Franklin Massachusetts Real Estate Report February 2014
Want to see what has gone on in the Franklin Real Estate market for the month of February along with year over year comparisons? Take a look at our reporting of the Franklin MA market. While you are here take a look at the Realtors guide to Franklin MA Real Estate where you will find out why Franklin is a popular choice for home buyers including information on town history, schools, demographics and more.
Franklin MA Real Estate Activity For February 2014 vs February 2013
In February of 2014 there were 6 homes that closed within the month for Franklin MA Real Estate. This is an decrease of 7 units, as there were 13 homes that closed in February of 2013.
The average list price for the homes that closed in February of 2013 was $431,277
The average list price for the homes that closed in February of 2014 was $363,083
The average sale price for the homes that closed in February of 2013 was $415,685
The average sale price for the homes that closed in February of 2014 was $361,583
The average market time for the homes that closed in February of 2013 was 111 days.
The average market time for the homes that closed in February of 2014 was 50 days.
Homes Under Contract For February 2014
5 homes went under agreement in the month of February. The average list price of the homes that went under agreement was $502,540. The average time on the market for these homes were 58 days. February was a slow month for homes going under agreement in the Franklin Real Estate market but not all that uncommon for this time of year.
January 2011 – 2013 Final Year Real Estate Market Statistics For Franklin Massachusetts
For the period of January to December of 2012 there were 269 properties sold.
For the period of January to December of 2012 there were 243 properties sold.
For the period of January to December 2011 there were 227 properties sold.
For the period of January to December in 2013 the average list price was $398,877 the average sale price was $392,759 the average market time was 87 days.
For the period of January to December in 2012 the average list price was $405,929 the average sale price was $395,470 and the average market time was 117 days.
For the period of January to December in 2011 the average list price was $399,425 the average sale price was $388,314 and the average time on the market was 110 days.
Current January Homes For Sale Inventory Levels
The are currently 41 homes on the market in Franklin MA. The average list price of these homes is $557,736. The average days on the market is 260 which is really deceiving due to the fact there is much “to be built” new construction. Essentially homes are selling incredibly quickly if priced properly. Home inventory rose by a fair amount from last month when there were 31 homes for sale. While there were ten additional homes for sale added to the market this is still a very short supply of homes for sale.
Franklin MA Real Estate Market Analysis
2013 Franklin Real Estate Analysis
The 2013 Franklin Real Estate market was a breath of fresh air when compared to years past. Across the board the market was much stronger. In fact not since 2005 had we seen such a vibrant market for home sellers. The market was good across all price points but was especially strong for homes selling in price points under $500,000.
Towards the end of 2012 inventory of homes for sale had started to dwindle. When the Spring market started around March of 2013 inventory levels had dropped to their lowest levels in a very long time. This set up the perfect environment for those entertaining the idea of selling their home. The Spring market was an absolute frenzy for sellers. Homes were being sold within days of them being listed for sale. Often times sellers would have multiple bids to choose from. Buyers were under the gun to make a decision and they knew it! If you didn’t act fast on a home you wanted, another buyer would swoop in and grab it.
It really was a perfect storm for home sellers as inventory was very low and interest rates were at record lows. The market remained strong throughout the year and was fueled by a lack of homes for sale. Lower inventory is always a good sign for those who want to sell their home as supply and demand is always a factor with Real Estate values.
For 2013 Franklin ended the year with 269 home sales. In 2012 there were 243 sales.
2014 Franklin Real Estate Analysis
The amount of homes for sale in Franklin right now has been hovering near the lows for the last decade! As we head into February inventory of homes for sale has been hovering around 40 homes. This is incredibly low for Franklin. Just to give you an idea in most of 2012 there were 85 to 1oo homes for sale. To cut inventory of homes for sale by half is unheard of.
The market as we head towards the Spring is really set up well for sellers. Inventory is so low we are bound to see bidding wars and homes selling almost as soon as they hit the market in the coming months.
February was a slow month for closed sales with only 6 which is less than half of what there was last year when there was 13. This is totally attributed to the lack of homes for sale not a slow market. Pending sales were also on the low side with only 5. This can be also be attributed to both seasonality along with a lack of homes available to purchase.
As mentioned previously, the average days on the market is noticeably higher in Franklin than some of the other area towns but this is a statistical glitch due to a significant amount of properties that are “to be built.” Franklin has far more new construction than some of the other towns in the area which has a dramatic effect on the days on market statistics.
The above Franklin Real Estate statistics are for single family homes ONLY and do not include condominiums or multi family homes.
Click the link to see Franklin Massachusetts homes for sale.
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