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Needham, Newton, Wellesley weekly real estate update: Newton sets another 2 year record for under agreement home and condo listings. Needham also has a big week.

May 11, 2012

This week in Newton and Needham, the buyers were on overdrive.  Three of the last seven weeks in Newton have seen more homes and condos go under agreement than any week in 2010 and 2011.  That is the type of spring Newton is having.  In Needham meanwhile, also beating the past two years, twice in the last three weeks there have been over 20 homes and condos going under agreement.  Wellesley had a good week but not at the level of Newton or Needham.

All three towns had big drops in the number of new listings this week.  Maybe that is a sign that the spring sports season has taken over everyone’s lives and they don’t have time to think about putting their homes on the market.  That is working out well for the people that do decide to list their homes.

With record under agreements and less new listings, simple math then showed that the inventory of homes and condos went down this week in all three towns.  Overall, Newton and Wellesley have had less inventory this year than years past and Needham has had more.

Needham => 16 new home / condo listings, 23 under agreement, 191 on the market

Newton => 27 new home / condo listings, 57 under agreement, 362 on the market

Wellesley => 11 new home / condo listings, 18 under agreement, 173 on the market

Have a great week!

Bill Paulson
Prudential Advantage Real Estate
781-929-2453
bill@billpaulson.com
www.facebook.com/conciergerealtor

Under agreement home / condo listings in Needham, Newton, and Wellesley by weekNew home / condo listings in Needham, Newton, and Wellesley by weekHomes and condos on the market in Needham, Newton, and Wellesley by week

Needham, Newton, Wellesley weekly real estate update: Another busy week, almost half sell in less than 30 days.

May 4, 2012

This week was a busy week for sellers in all three towns with Needham and Wellesley at 20 new home / condo listings each and Newton at 45.  Needham now has 4 weeks in a row with 20 or more new listings.  Interestingly, only 8 out of the 85 new listings are under agreement so far.  In my experience, that is a low percentage.

Looking at under agreement listings, this last week was at or near the peak the past two years if you look at the graph below.  However, this year has been very hot and to illustrate that, 32 of the 71 under agreement listings this week had been on the market for less than a month.

Inventories in Newton and Wellesley continue to be below the same point in the past two years but Needham inventory is up.

Needham => 20 new home / condo listings, 11 under agreement, 192 on the market

Newton => 45 new home / condo listings, 40 under agreement, 374 on the market

Wellesley => 20 new home / condo listings, 20 under agreement, 175 on the market

Are you looking to sell your home?  The spring market is near its peak.  Give me a call today.

If you would like to get my Home of the Day listings, go to my facebook page and hit the Like button.

Have a great weekend!

Bill Paulson
Prudential Advantage Real Estate
781-929-2453
bill@billpaulson.com
www.facebook.com/conciergerealtor

New home / condo listings in Needham, Newton, and WellesleyUnder agreement home / condo listings in Needham, Newton, and WellesleyHomes and condos on the market in Needham, Newton, and Wellesley by week

Needham, Newton, Wellesley home of the day: 240 Mount Vernon St, Newton, $2.35m

May 2, 2012

Home of the day:  240 Mount Vernon St, Newton, $2.35m.  This 1880 victorian, totally renovated in 2004, is located right on West Newton Hill, close to the movie theatre, commuter rail, restaurants, etc.  It has over 1/3 of an acre of land that is manicured for your enjoyment.  Inside, you will love the kitchen/great room/eating area.  The eating area has a peaked ceiling and windows all around looking out on the gardens.  The family room has a wonderful window seat that seems to go on forever.  There is a great outdoor room that gets great sun and a huge yard beyond.

Click the link above for details.

Bill Paulson
Prudential Advantage Real Estate
781-929-2453
bill@billpaulson.com
www.facebook.com/conciergerealtor

Needham, Newton, Wellesley weekly real estate update: Whew! What a week!

April 27, 2012

This week in Needham, Newton, and Wellesley over 90 million dollars worth of real estate came on the market and over 88 million dollars went under agreement.  That all adds up to a very busy week for realtors in the area and the corresponding inspectors, bankers, and attorneys.  Newton jumped back up this week with over 50 new listings and almost 50 going under agreement.  After having a lot of new listings in Needham last week, it was another strong week for new listings but the number of under agreement listings set a 2 year record at 26.  Bear in mind that Newton is 3 times the size of Needham so that would be the equivalent of about 75 Newton homes going under agreement and Newton has only gone over 50 once in the last two years.  Wellesley continued to bump along this week with seasonably appropriate numbers.

Needham => 21 new home / condo listings, 26 under agreement, 180 on the market.

Newton => 51 new home / condo listings, 48 under agreement, 362 on the market.

Wellesley => 18 new home / condo listings15 under agreement175 on the market.

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Have a great weekend,

Bill Paulson
Prudential Advantage Real Estate
781-929-2453
bill@billpaulson.com
www.facebook.com/conciergerealtor

Under agreement homes and condos in Needham, Newton, and Wellesley by weekNew home and condo listings in Needham, Newton, and Wellesley by weekHomes and condos on the market in Needham, Newton, and Wellesley by week

Needham, Newton, Wellesley weekly real estate update: All signs pointing up in Needham

April 20, 2012

This week in Needham, 24 new home and condo listings came on the market.  That number matched the high point for the last 12 months, which was back in March.  Meanwhile the under agreement number was up this week and at 186 homes and condos on the market, the current inventory is the highest in two years.  Interestingly, only one property over $1m was among those that went under agreement this week while only 3 of the 24 new home and condo listings were over $1m.

Meanwhile in Newton, after last week’s huge number of new listings, that number dropped this week from 62 to 35 but the number of under agreement listings was in the 40s for the 6th time this spring vs 2 times at this point last year.  As I have noted in weeks past, the number of homes and condos on the market this year in Newton is far less than last year and the year before.  The number of new listings and under agreement listings, while down, were at or above the numbers from this week the past two years.

Wellesley has had a really active spring but this week all the indicators moved down; less new listings, less under agreement listings, and less inventory.  This may just be reflecting Boston Marathon day (which runs right through Wellesley) and vacation week.  I expect the numbers to bounce back up next week.

Needham => 24 new home / condo listings, 17 under agreement, and 186 on the market

Newton => 35 new home / condo listings, 42 under agreement, and 340 on the market

Wellesley => 13 new homes / condo listings, 16 under agreement, and 169 on the market

With everyone coming back from vacation week, I expect this will be an active week.  If you would like to know how this activity is impacting the value of your home, give me a call and I would be happy to help you understand the value of your home.

To get my “Home of the Day” listings, one interesting new listing from either Needham, Newton, or Wellesley, visit my Facebook page and hit the “Like” button.

Have a great weekend,

Bill Paulson
Prudential Advantage Real Estate
781-929-2453
bill@billpaulson.com
www.facebook.com/conciergerealtor

New home and condo listings in Needham, Newton, and Wellesley by weekUnder agreement home and condo listings in Needham, Newton, and Wellesley by weekHomes and condos on the market in Needham, Newton, and Wellesley by week

Needham, Newton, Wellesley weekly real estate update: Newton: 62 new listings, Newton/Wellesley buyers remain active

April 13, 2012

With Passover and Easter last weekend, you might expect to see less activity this week.  Not so says Newton setting a 2 year record with 62 new listings this week.  Last time Newton was close to the 60s was the same week 2 years ago when there were 59.  Needham also had a very good week with 20 new listings (note:  Needham has 1/3 the number of homes in Newton).  The under agreement numbers went down this week in Newton and Needham but expect them to pop back up next week with all the new listings.  Wellesley meanwhile has had between 20 and 30 homes go under agreement 6 of the last 8 weeks, which is much better than last year.  Buyers like options though and Newton is way off from what would be normal inventory at this time of year (341 instead of 375 ish).  2 years ago, Wellesley had 225 homes on the market and this year, 175.  This backs up what I’m seeing in my practice, the buyers are more active right now than the sellers.

Needham => 20 new home / condo listings, 15 under agreement, and 178 on the market

Newton => 62 new home / condo listings, 37 under agreement, and 341 on the market

Wellesley => 15 new home / condo listings, 23 under agreement, and 174 on the market

My facebook page has my “home of the day” postings where I pick an interesting new listing from Needham, Newton, or Wellesley and share my thoughts on it as well as the pictures and listing detail.  If you haven’t already, “Like” my facebook page to get these fun posts in your Facebook newsfeed.

Have a great vacation week!

Bill Paulson
Prudential Advantage Real Estate
781-929-2453
bill@billpaulson.com
www.facebook.com/conciergerealtor

New homes and condos on the market in Needham, Newton, and Wellesley this weekUnder agreement homes and condos in Needham, Newton, and Wellesley this weekHomes and condos on the market in Needham, Newton, and Wellesley this week

Local view on Globe article: Exurbs vs Suburbs

April 7, 2012

Exurbs as percentage of Suburbs

 

 

 

 

 

 

 

 

 

 

 

In Friday’s Boston Globe, there was an AP article titled “High gas prices put brake on expansion of US exurbs.”  The article was not focusing on Massachusetts but it was making the case that, partially due to the cost of gas, the outer suburbs of US cities are struggling while the towns closer to the cities thrive.   I figured I would test that theory for our area.  In this case, the “exurbs” would be the towns out on 495 that did so well during the boom times – Medway, Hopkinton, Millis, and Southborough are the examples I chose.  For closer in towns, “Suburbs”, I’ll use Newton, Needham, and Wellesley.  First of all, it is worth saying that Newton, Needham, and Wellesley have always been strong towns and will always be strong towns because of their proximity to Boston, their schools, and their public transportation options.  But, to test the theory, I decided to compare the exurbs to the suburbs, as the article did, looking at 2006, 2010, and 2011.

What I found is a mixed bag of results for the Exurbs.  I found that the number of homes sold in the Exurbs as compared to the Suburbs was flat from 2006 to 2010 and actually went up a little in 2011.  Meanwhile though, the median price of a home sold in the Exurbs as a percentage of the Suburbs went from 63% in 2006 to 56% in 2010 to 53% in 2011.  From a new construction perspective, none of the towns were able to match their 2006 numbers but as a percentage, the Exurbs inched up in 2011 from 15% to 16% of the suburbs.

The numbers above should be looked at on a relative basis only, watching the change in percentages rather than paying too much attention to the actual percentage itself.

My conclusion from this analysis is that the same formula is in place that has always been there.  The Exurbs offer much more home for your dollar so people are willing to buy there, pay the gas prices, and deal with the longer commute.  As the Exurbs have gotten even more affordable as compared to the Suburbs, more people are buying there and building homes there.  The big question in my view is when will the median home price difference level out or come back the other way?  When it does, I expect the relative numbers of homes sold and new constructions to change to be in favor of the Suburbs.

Bill Paulson
Prudential Advantage Real Estate
781-929-2453
bill@billpaulson.com
www.facebook.com/conciergerealtor