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
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