Newton, MA – According to a report released by the Warren Group, an organization that tracks real estate trends, single-family home sales in Massachusetts in the first half of the year “plummeted” 19.1 percent, the lowest level the state has experienced in 15 years. The report also stated that the median price for single-family homes fell 9.2 percent, from $347,000 to $315,000. Breaking it down further, Middlesex County, which Newton is a part of, has experienced a 19.7 percent drop in sales and a 6.8 percent drop in median home prices.
I dug up some more wicked local real estate info for Middlesex County (might be interesting if you are thinking of wading into the market):
This figure shows the quarterly home price appreciation index for the Newton-Cambridge-Framingham metro area from 1980 through the first quarter of 2008. For each quarter, it shows the percentage change in home prices over the previous four quarters (for example, the very last data point is the percentage change in prices from Q12007 to Q12008). It shows that home prices in this area have been declining since early 2006, but at least the rate of decline is not accelerating (e.g., not getting steeper).
Below is a Trulia “heat map” showing average listing prices for each town in Middlesex County as of July 30. Newton is that fragmented-looking town just to the left of Brookline, and shows average listing prices of 625k and up! Given the typical shape of home price distributions, the average listings are skewed upwards by the handful of highest priced homes. Medianprice ranges would be lower across the board and much, much more indicative of the prices a “typical” home buyer would be dealing with (but current data on median prices isn’t available in the heat maps, so we get average). Anyway, the relationships across towns will still hold whether you look at averages or medians…for example, average/median prices in Northeast Middlesex tend to be lower than average/median prices in Central Middlesex.
Click the thumbnails to see heat maps for Worcester, Essex, and Suffolk county.
For more Trulia interactive maps by state or city, by average list price, by median sales price, go here.