There is a growing concern amongst residential realtors that the real estate market in Needham is slowing down. Will this have a direct impact on office space throughout Needham and slow the growth for commercial real estate development in the area?
Wicked Local pointed to three key indicators of this trend:
The first clue is that days on market fell from an average of 59 days in February to a mere 24 days in April. But so far in May that number has crept up to 39. Houses appear to be sitting a bit longer.
The second clue is that the number of houses that have gone under agreement fell from 38 in March to 32 in April. So far this month the number is 13. Though we are only halfway through the month, even if you double that figure to 26, it still shows a downward trend.
The third clue is that April’s inventory of homes for sale in Needham was up 26 percent over the previous month. We now have 80 homes for sale in Needham. Earlier this year that number was hovering at about 50.
The full article is available, here.