Home prices are up and inventory is down
As many of you are aware, the real estate markets in Newton and the surrounding areas are extremely competitive right now. As I'm writing you now, the Newton inventory is at a historic low making for ideal conditions to sell a home.
Below is a detail showing average sale price and quantity of homes sold through Q1 in Newton: You can view the complete report on Newton Single Family homes HERE
The average sale price of single family homes in Newton is up 12% while the average number of sold homes is down over 38%
If we move one town over into Waltham and take a look at their condominium sales, we can see some interesting shifts. The sale price on these condos has actually decreased with almost half as many sold as seen below. You can view the complete report on Waltham Condominiums HERE
The average sale price of a condominium in Waltham is slightly down at 2.56% while the average number of sold condominiums is down over 46%
Newton is not an anomaly. The total number of condominiums sold in Brookline has seen a decrease and the closing price on those units is up substantially, as seen in the graphic below: You can view the complete report on Brookline Condominiums HERE
The average sale price of a condominium in Brookline is up over 21% and the average number of sold condominiums is down over 14%
If you're considering selling a home, there may be no better time than now. The lack of available housing coupled with increasing interest rates has created an army of buyers. If your home is priced and marketed correctly, you are likely to be in a multiple offer situation resulting in more money and better terms at the closing table. I would be eager to have a discussion with you surrounding the options at your disposal if you're considering selling a home this year.
All is not lost if you are on the other side of these transactions. Timing and preparation become strong tools to get your offer accepted. It's not always about the money, but you need to be prepared to go over the asking price in this market on a well advertised, "HOT" listing. Seller's don't like uncertainty. Removing contingencies and taking on more risk is sometimes enough to beat out a higher offer price.