Framingham Massachusetts Real Estate Report October 2014
Do you want to see what has gone on in the Framingham Real Estate market for October 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 October 2014 vs October 2013
In October of 2014 there were 39 homes that closed within the month for Framingham Real Estate. This is an decrease of 17 units sold, as there were 56 homes that closed in October of 2013.
The average list price for the homes that closed in October of 2013 was $393,021
The average list price for the homes that closed in October of 2014 was $397,505
The average sale price for the homes that closed in October of 2013 was $384,733
The average sale price for the homes that closed in October of 2014 was $3390,050
The average market time for the homes that closed in October of 2013 was 93 days.
The average market time for the homes that closed in October of 2014 was 56 days.
Homes Under Contract For October 2014
43 homes went under agreement in the month of October. The average list price of the homes that went under agreement was $394,888. The average time on the market for these homes were 52 days. October was another excellent 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 October 2014 Home For Sale Inventory Levels
The are currently 136 homes on the market in Framingham Massachusetts. The average list price of these homes is $505,721. The average days on the market is 97. Inventory levels went up again last month, but this time it was by a very small amount with one home added to the existing inventory. This is the seventh 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.
Inventory has been trending upward but not enough to drastically affect the market. While sales have been done year to date in Framingham it still remains a sellers market. As we move into November, inventory has gone up seven consecutive month.
The market remains very strong for homes priced under the five hundred thousand dollar threshold.
October was a decent month for closed sales. There were 39 properties that closed in October. This was actually down by quite a bit from last year at this time when there were fifty six. That is more a function of October of last year being exceptional.
The amount of homes going under contract in October was better than average with forty three 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 407 sales this year compared to 465 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.