The Greater Boston Association of Realtors has released the Needham market updates for March 2016 and judging from the increase in single-home listings and decrease in pricing, it is clear we have a buyer’s market.
The supply of homes for sale in March was significantly higher than February, indicating that more sellers are deciding to list their homes. Not surprising, since prices were way lower than last year, the sales have significantly increased.
The median price of a single-family home sold in March hit a low of $879,750 a 14 percent decrease from the same time last year. That figure was slightly lower than February meaning prices are steadily decreasing.
More shocking was the decrease in condominium pricing, which had a median of $458,000 in March 2016, a whopping 37 percent less than the same time last year.
Despite the impressive decrease in condominium pricing, still, closed sales saw a decrease of 72 percent. It might be that buyers looking for affordable housing still take their search outside the expensive urban cores.
It looks like the Needham real estate market could be doing better. For the market to remain healthy, more listings will have to be purchased.