Framingham Massachusetts Real Estate Report February 2014
Want to see what has gone on in the Framingham Real Estate market for February along with year over year comparisons? Take a look below for complete details on the Framingham Real Estate market. While you are here take a look at the Realtors guide to Framingham MA Real Estate to learn why Framingham is a popular choice with home buyers, including information on town history, schools, demographics and more.
Framingham MA Real Estate Activity For February 2014 vs February 2013
In February of 2014 there were 20 homes that closed within the month for Framingham Real Estate. This is the same amount units, as there were 20 homes that closed in February of 2013. The amount of closed sales in February was decent, especially with so few homes for sale.
The average list price for the homes that closed in February of 2013 was $318,373
The average list price for the homes that closed in February of 2014 was $316,405
The average sale price for the homes that closed in February of 2013 was $307,468
The average sale price for the homes that closed in February of 2014 was $309,024
The average market time for the homes that closed in February of 2013 was 141 days.
The average market time for the homes that closed in February of 2014 was 74 days.
Homes Under Contract For February 2014
22 homes went under agreement in the month of February. The average list price of the homes that went under agreement was $382,532. The average time on the market for these homes were 86 days. February was a good month for homes going under agreement especially during what is considered a slower time of the year.
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 Febraury 2014 Home For Sale Inventory Levels
The are currently 66 homes on the market in Framingham Massachusetts. The average list price of these homes is $491,338. The average days on the market is 96. Inventory levels went down by six homes from last month. Inventory remains at historic lows.
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!ar.
Analysis of current Framingham market.
Current home inventory declined from last month with six less homes! As we head into March, the number of homes for sale has shrunk to the lowest level in decades. In my twenty seven years in the business I do not ever remember inventory being this low. Sales continue to be exceptionally strong in Framingham.
There has been a slight slow down in market activity over the past few months but that is to be expected due to seasonality changes. Framingham however has remained busier than some of the other local communities.
February was a decent month for closed sales. There were 20 properties that closed in February which is not bad for this time of year. This is the same amount of homes that sold last year at this time. The amount of homes going under contract in February was also good with twenty two.
The market looks ripe to continue it’s stellar pace over the next few months right into the Spring market. The conditions are very similar to last year at this same time. I expect there will be many homes that will have multiple offers with such tight inventory.
The above Framingham Real Estate statistics are for single family homes ONLY and do not include condominiums or multi family homes.
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