This is a question that we are often asked. Our day to day experience tells us that the market has been very stable over the last year. While the Needham real estate market has clearly cooled off since since the end of the latest bubble, it appears to have found an equilibrium that may last for the next few years. As always, location continues to lead the overall market. Well located properties maintain the most strength and if priced well will often still attract multiple bidders. The starter market is also very strong, especially as local builders have been bidding up the price of tear downs. Here is a look at the raw data from the market (provided by MLSpin.com).
A quick glance at statistics from 2008 and 2009 confirm the stable real estate market in Needham:
2008 Needham Real Estate Market Data:
2009 Needham Real Estate Market Data:
As shown above, the average an
d median home sales prices changed only nominally over the last year. In addition, the number of sales and the average days on market remained relatively unchanged.
In the end, both the raw data from the Needham real estate market and our general sense from working in the trenches revealed the same results: prices and the market are stable and will likely yield similar results this year. As always pricing is important and should not be overlooked by sellers looking to maximize value. Especially considering that the financing and labor markets will continue to face challenges in 2010. On the other hand, many Needham buyers should be prepared to act fast for well priced, well located properties.