Framingham Massachusetts Real Estate Report November 2014
Do you want to see what has gone on in the Framingham Real Estate market for November 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 Realtor guide to Framingham Mass real estate 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 November 2014 vs November 2013
In November of 2014 there were 57 homes that closed within the month for Framingham Real Estate. This is an increase of 18 units sold, as there were 39 homes that closed in November of 2013.
The average list price for the homes that closed in November of 2013 was $369,441
The average list price for the homes that closed in November of 2014 was $365,442
The average sale price for the homes that closed in November of 2013 was $364,860
The average sale price for the homes that closed in November of 2014 was $355,093
The average market time for the homes that closed in November of 2013 was 53 days.
The average market time for the homes that closed in November of 2014 was 60 days.
Homes Under Contract For November 2014
31 homes went under agreement in the month of November. The average list price of the homes that went under agreement was $378,645. The average time on the market for these homes were 37 days. November was a good 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 November 2014 Home For Sale Inventory Levels
The are currently 72 homes on the market in Framingham Massachusetts. The average list price of these homes is $539,562. The average days on the market is 145. Inventory levels dropped by an incredible amount last month. There was a drop of 64 homes! This is partially attributed to a strong month of sales but also quite a few people took their home off the market for the winter. Many of these people will attempt to sell again in the spring. Inventory levels has risen 7 months in row before this decrease in homes 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.
Inventory had been trending upwards over the course of most of the year but took a dramatic turn in the other direction this past month. There was a rapid drop in the amount of homes for sale. The reason for this drop was more attributed to the fact that many people take their homes off the market in the winter if they have not sold. Many of these homes taken off the market will appear again in the Spring.
Sales for the year have been down but not by a dramatic amount. The market this year was not quite as strong as last year but still decent none the less. It certainly would be characterized as a sellers market.
The market remains very strong for homes priced under the five hundred thousand dollar threshold.
November was an outstanding month for closed sales. 57 properties closing in November is significant especially considering the time of year.
The amount of homes going under contract in November was not quite as good with 31.
Activity of showings right now is down but that is to be expected for this time of year close to the holidays.
Closed homes this year vs last
At this point in time last year there were over 500 sales which is the case again this year. The multiple listing service stops tracking the exact amount once the 500 sale mark is reached.
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.