Things are lopsided in the Needham real estate market. In the last three months, 52 new listings came on the Needham market. But in the same period 79 listings sold. It’s been going that way for several months now. Houses that have been sitting on the market for a year or more are suddenly going under agreement. Just in the past month, a nearly 6,000-square-foot new home on Pine Street that sat on the market for 522 days was sold and a new family has moved in. Another new home on Arch Street that spent 429 days on the market just went under agreement.
There are currently 45 single family homes available in Needham. In January 2012 there were nearly 150 properties on the market, with that number including condos. Compare that to last month in January 2013 when there were about 80 properties for sale, including condos.
Brokers can be heard asking each other, “Do you have any new listings coming on the market soon?” as buyers put pressure on Realtors to find them something before it gets snapped up. It’s not unusual to see 40 to 60 people troop through a first open house in any price range. Even the million-plus market is moving. In the last week, six houses priced over $1 million have sold.
People ask me what it’s about. I ask buyers who come to my open houses the same thing. More often than not they are young couples coming out from the city, new baby in tow, who cite fear the interest rates will start rising along with prices. Many shopping in the higher end market are relocation customers from other parts of the country finally being offered new jobs. Whatever the reasons, and there are probably several, don’t look a gift horse in the mouth. The market is recovering before our very eyes. Let’s hope it stays that way.