Franklin Massachusetts Real Estate Report January 2014
Want to see what has gone on in the Franklin Real Estate market for the month of January 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 January 2014 vs January 2013
In January of 2014 there were 19 homes that closed within the month for Franklin MA Real Estate. This is an decrease of 3 units, as there were 22 homes that closed in January of 2013.
The average list price for the homes that closed in January of 2013 was $479,114
The average list price for the homes that closed in January of 2014 was $365,421
The average sale price for the homes that closed in January of 2013 was $460,970
The average sale price for the homes that closed in January of 2014 was $360,911
The average market time for the homes that closed in January of 2013 was 67 days.
The average market time for the homes that closed in January of 2014 was 69 days.
Homes Under Contract For January 2014
5 homes went under agreement in the month of January. The average list price of the homes that went under agreement was $384,760. The average time on the market for these homes were 49 days. December 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. There were not many new properties entering the market for sale.
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 31 homes on the market in Franklin MA. The average list price of these homes is $551,068. The average days on the market is 331 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 dropped from last month when there were 35 homes for sale. Historically inventory is at record lows for homes for sale in Franklin. In the twenty seven year I have been selling real estate I have never seen inventory levels like this.
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.
Inventory levels started to drop over the latter half of 2012 and have remained c0nsistently low throughout all of this year. The amount of homes for sale in Franklin right now has been hovering near the lows for the last decade! As we head into January inventory levels once again dropped by a healthy margin from last month when there were only 41 homes for sale!
When comparing inventory levels over the middle to latter half of 2012, they hovered around 85 to 100 homes for sale. Over the last few months inventory has hovered around 40-50 homes for sale. Having less than fifty homes for sale in Franklin is just mind boggling. In most price ranges homes are selling as fast as the hit the market at the moment.
December was a decent month for closed sales with 19 which was a few sales less than last year when there was 22.. The total number of sales more than likely would have been greater if there were more homes for sale.
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.
For 2013 Franklin ended the year with 269 home sales. In 2012 there were 243 sales.
The above Franklin Real Estate statistics are for single family homes ONLY and do not include condominiums or multi family homes.
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