Real estate is a seasonal business and this is a changing market. Through the spring and summer, the number of houses in Newton and Brookline increased indicating, to many, a recovering market. The average sale price trailed behind probably because of all the distressed properties lingering. Looking at the nine month snapshot for Newton and Brookline, we are delighted to see average sale price is up across the board. The number of transactions have begun to drop. According to the National Association of Realtors (NAR) this declining inventory indicates “the market is clearly healing.”
The total homes listed for sale continue to move downward. The latest decline in October to 3.33 million was partly seasonal, as autumn and winter months nearly always have fewer listings in comparison with spring and summer months. Still, examining listings only in the month of October (so as to get an apple-to-apple comparison), this year saw the lowest inventory since 2005. ~Lawrence Yun, Chief Economist NAR Read more
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Visit www.YourNewtonMove.com to see the full set of statistics for Newton and Brookline. Ask for a local market analysis for your home! Contact me at 617.797.9497.