Real Estate Trends - Needham Ma - Top 3 Overbids

    Vuong Report

    December 9, 2015

    The Massachusetts Association of REALTORS® (MAR) reported that neither leaf peeping, leaf raking or any other fall activity kept buyers from viewing and making offers on homes in October as pending home sales were up 32 percent from the same month last year. REALTORS’® confidence in the market was high in October as the REALTOR® Market Confidence and Price Indexes were both up from October 2014.

    You either Need Ham or Don’t Need Ham, this town is the focus of today’s post, because WE NEEDHAM

    The sales of single family homes in Needham are going strong, and prices decreasing slightly. Let’s look at some numbers and break it down:

    1. Closed sales of single family homes in Needham Massachusetts increased +6.7% year over year as of October. This is slightly below the overall Massachusetts single family housing activity report (+7.8% YoY change) for October 2015.
    2. Median sales price of single family homes in Needham Massachusetts decreased -5.2% year over year as of October. This trend is the complete opposite of what we are seeing as compared to the overall Massachusetts single housing activity report (+3.1% YoYchange) for October 2015. On average most homes in this area sold at 96% of their original list price.
    3. The number of days on market for single family homes in Needham Massachusetts increased +48.1% year over year as of October to 80 days. This is much higher than the overall Massachusetts single family housing report which shows a decrease (-9.6% YoY change) for October 2015 which stands at 66 days. This information is a bit skewed due to a few properties that sat on the market for a while that ended up being sold. Three of the homes that sat on the market the longest were 554 days, 189 days, and 178 days.
    4. The inventory of single family homes in Needham Massachusetts is down -27.5% year over year as of October. This reduction in inventory is greater than the overall Massachusetts single family housing report (-15.6% YoY change) for October 2015.


    Here are the top 3 Needham single family over bid stats for homes that were sold in October:


    # 3 - Address: 6 Pinewood Road Needham MA | List:$799,000 | Sold:$809,900 | Bedrooms/Baths: 4/1.5 | Overbid: 1.3% or $10,900

    # 2 - Address: 711 Great Plain Avenue Needham MA | List:$669,000 | Sold:$703,000 | Bedrooms/Baths: 3/2.5 | Overbid: 5.0% or $34,000

    # 1 - Address: 335 Brookline Street Needham MA | List:$999,000 | Sold:$1,075,000 | Bedrooms/Baths: 5/5 | Overbid: 7.6% or $76,000

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    For more information, please contact Peter Vuong.

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