The median price of a single-family home in Needham, Massachusetts was greater than $900,000 in 2016 and more than $1 million during December 2016, according to data compiled by the Massachusetts Association of Realtors.
The median home price in December 2016 was $1,061,000 compared to $855,000 in December 2015, an increase of 24.1 percent. For the entire year, the median home price increased 5.2 percent to $915,000 compared to $870,000 in 2015.
In December 2016 homebuyers paid on average 94.7 percent of the original list price compared to 94.8 percent of the original list price in December 2015. Homebuyers paid on average 96.9 percent of the original list price in 2016 compared to 97.5 percent in 2015.
Home sales increased by one to 24 houses sold in December compared to 23 sales in December 2015. The number of listings on the market in December declined 27.5 percent to 37 compared to 51 available homes in December 2015. New listings also declined, decreasing 57.1 percent to six from 14 in December 2015. Home sales decreased 1.8 percent for the full year to 331 compared to 337 houses sold in 2015.
Needham condominium sales increased 75 percent in December from four to seven units sold compared to December 2015. Condominium inventory declined 71.4 percent to just two available units in December 2016. New condo listings decreased to zero in December from five in December 2015. The months supply of condominium inventory in December was only 0.4 months. About six months of inventory is considered a balanced market between homebuyers and home sellers.
The median condo price decreased 10.8 percent in 2016 to $620,000 from $695,000 during the same twelve-month period in 2015. In December, condo prices increased 54.2 percent to $865,000 from $561,000 in December 2015. On average homebuyers paid 95.5 percent of the original list price in December, an increase of 1.8 percent. Homebuyers paid on average 97.3 percent of the original list price in 2016 compared to 98 percent in 2015.