Real Estate Trends – Needham, Massachusetts

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward

Today we are highlighting Needham, MA in Norfolk County

 

Last month we did our series on the Myth of the “Red Hot” Boston market, which is not just the city but the outlying communities as well.  In addition to our reports of various parts of Boston we showed several other border towns (Winthrop, MiltonSomerville and Canton) were all also down, and we will see today that Needham, MA is also following that trend.

Market Trends in Needham, MA – June 2014 and 2015:

The Needham, MA market appears to be down quite a bit since last year.  Both the average listing and average sales prices were down.  The days on market are also up substantially since last year.  Inventory was up significantly as well going from 43 sales in June of 2014 to 59 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Needham, MA the average listing price in June 2014 was $991,707.  This was down to $919,244 in June 2015.  That gives a fairy significant 7.31% decrease year over year. 

Looking at the median prices the offsets from the average prices is pretty different for Needham, MA so I wanted to run the numbers with those as well.  For June of 2014 the median listing price for Needham, MA was $939,000 and in June 2015 it was $799,000 giving a much larger 14.91% decrease.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Needham, MA in June of 2014 was $1,000,491 and in June 2015 that was down to $915,171.  That gives a slightly larger decrease of 8.53%. 

As with the Listing prices if we look at the median prices the offsets from the average prices are also large.  For June of 2014 the median sales price for Needham, MA was $950,000 and in June 2015 it was $823,400 giving a much larger 13.33% decrease compared to the averages.

Without regard to which method you feel is more accurate it is safe to say that prices are down a fair amount for Needham, MA from last year’s numbers.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Needham, MA the average days on market in June of 2014 were 33.63 and the average days on market for June 2015 were 64.14, for a very large 90.72% increase. 

Needham, Mass Summary:

The Needham, Massachusetts real estate market looks like is has declined quite a bit since last year.  The pretty good size drops in listing prices and sale prices (by both averages and medians) show things are down.  The very large increase in days on market also hammers this home.

In summary if you are looking to sell a house in Needham, MA now you should expect to get less than you would have expected to get last year.  In addition you should also expect it to take a much longer time to sell compared to last year, sellers might want to consider taking more of a discount to stand out and sell their property faster.

 

Do you need to sell your Needham, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Needham MA Town Hall by Magicpiano via Wikipedia)

 

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