Massachusetts posted the best month for home sales since 2006 in July, according to new numbers from the Warren Group, and Needham was part of that.
In July of 2013, 55 homes in Needham changed hands--up from 33 this time last year. That makes a 66.6 percent increase since July of 2012. Condo sales are down by about 42 percent, decreasing from 7 condos to 4 in that same time period.
Overall for the year, Needham has sold a little over 8 percent more homes than it had by this time in 2012, also according to The Warren Group.
The average Needham home was selling for $640,000 last year, and is selling for 17 percent more this year: $750,000. Year-to-date medians are fairly comparable, $659,000 in last year, and $730,000 in 2013.
“Many recent real estate reports have signaled a strong real estate recovery, and our numbers speak to that rebound,” said David Harris, editorial director of The Warren Group, publisher of Banker & Tradesman. “While consumer confidence and strong employment numbers continue to bolster the market, there’s concern that higher mortgage rates and increasing home prices could dampen the revitalized market.”
Needham seems to be part of a larger trend. Norfolk County has seen an increase in home sales this year (3,462 compared to 3317 a year ago) and saw a better July this year compared to 2012 (785 this year compared to 692 last year).
The median sale prices for homes in Norfolk County in July were $423,000, up from $376,000 a year ago. So far this year, the median sale price has been $395,000 in Norfolk County – compared to $360,000 in 2012.
“A total of 5,941 single-family homes statewide sold in July, up from 5,014 during the same month last year. This is the best month for sales volume since June 2006, when there were 6,152 sales. It's also the best July since 2005 when 6,672 sales were recorded. So far this year, 27,600 homes have sold in Massachusetts, up 3.5 percent from 26,647 during the same period in 2012,” according to The Warren Group's press release.