Market Snapshot
There are 91 homes currently listed with an average asking price of $623,390. The value range is from $220,000 to $3,500,000 and they have been on the market for 154 days. There are 6 homes under contract with the lowest list price at $429,000 and a high of $1,750,000 and an average of $869,467. These pending sales are showing a DOM of 117 which is substantially lower than the active listing DOM. In 2009, 98 homes have sold with an average selling price of $432,712. Condo activity is also in decline with only 3 units pending and 71 sold YTD. For those under contract, the average list price was $217,267 which is substantially lower than the selling average of $336,354. Market statistics indicate that the entry level buyer is the most active and controlling the activity in the market. There are substantial incentives for the first-time home buyer with the $8000 tax credit, low interest rates and more affordable pricing.
The Newburyport real estate market may improve in the first quarter of 2010 due to the expanded Home Buyer Tax Credit (November 6, 2009) which now offers existing homeowners a $6500 tax credit. This credit is limited to primary residences but does not require the sale of an existing property. This is a great opportunity for the move-up buyer with historically low interest rates and more affordable prices.
Homes Sold
The downward trend continues with values dropping and the number of homes sold declining. 98 homes sold in 2009, down from 128 in 2008. The sales price to list was down slightly from 96% to 95%. The average sales prices dropped -17% from $520,270 in 2008 to $432,712. Homes are taking much longer to sell with an average market time (DOM) of 152 days. Newburyport home inventories include a significant number of high priced second homes which are not selling in this market. There are few motivated buyers and financing guidelines are restricting access to favorable rates. For a mapped based view of all Newburyport MA MLS listings, go to Newburyport MA homes for sale.
Units and Days on Market
Condominium
Sales volume for Newburyport condominiums is down -34% from the 2008 level of 108 units and -48% since 2007. The average sales price has increased slightly from $328,077 to $336,354. The range of sales in 2009 is from $94,000 up to $750,000. For condominiums sold this year the average days on market is at 103 and the sales price to list ratio is 96%. Newburyport foreclosures have had a minor impact on the market but is still a factor.
Three Year Trend
Information was obtained from the MA MLS (MLSPin) and is not guaranteed to be accurate. To view listing in the MLS go to MA MLS homes for sale map search. To view real estate information in other Massachusetts communities go to MA Real Estate
