The current inventory level in Needham is low with only 73 homes listed for sale on MLS (as of February 17th, 2010). This number is further reduced by seven homes that are currently under agreement, but still tagged as active by their listing brokers. The Needham market is top heavy with an average listing price of over $1,000,000. There are 35 homes available for sale for over $1 million, which makes up nearly half of the current inventory.
On the other hand, there is very limited opportunity for buyers looking in the $800K price level, with only two homes listed for sale from $800,000 – $900,000. Further, there are only three homes currently listed for sale in the $700,000 – $800,000 range, and one of them is significantly overpriced.
The overall lack of quality inventory could lead to a spike in pricing this Spring. As a result, Needham buyers looking to make a move this year should be doing their due diligence now so that they are prepared to act when the right property comes along. There may be only a few great opportunities for the rest of the year.