Newton MA’s housing market has been eliciting many complaints from buyers for about a year now. The tight market is putting pressure on prices and many young families are priced out.
Housing Market Update for Newton MA
Since 2010, house prices have climbed from an average of $744,367 to $1,167,944, according to statistics from Multiple Listing Service (MLS).
Newton Single Family Sold, 2010-2014
|Sold Homes||Average Price||Average Days on Market|
Currently, there are 100 houses on market, with 54 of them priced between $1,000,000-$2,500,000.
There are 132 pending sales, 68 of these homes price between $900,000-$2,000,000. Compared with the number of currently listed homes, this is a very tight market.
Newton Center, 02459, Housing Update
Newton Center, zip code 02459, is especially desirable. The market action index (MAI) is a measure of the housing market’s orientation. A number above 30 is a seller’s market. Currently, at 48, Newton Center has a strong seller’s market.
It’s easy to see why Newton Center has a strong seller’s market: inventory has been on a steady decline for three years. The seasonal turnaround starts around early Spring, and we see a slight rise in inventory this year. But will it exceed last years?
My prediction is that inventory will rise and buyers will regain some control over the market. In Newton, and particularly Newton Center, 2014 will continue the trend as a seller’s market, but with a decline from the current position.
This year seems extremely slow so far, this is due to the weather and lack of motivation to both prepare a home for market and go out to look at homes January through most of March. A turnaround in April and May is expected.
Buyers have no reason to rejoice, but at least breath a little.
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