Framingham Massachusetts Real Estate Report March 2014
D o you want to see what has gone on in the Framingham Real Estate market for March 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 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 March 2014 vs March 2013
In March of 2014 there were 20 homes that closed within the month for Framingham Real Estate. This is 15 less units sold, as there were 35 homes that closed in March of 2013. The amount of closed sales in March was below average, due in large part to a lack of inventory for sale.
The average list price for the homes that closed in March of 2013 was $346,074
The average list price for the homes that closed in March of 2014 was $391,655
The average sale price for the homes that closed in March of 2013 was $341,685
The average sale price for the homes that closed in March of 2014 was $382,720
The average market time for the homes that closed in March of 2013 was 82 days.
The average market time for the homes that closed in March of 2014 was 109 days.
Homes Under Contract For March 2014
46 homes went under agreement in the month of March. The average list price of the homes that went under agreement was $406,293. The average time on the market for these homes were 40 days. March was an exceptional month for homes going under agreement especially considering the fact that inventory remains on the lower side of normal.
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 March 2014 Home For Sale Inventory Levels
The are currently 83 homes on the market in Framingham Massachusetts. The average list price of these homes is $488,746. The average days on the market is 86. Inventory levels went up by seventeen homes from last month which is one of the largest jumps in a while. This is typical as we head into the time of year where more homes are listed for sale.
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 seventeen more homes added to what is for sale. As we move into April, the number of homes for sale is still low when compared to historical standards. Over the next few months the inventory should rise as this is typically when more homes are put up for sale.
We are also entering what is considered to be the best time of year to sell a home. Transactions are going to ramp up by a large margin. Sellers are sitting in the drivers seat at the moment. With so few homes for sale buyers are going to need to move quickly for a home that they like. It will not be surprising to see home selling over asking with multiple bids just like last year at this time.
March was a slow month for closed sales. There were 20 properties that closed in March which is lighter than what you would expect. This was fifteen less homes sold than the same time last year. This has more to do with the fact that inventory has remained tight than a weak real estate market.
The amount of homes going under contract in March was really good with 46 properties accepting contracts.
The market looks ripe to continue it’s stellar pace over the next few months right as we come into the middle of the best selling season of the 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 homes for sale.