By PETER HUSSMANN
Residential home sales remained steady in October, the local realty group said today, with sales for the month near last year's levels and ahead of the prior three.
The Newton Board of Realtors released its statistical information for October that showed 26 home sales for the month compared to 29 the year before. The month's sales results are ahead of the 18, 17 and 22 homes that sold during October in the years 2005, 2006 and 2007, respectively.
For the year, 212 residential properties with a Newton address have sold. That is the lowest year-to-date level in the past five years. Last year, 220 properties had sold through October.
Average sales prices for Newton residential properties for the year are down slightly from levels a year ago and remain lower than any year in the last five. The average sales price year-to-date stood at $98,765 through October, compared to $100,962 for the same period a year ago. The high mark was $114,526 in 2006.
Local realty officials said the final two months of the year are typical slower than other months due to the holidays and expect the same to hold true this year. However, they expect pending legislation that would extend and expand the home buyer tax credit to drive sales through next spring.
"Real estate sales remain steady for October, as we typically expect November and December to be slower because of the holidays," said Deb Cross, president of the Newton Board of Realtors. "With the expected extension and expansion of the home buyer tax credit, listings and sales through the spring of 2010 look very promising. Call any realtor today for more details on the extension of the stimulus money, which now includes repeat buyers."
Under the pending legislation, the $8,000 first-time home buyer tax credit would be extended until May 1. In addition, repeat buyers would now be able to receive a $6,500 tax credit for homes purchased between Dec. 1 and May 1. Income limits have also been increased.
The statistical information released by the board of realtors includes single family homes, condos and townhouses, but does not include multi-family dwellings. The information also includes properties outside the Newton city limits that have Newton mailing addresses. The information includes only Newton Board of Realtors sales.
