Last year Newton, Massachusetts experienced a rise in home sales, an increase in value, and a reduction of the number of days homes spent on the market. Enticed by the continued low interest rates, buyers came out in force after waiting several years until they felt confident we had reached the bottom. This resulted in numerous multiple offers, quick sales, and increases in prices, as our sale inventory remained low. All signs are pointing to recovery in the real estate industry, especially here in Newton.
Review our full report including residential market data from 2003 through 2012.
In 2012, Newton’s single family homes showed the highest average sales price in the last ten years. The average price is up 6.9%, from $909,395 in 2011 to $971,733 in 2012. In addition, 22% more homes were sold than in 2011 and they spent 14% fewer days on the market.
Condominium prices are also up 9.0% to an average of $513,443. In 2012, 317 condos and townhomes were sold, an increase of 27.8%. An affordable way into the Newton market, these units sold faster and in greater quantities than they have in several years.
Multifamily properties are in very high demand, spending 25% fewer days on the market than in 2011. The average multifamily home sold for $662,432 in 2012, up 11.6%. Eager investors snapped up 65 multifamily properties last year, a quantity not seen since 2005. Now is a great time to sell your multifamily home as inventory remains low in Newton.
The positive changes in the market will continue to be true in 2013, but will require sophisticated navigation to ensure success. Dwell360's real estate agents use an innovative and progressive marketing approach to connect with today’s buyer. We combine a positive attitude, state-of-the-art digital marketing, and time-tested marketing tools that create an impact. Contact us to navigate through this changing time in real estate with agents both progressive and experienced in today’s market.
Market Data Source: MLSPIN, as of 1/15/2013.