Needham Market Update Winter 2010/2011

The most active grouping in  Needham  was the $500,000 – $700,000 price bracket with 48 homes selling in the last half of the year; this is indicative of continued demand in the “starter” home market – if you consider that the starter market has now been pushed over the $600,000 barrier.  There is a continued lack of inventory in  Needham  for homes priced over $700,000, with only 26 homes selling in the $700,000 to $1,000,000 price range.  The upper end of the market and new construction segment remain active in  Needham  with 25 homes selling from $1,000,000 to $1,500,000.  There were also four  Needham  homes that sold in the $2,000,000 – $2,500,000 price range, which is an increase from only two at the end of 2009.  If you are interested, please visit our  Needham Real Estate  page for additional sales data.

Needham’s  current housing inventory remains relatively limited, with 86 homes now on the market for sale.  This is approximately a four month supply based on last year’s absorption patterns.  The average listing price in  Needham  is nearly $1,250,000, which suggests that the market remains top heavy with new construction and higher end homes dominating the action.  On the other hand, there are several overpriced homes languishing on the market, which has pushed the average days on market to nearly 180.

Overall, the  Needham  real estate market continues to defy the national housing trend.  There is continued growth in home values and the balance of supply and demand remains in equilibrium.  The Spring market in  Needham , as always, will be interesting as current buyers and sellers sitting on the sidelines will likely begin to enter the market once the weather starts to turn.

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