August 29, 2011
According to MLS data, 92 homes sold in the last three months. The average sale price was approximately $790,000, which is within 97% of the average list price in the market. The average days on market was 78. The low end of the market was represented by 68 Sylvan Road – a 864 sf ranch that sold for $320,000. The upper end of the market was highlighted by the sale at 85 Beard Way (pictured above) – a 5,283 sf residence that sold for $2,195,000. The majority of Needham home sales occurred in the “starter” market. There were 43 homes that sold in the $500,000 – $700,000 price range. The new construction market remains very active with 16 sales closing in the $1,000,000 – $1,500,000 price range in Needham.
There are currently 125 homes for sale in Needham. The market appears to be inbalance with an approximate three month supply of homes for sale – though this may change as we head into the summer season. The current average list price is around $1 million.
The market for land/tear downs and starter homes remains very tight with builders continuing to compete over a shrinking supply of available properties. The end result will likely be a rise in values overall, as new construction will begin to creep into new submarkets of Needham.