There are 61 single family homes on the market $1,000,000 and up to $3.499,000.  The average List price is $1,500,331 for that portion of the Needham luxury market.

Essentially almost half the inventory is over a million dollars.  The total properties on the market is 135 single family homes.  Median price range for all inventory is $899,000 and average price is $1,037,828.

The strongest part of the market is from $500,000 to $899,000 as far as properties under agreement for the past month.

For the first quarter of 2009 home sold at 94% of asking price.  The price change was 17.9% for Needham proper (02492) and slight change in Needham Heights(02494) of .64% and homes sold at 95.3% of asking price.  the percentage of home sales 60% for (02494) Needham Heights and -22.58%.  24 single family homes sold in Needham Height (02494) average days on market 84, while 16 single family homes sold in Needham proper (02492) average days on market 89.

Historic low mortgage rates have created a favorable buying environment at this time.  The forecast of the next quarter is for an increase in home sales. 

I have read and heard from 2 economists who say that we are out of the recession.  There is a slight upswing and it is slight but there is optimism that the housing market will be stronger towards the last quarter.  

Recession Is Over According to Financial Experts
http://abcnews.go.com/Business/Economy/story?id=7564649&page=1

Is Recession's End in Sight?
http://abcnews.go.com/Video/playerIndex?id=7564327

The home prices could stay flat or go up.  With the Tax Credit available now and the low home prices it is clearly a good time to get into the housing market.  Home prices will go up and the deadline for tax credit is November 30, 2009.

Pat Baker, Realtor(R), GREEN(R), ABR(R) Coldwell Banker Residential Brokerage - 617-435-3471  www.patannbaker.com