Needham Luxury Market Report 2003 - 2008
Properties sold over $1 Million
1-03 --6-08
Here are some interesting stats for the luxury home market as follows:
2003 2004 2005 2006 2007 20008
1 Million $ bracket - 17 41 47 48 57 23
2 Million $ bracket - 4 8 4 8 5 2
3 Million $ bracket - 1 0 0 0 1 0
4 Million $ bracket - 0 0 0 0 0 0
5 Million $ bracket - 0 0 1 0 0 0
7 Million $ bracket - 0 1 0 0 0 0
The luxury market sales increased in 2005 and 2006 and especially in 2007 but notice the change in 2008.
By way of comparison I am including the "Dover" Luxury Market Report 01-2003--6-2008
In Dover the average price range is $1,109,497 anyway while Needham's average price range from 1/01/08 to 8/15/2008 is $787,014.
1 Million $ bracket - 24 38 33 24 28 7
2 Million $ bracket - 5 5 4 3 6 1
3 Million $ bracket - 1 3 1 1 0 0
4 Million $ bracket - 0 0 1 0 2 1
5+Million $ bracket - 0 0 0 0 0 0
Over 6 Million $ - 0 0 0 0 0 0
It is wonderful for communities that are side by side to enjoy what each town offers. Dover offers a rural community with more private residences. Needham offers wonderful services and is a bit closer to Boston and option of commuting by rail or bus. Great towns with much to offer. It just depends on which appeals to the individual needs.
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Morning Pat,
What a great market to be associated with. Looks like 2008, annualized, will come in a little short, but still respectable in today's marketplace.
Hi Hal, You are right on that. It seemed last year '07 was strong for the luxury market. I have a listing at $2,000,000 and he finally rented it. That is a long story. If it had been 2007 things would have been different.
Hi Pat - Thanks for your compliments on my post. Looks like the luxury market in towards Boston is feeling the heat like the rest of us out here in Metrowest. It was resistant for quite a while.