Framingham Massachusetts Real Estate Report May 2014
Do you want to see what has gone on in the Framingham Real Estate market for May 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 the real estate guide to Framingham Massachusetts 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 May 2014 vs May 2013
In May of 2014 there were 52 homes that closed within the month for Framingham Real Estate. This is 15 less units sold, as there were 65 homes that closed in May of 2013.
The average list price for the homes that closed in May of 2013 was $351,616
The average list price for the homes that closed in May of 2014 was $382,727
The average sale price for the homes that closed in May of 2013 was $347,504
The average sale price for the homes that closed in May of 2014 was $378,594
The average market time for the homes that closed in May of 2013 was 65 days.
The average market time for the homes that closed in May of 2014 was 41 days.
Homes Under Contract For May 2014
56 homes went under agreement in the month of May. The average list price of the homes that went under agreement was $430,516. The average time on the market for these homes were 40 days. May was an incredible month for homes going under contract 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 May 2014 Home For Sale Inventory Levels
The are currently 111 homes on the market in Framingham Massachusetts. The average list price of these homes is $498,373. The average days on the market is 68. Inventory levels went up by a small amount from last month with 4 homes added to the existing inventory. This is the third month in a row inventory has gone up. This month however was a much smaller increase than last when there were 24 homes added. Inventory typically does increase this time of year.
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 four additional homes added to the existing inventory of homes for sale. As we move into June, the number of homes for sale has increased significantly over the last three months and now gives buyers a much better selection of properties to thin about buying. Inventory however is still low when compared to historical standards. The trend of more home hitting the market should continue over the next few months of the most active time of the year for real estate.
Sellers are still sitting in the drivers seat at the moment as inventory levels are no where near anything that would be considered high. If inventory does continue to rise however things could change.
May was an good month for closed sales. There were 52 properties that closed in May which was down by a decent amount from last year at this time when there were 65 sales.
The amount of homes going under contract in May was excellent with 56 properties going under agreement.
Closed homes this year vs last
There have been 149 sales this year compared to 187 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 homes for sale.