Single Family Home Sales in Needham, MA - A Market Update 11/30/08

As of November 30, 2008, there were 84 single family listings in Needham on the Multiple Listing Service (MLSPin).  Home sales are down 32% for the year.  This may be indicative of a slower market, but also shows that there is a level of saturation in Needham.  Simply put, the inventories are decreasing, because there are fewer homes available for resale and new construction is limited in the single family side of Needham.  Will this lead to stronger price competition and increased demand?  Only time will tell.  One thing that is noticeable, however is that less expensive single family homes are what is being listed currently in Needham.   During November, 15 new single family listings were added to our MLSPin, with an average list price of $674,707. 

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 148 days.   That is to say, based on the volume of sales during the past month, it will take a modest 4.94 months to sell all of the single family homes currently in inventory and sitting on the Needham market.

The average list price for a single family home is $1,055,557.  The lowest price is $329,000 and the highest price is $3,500,000, with the largest concentration of homes (45.2%) priced in the $500,000 to $899,999 price range.  Of note, the average list price for a single family home in November 2007 was $1,089,305.

The median price is $799,000 and the average days on market are 153 days.  This compares to a median list price of $799,000 and average days on market of 127 days as of November 30, 2007.

There were 23 properties that went under agreement during the month of November (November 2007- 25 properties).  17 single family homes sold during November, with the average sales price being $684,235 and the median was $600,000, with the average days on market being 102 days. Compare this to 27 properties sold during November 2007, with an average and median sales price of $745,355 and $673,500, respectively, and the average number of days on market being 91 days.

In November 2008:

26 properties experienced price changes averaging -6.69%

Sales price to original price was 97%

Sales price to (last) adjusted price was 97%