There are 91 homes available in the Newburyport MA real estate market with an average days on market (DOM) of 154 days.  The value range is from $220,000 to $3,500,000 with an average list price of $623,390.  6 homes are currently under contract with the lowest list price of $429,000 to a high of $1,750,000 and an average price of $869,467.  These homes are showing a DOM of 117 which is substantially lower than the active listing DOM.  98 homes have sold year to date at an average selling price of $432,712.  The market statistics clearly show the activity is at the lower end of the value range where the first time buyer is active.

The number of homes sold has continued a three year downward trend from 154 units in 2007, to drop 128 in 2008 and 98 in 2009. The sales price to list was down slightly from 96% to 95%. The average sales prices have declined sharply from $520,270 in 2008 to $432,712. The average market time (DOM) continues to be a long process at 152 days.

The Newburyport real estate market this year has been impacted by many factors. The incentives for buyers are in the lower price ranges where first-time home buyers can take advantage of the $8000 tax credit. Most of the homes in Newburyport are at higher values and this segment of the market remains sluggish. In addition, Newburyport has a significant inventory of second or vacation homes which are not selling in this market. Financing guidelines are more restrictive in the higher price ranges and for second homes and this factor impacts the overall market. There are few Newburyport foreclosures that have effected the market.

The market may improve with the newly expanded Home Owners Tax Credit (November 6, 2009) which now offers existing homeowners a $6500 tax credit provided that they qualify and purchase a primary residence. Most industry analysts agree that this is a great opportunity to buy a home with historically low interest rates and more affordable prices. Go to Newburyport Ma homes for sale to view all listings available in the MA MLS.