Needham Market Report

Needham Market Report July 9, 2008 - Hazy Hot and Humid - still better than snow and ice cold. 

There were 70 properties sold since May 1, 2008. Ranging from $289,000 to $2,722,732

Average days on market for that time period was 70 days.  Sales Ratio of 94% of the original price and  97% of the present list price.

For the same period one year ago the Average Days on Market were 82.  The lowest sale price was $250,451 and the highest price was $2,850,000. Sales Ratio was $95% of the original price and 97% of the current list price.

The Median Price for the period from 5/1/2008 to 7/9/2008 is $609,750

The Median Price the the period form 5/1/2007 to 7/9/2007 was $651,000.

The Average Price (5/1/2008 to 7/9/2008) is $770,074

The Average Price (5/1/2007 to 7/9/2007) is $781,372

The On Market Snapshot shows 126 homes on the market an average of 117 days as of  7/1/2007

The On Market Snapshot shows 105 homes on the market an average of 156 days as of 7/9/2008

The Median Price as of 7/1/07 $842,000

The Average price was $993,542

On 7/9/2008 the Median price is $839,000 and the Average Price is $1,011,472

The highest price is $3,500,000 7/9/2008

The highest price was $3,900,000 7/1/2007

During the period from  5/1/2008 to 7/9/2008 there were 88 single family homes that went under agreement.  During the same period last year there 115 single family homes that went under agreement.

In the summer the real estate market tends to be slower especially after the 4th of July and vacations get going.  Homes are still going under agreement even on the 4th of July.  Most people relocating still want to get in their new homes in time for school to begin and get to know the community a little too before September.  Now with rising commuter costs the convenience of living in Needham is even more desirable since with have both the commuter rail with 4 stops in Needham and the MBTA bus too.  The advantage that Needham has in being so close to Boston is even more important these days.

 http://www.mbta.com/schedules_and_maps/rail/lines/?route=NEEDHAM

Pat Baker, Licensed Real Estate Broker - Needham, MA 617-435-3471 http://patbaker.wordpress.com

Ice Cream, Shays Beach, & Real Slush

I was telling my granddaughter what fun I had as a kid living next to a store that sold ice cream for a nickle.  I could walk across the street to the beach.  It was on the other side of Logan Airport.  It was such fun to just go over and swim.  It was a clean beach then.  We would pass the hot dog stand along the way and my dad would by me a "dog."  Oh, I loved that.  Then real slush not the stuff that is available now.  This was real and homemade with real lemon rind in it.  Do you see a pattern here?  I am only in the first paragraph and I am talking food.  My dad did the grocery shopping in the famous North End.

I started out in East Boston.  We first lived on Trenton Street and then my parents got a 3-family in the Orient Heights section of East Boston from my grandmother who left it to my mother, if my memory serves me.  The first home on Trenton Street was on the market.  What a great house.  There was a 3 car garage and it was a large double lot.  This was very unusual for the city.  The architecture was  phenomenal.  Large banisters and big hallways.  There were marble basins in the bedrooms for watching.  Just a wonderful house.  We spent many a Sunday there with cousins.  My father was the baby of 10 children.  This was his sister's house and she was an amazing cook.  Every meal started with pasta.  Now she was Irish but married and Italian and she could cook as well as any italian.  My mother was italian so you can only imagine the fun we had and the food as well.  Much was centered around food. 

East Boston is known to Bostonians as "Eastie.

"http://eastboston.povo.com/East_Boston

My mother had 6 aunts and we would visit them too.  We were all very close.  If we weren't visiting our cousins: first, second, and third, we were meeting at the beach or state park and spend the day together.  All the cooking was brought to that location.  My mother's aunts and their children were truly wonderful.  One of my great-aunts was in Vaudeville in what is called the Keith Circuit.  She danced with Ray Bolger.  Maybe someone will recognize the name.  She was in musicals and her granddaughter followed in her footsteps and ended up in Nunsuch on Broadway.  I am still close to my second cousins and we still have re-unions but not often enough. 

I loved those days living in city.  We moved when I was seven years old from the city to Stoneham about 20 minutes away.  We lived there until after I graduated from high school and moved to Needham where  I have been since 1965. 

I loved the years in East Boston and I still have the city in me.  In fact when I travel to various cities I loved the excitement of the city but I am happy living in a superb of Boston.  I am only 11 miles from the city anyway.  I still visit my cousins in East Boston and Winthrop.  These are great places to go.  If someone is coming to Massachusetts that definitely should visit the North End, East Boston and Winthrop.  The MBTA is available and can take you to all this great places.

Pat Baker, Real Estat Agent - Coldwell Banker Residential Brokerage, 1 Chapel Street, Needham, MA 6174-435-3471 Buyer and Seller Agent - Needham, Natick, Newton, Dedham, Dover, Westwood, Weston, Wellesley, Holliston, Sherborn, Norwood, Millis, Medway, Medfield http://patbaker.wordpress.com

A Sounding Board

I realized today that much of what I do involves me in being a sounding board.  I am a sounding board for my buyer clients and my seller clients.  They both certainly have frustrations.   Thebuyer looks and looks for the home of their dreams.  Then they find it and decide to put their offer in.  There may be other offers going in at the same time.  They may find themselves in a bidding war.  Been that done that a few times in the last couple of years.  This may be their first home and it can be an awesome task once they get started.

I personally feel that it is so important to be the one to keep things calm to communicate well with the buyers whether first time or 50th time.  Each transaction has it's own twists and turns.  Sometime the seller is just so difficult you wonder if they really want to sell their home by their behavior.  They become testy about the most ridiculous things.  This has been my experience with one of the pending sales I have.  The owner(s) have been so unpleasant and rude that it is one for the books.  Meanwhile my buyers have been so good about the whole thing.  I am just an ear for them to let out some of their frustrations which we all share.

In the course of a transaction there are probably 200 phone calls to all the various parties involved and often it not just the buyers that need someone to just listen to them but the listing agent as well.  Thankfully I am one who can listen and I am happy to be there.

The real estate agent is far more than just the agent in the transaction.  We are the ones that keep the glue in place while all the contingencies are met, negotitate after building inspection for things are may need to be done before the signing of the Purchase & Sales Agreement, waiting for the committment letter to come, the trips to the property for measurements, etc., keeping in touch with the attorney, reponding to emails, phone calls, and on and on.  

I must say I love doing all this or I wouldn't be practicing real estate at all.  I love the rewards that come when the buyers move in and they are so overjoyed with their home and the town they have chosen to live in.

I am working with buyers right now who will close on their property nest week.  They have waited and saved for 18 years.  The day we put the offer in and before it was accepted the wife hugged me and had tears in her eyes.  They can hardly wait for next Thursday to close on their new home.  I am so thrilled for them.  I really love working with First Time Buyers but not exclusively.

We are agents of change.  Change is not so easy so I am glad to be that sounding board.

Prepared by Pat Baker of Coldwell Banker Residential Brokerage of Needham, MA - I also service the following towns: Dover, Dedham, Westwood, Weston, Wellesley, Natick, Holliston, Sherborn, & Newton 

Needham Market

The Needham, Massachusetts housing market continues to hum along.   School is ending and it quiet around but behind the scenes there is much preparation going on for the Fourth of July celebration in town.  The spring market started a little later this year. 

There were 3 new listings that came on the market today priced as follows: 1 at  $669,000 -2 at $1,399,900 New Contstruction,  4 singles family homes went under agreement ranging from $449,000 to $1,399,000. 

There are 125 single family homes on the market today.  The price ranges are $369,000 to $3,500,000.  Highest concentration would be in the  $1,000,000 to $1,499,999 with 32 homes.  After that the next would 26 homes in the $600,000 to $699,999 price range.  Then there 15 in the $500,000 to $599,999 followed by 14 between $1,500,000 and $1,999,999.  There are 11 between $700,000 and $799,999.  In the range between $450,000 and $499,999 there are 9 homes on the market.  There are 2 homes on the market between $350,000 and $399,999.

There are 6 single family homes in these two categories $900,000 and $999,999 and $400,000 to $449,999.  Then there are 5 between $800,000 and $899,999.  In the $2,000,000 to $2,499,999 there are 3 homes on the market and 2 between $2,500,000 and $2,999,999.  And finally there is one property for sale at $3,500,000.

The average price for single famliy homes in Needham is $992,334 and median price is $769,900. 

Pat Baker, Real Estate Agent - Coldwell Banker Residential Brokerage - Needham, Massachusetts along with Wellesley, Dover, Dedham, Weston, Westwood, Newton, Natick, Sherborn, Holliston, Millis, Medway.  http://patbaker.wordpress.com

Needham Area Market Report

For the past month there were 26 single family homes sold in Needham with the average price of $739,962 and the average days on market were 64.  The highest price was $1,650,000 and the lowest price was $390,000. 

The sales price to list price ratio was 96% and the sales price price to original price ratio was 93%.  Still a very strong market.  The concentration of sales were between $500,000 and $599,999 with 10 homes sold and the next highest concentration was 5 homes sold between $1,000,000 to $1,499,999.

There are 127 active listings with 6 of those having accepted offers but flagged for contingencies while contingencies are met.   There are 39 properties pending or under under agreement with the average price of $882,718.  the highest list price being $2,750,000 and the lowest being $279,000.  The average days on market was 56 days.

There continues to be a steady flow of buyers to open houses, phone calls to the office and walk-ins as well.  I and another associate in my office got new clients from Switzerland coincidently and not the same person.  My client chose Needham because of the schools.  He said he wanted his children in Needham Schools.

The on market snapshot shows a range of properties between $379,000 and $3,500,000.  The average list price is $991,015. 

Pat Baker, Realtor Associate - Coldwell Banker Residential Brokerage, Needham, MA - Including Dover, Weston, Wellesley, Natick, Dedham, Westwood, Millis, Medway, Holliston, Sherborn. http://patbaker.wordpress.com   617-435-3471

What is So special about this young man & His Half-IronMan?

I hope it is ok but I just got say what a wonderful son I have.  He did the Mooseman Half-Ironman on Sunday June 8.

We were so glad to be there on the beach before jumped in for the 1.4 mile swim.  He did two Triathlons in Kennebunk, Maine last summer and the summer before.  That swim distance was 1/3 mile.  Then came the bike up the mountains 27 miles.  He did not do the second loop which would have been another 27 miles.  He can't do the run because he has had a spinal injury.  He was the only athlete there who was physically challenged.  What a super day and so hot.

He met his financial goal to raise $6,000 for the Leukemia & Lymphoma Society.

This past week before the Half IronMan one of my associates here at Coldwell Banker Residential Brokerage came to my desk and said, "I have a check for the Leukemia & Lymphoma Society and I am now a member, I have Lymphoma."  You can imagine what this did to me.  Chris is working hard to train and do a small part to irradicate these blood cancers.

The remarkable thing about him doing a half IronMan is that he had spinal injury due to a virus that attacked his spine after he recovered from a bone marrow transplant he had because he had Leukemia.  Like I said,  lots of people can do an  Ironma n and Half Ironmen(or is it Ironmans?) doesn't look right.  We are so proud of him.  He is such an amazing guy, of course, I am partial on that subject.

All and all this is a great accomplishment and he plans to do 2 more triathlons before the year is out.  He is an inspiration to me and many others.

Pat Baker, Real Estate Expert for Needham, MA along with Wellesley, Dover, Holliston, Newton, Natick, Dedham, Millis, Medway, Sherborn, Westwood, Weston  617-435-3471 http://patbaker.wordpress.com

Needham Event - Go 4th and Celebrate

Needham 2008 Celebration - Go 4th and Celebrate theme for the 4th of July in Needham This Year!  Sponsored by The Exchange Club of Needham

The first day I ever came to Needham to visit before we moved was July 4, 1965.  I was amazed to see what the 4th of July celebration in the town of Needham was like.  This year there won't be fireworks but they will be back next year.  We are always in Needham for the 4th of July and it is a great time every year.  Then it is cookouts with friends and family and they are happening all over town.  I had a lot of fun participating in decorating floats over the years, ie, hospital float, Visiting Nurse float and the Rotary Club of Needham.

" It ought to be solemnized with pomp and parade, with...games, sports...bells, bonfires and illuminations, from one end of this continent to the other..." John Adams to his wife Abigail 3 July 1776

8:00 AM Annual 5K Road Race -

             YMCA/Exchange Club Trophy - starts at Needham Heights Post Office

8:30 AM Registration - Children's Parade - Decorated Bikes & Costumes-Greene's Field, Pickering St

9:00 AM Salute and Flag Raising Ceremony - Town Common   

9:05 AM Grand Parade with Bands, Floats, Musical Groups, Antique Cars

8:00AM to 3:00 PM  Craft Fair and Flea Market - Sudbury Farms - Highland Ave 

12:00 PM-2:30 PM Minuteman Model Yacht Club Regatta - Rosemary Lake

1:00 PM Swim Meet - Rosemary Pool

2:00 PM Needham Little League All-Star Game - Major East vs Major West - Mills Fiels (off Gould St)

                                      www.needhamexchangeclub.org  

Pat Baker, Real Estate Expert for Needham Massachusetts 617-435-3471 http://patbaker.wordpress.com

Needham is a Hot Market

I listened to syndicated money guy today Dave Ramsey and he says that he believes that we are coming out of the housing slump in some areas of the country.  I really feel that Needham, MA is one of those areas and the surrounding communities are as well.  I have seen an uptick in Natick, Holliston, Millis.  I have also noticed that some new listings are coming on in higher price ranges.   This is surely a great time to move up if you own and a great time for the first time buyer.  It couldn't be better for the first time buyer with the house prices as they are and the interest rates so low.  This has been my experience. There were 44 single family homes that went under agreement in the past month and in six months a total of 81.  That is over half of the properties going under agreement in the past month.  Pretty hot I would say.

The financing seems to be moving right along as well in our town.  It is a very desirable place to live and so that helps when a buyer is applying for financing.  it is a win/win situation. 

Pat Baker, Real Estate Expert for Needham, MA - http://patbaker.wordpress.com   617-435-3471

Recession Proof Needham

That is the front page lead article in the Needham Hometown Weekly "Recession Proof Needham."  Now I have been saying that for a while.  I know that it is true.  While we are constantly bombarded with bad news all the time 24/7 this is great news.  It is evident by the way the homes for sale in Needham, MA are going under agreement faster than you can get your clients in to see the property.

One agent told me that she has had 100 people come today to see her new listing.  There are multiple offers and I know that one other that came on 40 hours ago will surely be gone in a heartbeat. 

Why's that.  Location!  Location!  Location!

Needham has the best schools, wonderful commuter advantages, 20 minute ride to Boston.  The nearby shopping. 

To quote one agent "It seems like Needham is recession proof and is defying the media reports."

Needham area sales are up19.57% per Warren Group.  Needham is doing just great.  In some towns house prices fell 10 to 15 percent Needdham' average price drop was about 5 percent.

Owning a home in Needham has always been a great investment because if you have to move it has always been desirable to live here and that makes it is easier to sale later.

We have lived here for 43 years and we love it here!

Pat Baker, Real Estate Expert, Needham, MA Coldwell Banker Residential Brokerage

http://patbaker.wordpress.com  617-435-3471

MLS - What have others experienced

Our MLSPIN computer network here in Massachusetts+ has been attacked over the weekend starting on Friday I believe.  Just curious if other MLS networks have been attacked as well.  It is amazing how dependant we can be on this technology and when it doesn't work it sure has an impact.

My blackberry was on delay too and I didn't get messages from clients for 4 hours after they sent me a message.  Phone calls work too but so many clients like to use email to communicate.  I have told my clients to call me if they don't get a response from me within an hour because it could be I didn't get the message or I am out with other clients and not checking emails.  Hopefully this is all rectified now.  Who knows.

I will never understand why people hack into companies and government for a kick.  Makes no sense.   Why not use your intelligence in a positive way. 

Pat Baker, Real Esate Agent - Coldwell Banker Residential Brokerage of Needham, MA                617/435-3471    http://patbaker.wordpress.com