Needham Real Estate: Spring Market Update

Summer is finally here, which is a good time to check in on theNeedham Real Estate market.  We have posted on our Needham page updated sales data from April and May 2010.

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.