Dear Neighbors and Friends:
It has, indeed, been a crazy spring we are living throughout the world!
The real estate market had just begun to get active when the COVID-19 pandemic hit, and much of the real estate market slowed to a crawl. Fortunately, properties held their value, as the quiet marketplace was matched by a huge reduction in listings to a level that was lower than from any spring in memory. Toward the end of April, we were running at about 40% off of the number of single-family listings in Newton than we had had last year on the same date. However, since the start of May, we are only running about 15% behind the number of listings that we had last year on the same date, and the market has become very fluid.
Listings have been selling through at a 98% to 100% of listing price pace for all single family properties between $700,000 and $2 million located in Newton. Properties listed between $900,000 and $1 million had actually sold out at over 100% of the listing price, similar to the trends of the last number of years.
Single-family house sales in the Town of Needham have actually sold through at a rate of 100% or greater, up to 102% of the listing price to asking price in all price ranges between 700,000 and $3 million, with the exception of houses sold between $1.5 million in $2 million. The notion that you can get about 20% more for your money in Needham than in Newton has held true for the better part of the last 25 years.
Brookline does not have quite the same listing price to asking price, although the average listing price for a single-family home in Brookline is an astounding $2,233,000 thus far this year! The sample size, however, is quite small, as there have only been 41 single-family houses to have closed thus far this year (through June 2) in Brookline. Condo sales lead the way in Brookline, however, and they have been selling at a 99% to 102% of listing price to asking price rate for all condos priced between $400,000 and $1.5 million.
Similar strong figures abound in almost every surrounding suburban community and City of Boston locale, with inventory being quite sparse in most markets.
There are some interesting trends developing.
SEE MY NEXT NEWSLETTER, OUT SOON, FOR MARKET TRENDS.