Newton Real Estate Update – How’s the market?
As soon as anyone finds out I am in real estate, the first question that pops up is, “How’s the market?” “Unbelievable,” I will often reply. Sometimes it is hard to give a more exact answer without asking more questions. There are many ways to elaborate by going in various directions, say for example, national v. local or spring v. summer. Let’s look at the Newton market for 2010 to date (specifically to July 31, 2010)
Compare the following 2 snapshots of real estate sales, active, pendings and solds for Newton, MA.
- For the first 6 months of 2010, the Newton real estate market appeared to be heading in the direction of a slow recovery. Solds and even pendings are higher than last year. Average sales price is up and days on market is down. Definitely a positive picture.
- The July numbers need to be considered in the context of the Federal Tax Incentive Program, an “after-shock” of sorts. July numbers also reflect the transition from spring to summer market. the end of the spring market. Spring market typically runs 10% higher in sales price. Yet here the average sale price for solds continues to be higher than the previous year.
Statistics like these are one of the best tools we have for evaluating market sectors. Hope you find them helpful. I’d love to hear your comments.