Needham and Needham Heights Massachusetts Market Update for March 2009

Monthly market performance:

As of March 31, 2009, there were 100 single family listings in Needham on the Multiple Listing Service (MLSPin). During March, 36 new single family listings were added to our MLSPin and an additional 6 single family homes were relisted for sale on the MLS, with an average list price of $1,021,073. While sales year to date are similar to 2008 levels, there needs to be further analysis "behind the numbers" because market absorption tells us a very different story. 42% of the single family listings in Needham are under 30 days old. This skews the average days on market for the entire inventory - which is to say that the remaining 58% of single family homes on the market have each been listed for well over 6 months (thank goodness I remember algebra). This fact, coupled with the fact that the average sales price in Needham is well below the average list price for the market, should be a wake-up call to owners to price their home to sell, rather than to sit on the market - else market absorption rates are likely to continue to increase. In reviewing the inventory for the month, it is painfully apparent that many listings have not reflected "price improvements" to be competitive with neighboring communities or similar comparable properties within the borders of Needham and Needham Heights.

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 12.5 months. That is to say, based on the volume of sales during the past month, it will take just over 1 year to sell all of the single family homes currently in inventory and sitting on the Needham market.

The average list price for a single family home is $1,081,120. The lowest price is $299,000 and the highest price is $3,200,000, with the largest concentration of homes (46.0%) priced in the $900,000 to $1,499,999 price range. Of note, the average list price for a single family home in March 2008 was $1,031,299.

The median price is $1,072,200 and the average days on market are 110 days. This compares to a median list price of $769,900 and average days on market of 135 days as of March 31, 2008.

There were 31 properties that went under agreement during the month of March (March 2008- 22 properties). 8 single family homes sold during the month, with the average sales price being $683,563 and the median was $587,750, with the average days on market being 128 days. Compare this to 22 properties sold during March 2008, with an average and median sales price of $687,523 and $618,500, respectively, and the average number of days on market being 99 days.

During March 2009:

33 properties experienced price changes averaging -3.97%

Sales price to original price was 89%

Sales price to (last) adjusted price was 94%

4 property listings expired with an average days on market of 156 days

Is now the right time to sell your home? Contact WEICHERT, REALTORS®-Synergy for a complimentary Price Trend Analysis that you can use to evaluate your options.

Looking for other options? Meet with a local Weichert neighborhood specialist to discuss how our expertise can provide you with a competitive edge in selling your property. Stop chasing the market. Let the market chase you! Contact us now at http://synergy-metrowest.com/cma.htm

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