February Single Family Home Sales and Market Update for Needham, MA

As of February 28, 2009, there were 81 single family listings in Needham on the Multiple Listing Service (MLSPin).  As the winter draws to an end and buyers begin to thaw out, Needham is well positioned to continue its upward trend in home sales this year.  However, one must note that there continues to be downward price pressure from consumers and current market absorption rates indicate a buyers' market for the springtime inventory.   During February, 25 new single family listings were added to our MLSPin and an additional 3 single family homes were relisted for sale on the MLS, with an average list price of $972,754.   

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 307 days.   That is to say, based on the volume of sales during the past month, it will take approximately 10 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 $1,036,886.  The lowest price is $299,000 and the highest price is $3,200,000, with the largest concentration of homes (44.4%) priced in the $1,000,000 to $1,999,999 price range.  Of note, the average list price for a single family home in February 2008 was $1,071,510.

The median price is $989,900 and the average days on market are 124 days.  This compares to a median list price of $924,000 and average days on market of 132 days as of February 29, 2008.

There were 20 properties that went under agreement during the month of February (February 2008- 19 properties).  14 single family homes sold during the month, with the average sales price being $751,554 and the median was $647,500, with the average days on market being 82 days. Compare this to 8 properties sold during February 2008, with an average and median sales price of $913,750 and $841,000, respectively, and the average number of days on market being 106 days.

During February 2009:

16 properties experienced price changes averaging -4.10%

Sales price to original price was 92%

Sales price to (last) adjusted price was 96%

3 property listings expired with an average days on market of 122 days