Sep 18, 2012
Hi Bria!

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
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Irina Karan, Agent, Aventura, FL
Sat Sep 15, 2012
Newton is a great area to live in, and the values always hold there because of great schools,
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,

Irina Karan
Beachfront Realty, Inc.
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Erez Levanon, Agent, Newton, MA
Thu Sep 13, 2012
Bria, Newton centre and Newton as whole is very desirable area. There is good schools system, and it is known to be one of the safest cities in America. As for this raising market, houses in Newton are selling fast and yes it is a competitive market.
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Zelda Kohn, Agent, Pleasanton, CA
Thu Sep 13, 2012
Pictures and numbers speak louder than words, so here are the actual Newton Center numbers:

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...
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Stig Bergqui…, Agent, Newton, MA
Thu Sep 13, 2012
Kenzo is right about offers on home that are priced right. From September, 2011 through August of this year, there were 52 Single Family homes sold in 02459 between $1-2 MM. On average, they sold for 97.43% of list price. Days on market averaged 114, which is skewed by homes at the high end of that range. Of the 10 homes sold in the last year between $1.4 and $1.6 MM, they sold for 96% of list price, and averaged 144 days on market. These were skewed by 2 homes, one of which was on the market for 584 days, the other for 310. When those two are removed, the average list to sale ration goes to 96.9%, and days on market goes to 69. So the market is competitive.
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!
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Kenzo Tatsuno, Agent, Waltham, MA
Thu Sep 13, 2012
Good answer below.

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.
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Shal Shahani, Agent, Brookline, MA
Thu Sep 13, 2012
I can certainly provide you with raw data but based on what I have seen this year compared to previous years, I would say that home prices in Newton Center are on the upward trend.
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Bria, Home Buyer, Newton Center, MA
Thu Sep 13, 2012
Thanks. Are home prices in newton center actually recovering or increasing YoY over the last few years or flat?
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Shal Shahani, Agent, Brookline, MA
Thu Sep 13, 2012
We have certainly seem a large number of multiple bids/competitive bidding in all price ranges. If the property is priced right, there seem to be a flood of buyers out there right now across the board. As with before, the proportion of multiple bids to price is the same. As the price increases, the buyer pool diminishes and as a result the # of multiple bid situations also diminishes.

Newton Center values have held up extremely well despite the downturn in the economy.
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