Franklin Massachusetts Real Estate Report July 2013
See what has gone on in the Franklin Real Estate market for the month of July 2013 along with year over year comparisons. Learn why buying real estate in Franklin is a popular choice of many home buyers relocating into the Metrowest area.
Franklin MA Real Estate Activity For July 2013 vs July 2012
In July of 2013 there were 22 homes that closed within the month for Franklin MA Real Estate. This is a decrease of 5 units, as there were 27 homes that closed in July of 2012.
The average list price for the homes that closed in July of 2012 was $432,114
The average list price for the homes that closed in July of 2013 was $408,759
The average sale price for the homes that closed in July of 2012 was $421,674
The average sale price for the homes that closed in July of 2013 was $403,923
The average market time for the homes that closed in July of 2012 was 85 days.
The average market time for the homes that closed in July of 2013 was 49 days.
Homes Under Contract For July 2013
16 homes went under agreement in the month of July. The average list price of the homes that went under agreement was $381,744. The average time on the market for these homes were 32 days. July was a decent month for homes going under contract in the Franklin Real Estate market.
January 2010 – 2012 Final Year Real Estate Market Statistics For Franklin Massachusetts
For the period of January to December of 2012 there were 243 properties sold.
For the period of January to December of 2011 there were 227 properties sold.
For the period of January to December 2010 there were 206 properties sold.
For the period of January to December in 2012 the average list price was $405,929 the average sale price was $395,470 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 market time was 110 days.
For the period of January to December in 2010 the average list price was $411,088 the average sale price was $399,925 and the average time on the market was 102 days.
Current July Homes For Sale Inventory Levels
The are currently 53 homes on the market in Franklin MA. The average list price of these homes is $520,853. The average days on the market is 225. Home inventory jumped up a bit from last month when there were only 39 homes for sale. With only 53 homes for sale, inventory is still incredibly low.
Franklin MA Real Estate Market Analysis
In 2012 the Franklin Real Estate market had a increase in the amount of homes sold as compared to 2011. The increase was a little over 10 percent which is in line with a number other local area towns. Homes priced properly generally moved on average in a 3-4 month time period. There was still a downward trend in Real Estate values through out the earlier part of the year but the weakness occurred mostly in the upper end of the market (over 500k). The average days on market was substantially similar to the previous two years. The lower end of the market (under 400k) remained strong with values holding firmer than in the upper ends of the Franklin market especially over the latter half of the year as inventory levels dropped.
Inventory levels started to drop over the latter half of 2012 and have continued that way through the entire Spring market and now Summer as we head into August. The amount of home for sale in Franklin right now has been hovering near the lows for the last decade! As we head into August inventory levels did rise a bit from last month when there were only 39 homes for sale! For comparison, inventory levels over the middle to latter half of 2012 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 unheard of. In most price ranges homes are selling as fast as the hit the market at the moment.
It has become quite commonplace for some properties to last only a few days on the market with multiple bids. It has definitely changed from a buyer’s market into a full fledged sellers market. The month of July was pretty decent for closed sales with 22. The amount of sales would have probably been higher if there were more homes for sale
Lower inventory is always a good sign for those considering to sell their home as supply and demand is always a factor with Real Estate values. 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 2012 there were 243 homes that sold. In 2011 there were 227 sales. 2012 showed about and 9% increase in sales. There are some local towns that show much larger sales gains which is surprising as Franklin is a very popular community for home buyers. In some of the other area towns the increase in sales is between 10-20%.
Year to date there have been 153 home sales. In 2012 at this same time there were 129 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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