August 29, 2011
As we near July, the Spring market in Needham is coming to a close. The housing market in Needham remains remarkably stable despite continuing problems throughout the national economy; MLS data from the beginning of March through mid June (of both 2010 and 2011) reveal steady conditions. Comparing 2010 to 2011 data, the average sale price has gone up slightly to $792,769 from $785,410. There were two fewer sales during the 2011 Spring season (98 vs. 96), while the average days on market increased by ten days. Despite a longer sales cycle, the margin between the final sale and listing price tightened to 98% (from 97%). The catalyst for the strength in Needhamcontinues to come from the million plus segment of the market with 24 sales occurring within this group ($1,000,000 – $2,500,000); compared to a still relatively healthy 21 home sales in 2010. Needham buyers searching for a home in the $700,000 – $1,000,000 price range are still finding the fewest opportunities in the market. This is a trend that we have seen over the last few years in Needham.
We have also reviewed recent Needham sales, which have been posted to ourNeedham page, not tracked by MLS. These sales included: 368 Hillcrest – $605,000, 20 Pheasant – $550,000, 85 Morningside – $680,000, 189 Highgate – $622,500. The majority of the non-MLS sales involved land transactions, which suggest that land values in Needham now consistently range from $550,000 – $630,000. The variation will depend greatly on location, size, topography etc.