As of April 30, 2009, there were 125 single family listings in Needham and Needham Heights on the Multiple Listing Service (MLSPin).  During April, 41 new single family listings were added to our MLSPin and an additional 2 single family homes were relisted for sale on the MLS, with an average list price of $956,849.   Market absorption rates have normalized in Needham; meaning that it is neither a buyers nor a seller's market, in general.  However, as with many communities in the Metrowest area, inventories of "luxury homes" are increasing as buyers demonstrate their preference for smaller, more affordable homes.  Inventory levels of these "luxury homes" are predicted to rise significantly as the second wave of short sales and foreclosures crashes through the higher end of the market because of falling market values caused by defaults fueled by owners' inability to refinance jumbo loans on properties financed with "interest only" and "option arm" products.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 6.25 months.   That is to say, based on the volume of sales during the past month, it will take an estimated 188 days to sell all of the single family homes currently in inventory and sitting on the Needham market. Remember, this is for the market in general.  Higher-end homes have a much larger absorption rate, whereas more affordable homes actually reflect absorption rates more akin to a "sellers market."

The average list price for a single family home is $1,063,857.  The lowest price is $299,000 and the highest price is $3,499,900, with the largest concentration of homes (43.2%) priced in the $1,000,000 to $1,999,999 price range.  Of note, the average list price for a single family home in April 2008 was $1,006,034.

The median price is $949,000 and the average days on market are 94 days.  This compares to a median list price of $799,900 and average days on market of 131 days as of April 30, 2008.

There were 21 properties that went under agreement during the month of April (April 2008- 41 properties).  20 single family homes sold during the month, with the average sales price being $672,500 and the median was $599,500, with the average days on market being 153 days. Compare this to 14 properties sold during April 2008, with an average and median sales price of $758,008 and $682,500, respectively, and the average number of days on market being 83 days.

During April 2009:

33 properties experienced price changes averaging -4.04%

Sales price to original price was 92%

Sales price to (last) adjusted price was 96%

4 property listings expired with an average days on market of 88 days

Is now the right time to sell your home?  Contact WEICHERT, REALTORS®-Synergy for a complimentary Price Trend Analysis that you can use to evaluate your options.

Looking for other options?  Meet with a local Weichert neighborhood specialist to discuss how our expertise can provide you with a competitive edge in selling your property.  Stop chasing the market.  Let the market chase you!  Contact us now at http://synergy-metrowest.com/cma.htm

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