Needham New Construction and Housing Market Update – 2013

Comparing housing data in Needham for the first half of 2012 to 2013 confirms this shift in the market.  The overall average days on market for a home selling is lower this year by 30 days, the average sales price is up from $780,000 to $890,000 and the overall market volume is up from $87 to $93 million.  This improvement in the Needham market has occurred with ten less houses selling in the first half of 2013.  Despite a lower inventory level overall, there were ten more houses selling in Needham at the “new construction” price point from $1,000,000 – $1,500,000.  On the other hand, there were eight less homes selling this year at the $500,000 – $600,000 price level, which is the historical range for a “tear down” in Needham .

All of this has ultimately attracted bidding wars for land and rising prices.  As we finish the current Spring market, it appears that strong market conditions in Needham will persist given still low inventory levels.  In addition, the summer does not typically provide for an influx of new properties for sale.  Since demand remains strong, unless there is an unforeseen change in market fundamentals, we expect that demand will continue to outweigh supply at least though the rest of this year and that the market will continue to see rising prices.

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