Framingham Massachusetts Real Estate Report August 2014
Do you want to see what has gone on in the Framingham Real Estate market for August along with year over year comparisons? Take a look below for complete details on the Framingham Real Estate market. While you are here also take a look at real estate found in Framingham MA to learn why the town is a popular choice with home buyers, including information on town history, schools, demographics and more.
Framingham MA Real Estate Activity For August 2014 vs August 2013
In August of 2014 there were 70 homes that closed within the month for Framingham Real Estate. This is an decrease of 13 units sold, as there were 83 homes that closed in August of 2013.
The average list price for the homes that closed in August of 2013 was $373,951
The average list price for the homes that closed in August of 2014 was $355,923
The average sale price for the homes that closed in August of 2013 was $370,011
The average sale price for the homes that closed in August of 2014 was $352,071
The average market time for the homes that closed in August of 2013 was 41 days.
The average market time for the homes that closed in August of 2014 was 41 days.
Homes Under Contract For August 2014
35 homes went under agreement in the month of August. The average list price of the homes that went under agreement was $394,414. The average time on the market for these homes were 41 days. August was a very strong month for homes going under agreement.
January 2011 – 2013 Final Year Real Estate Market Statistics For Framingham Massachusetts
For the period of January to December of 2012 there were 500+ properties sold.
For the period of January to December of 2012 there were 473 properties sold.
For the period of January to December 2011 there were 394 properties sold.
For the period of January to December in 2013 the average list price was $368,219 the average sale price was $362,717 the average market time was 63 days.
For the period of January to December in 2012 the average list price was $338,711 the average sale price was $329,877 and the average market time was 99 days.
For the period of January to December in 2011 the average list price was $333,048 the average sale price was $320,743 and the average time on the market was 99 days.
Current August 2014 Home For Sale Inventory Levels
The are currently 135 homes on the market in Framingham Massachusetts. The average list price of these homes is $494,980. The average days on the market is 96. Inventory levels went up again last month, but this time it was by a very small amount with two homes added for sale. This is the sixth month in a row inventory has gone up.
Framingham MA Real Estate Market Analysis
Real Estate Re-cap for 2013
The Framingham Real Estate market for 2013 was nothing like in years past. In 2013 Framingham saw a complete turnaround with the market shifting from a buyers market to a full fledged sellers market. Not since 2005 did we see such a real estate frenzy especially in the early stages of 2013 through the Spring time.
The market was characterized by homes going under agreement very quickly. This was especially true if homes were priced under the $450,000 price point. Any way you want to measure the market 2013 was better than in years past. There were far more homes sold in 2013 in quite a long time. In fact it should be noted in the stats above where it says 500+ that there is not an exact figure because the multiple listing service does not track higher than 500 homes sold. That right there should tell you something. The other really note worthy statistic is the fact that the average days on the market was done by more than a month from 2012. Home took a much quicker time to sell. The average price for a home also increased.
What drove the market was the fact that inventory remained tight throughout the year. Lower home inventory levels are always great for those considering to sell their home, as supply and demand is always a factor with Real Estate values. Framingham was certainly one of the top performing towns in the entire Metrowest area this past year.
In 2013 in Framingham there were over 500 home sales. In fact the multiple listing service does not show the amount of sales when it goes over 500 which is disappointing because I can’t show the exact amount! For 2012 there were 473 sales. There were more than 100 more sales in 2013!.
Analysis of current 2014 Framingham market.
Current home inventory increased from last month with an additional 2 homes being added to the current homes for sale inventory. As we move into September, inventory has continued to go up each month for the sixth consecutive time. While inventory levels have not grown enough that it is a real concern as they are still far below what would be considered a buyers market.
Sellers are still in the drivers seat as the market in Framingham has been strong. This is especially true for homes priced under $500,000.
August was another exceptional month for closed sales. There were 70 properties that closed in August. This was actually less than last year when there as 84 but still a very healthy amount of sales.
The amount of homes going under contract in July was better than average with thirty five sales.
I expect the framingham market to continue to remain strong for the rest of the year.
Closed homes this year vs last
There have been 367 sales this year compared to 409 at this same point in time last year.
The above Framingham Real Estate statistics are for single family homes ONLY and do not include condominiums or multi family homes.
Click the link to see all Framingham Massachusetts homes for sale.