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Newton Market Update: May 2016

The Greater Boston Association of Realtors has released the local market updates for March 2016 and judging from the high number of inventory available in the Newton area, it’s a buyer’s market.

The supply of homes for sale in March was up over February, indicating that more sellers are deciding to list their homes. However, while prices were up over last year, the increases aren’t too lofty.
 

 

The median price of a single-family home sold in March hit a high of $1,125,000 a 7 percent increase over the same time last year. That figure was down slightly from February, suggesting that prices may be moderating.

The median condominium price also saw a significant decrease; still, buyers looking for affordable housing continue to push their search outside the more expensive urban cores.

The numbers of homes sold decreased a whopping 37 percent, while the number of homes for sale remained almost the same. For the market to remain healthy, more people need to make the decision to purchase a home.

 

 

 
 

 

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