Franklin Massachusetts Real Estate Report October 2013
See what has gone on in the Franklin Real Estate market for the month of October 2013 along with year over year comparisons. Learn why buying realty in Franklin MA is a popular choice of many home buyers relocating into the Metrowest area.
Franklin MA Real Estate Activity For October 2013 vs October 2012
In October of 2013 there were 17 homes that closed within the month for Franklin MA Real Estate. This is an decrease of 10 units, as there were 27 homes that closed in October of 2012.
The average list price for the homes that closed in October of 2012 was $388,285
The average list price for the homes that closed in October of 2013 was $379,282
The average sale price for the homes that closed in October of 2012 was $371,156
The average sale price for the homes that closed in October of 2013 was $368,788
The average market time for the homes that closed in October of 2012 was 98 days.
The average market time for the homes that closed in October of 2013 was 89 days.
Homes Under Contract For October 2013
12 homes went under agreement in the month of October. The average list price of the homes that went under agreement was $339,267. The average time on the market for these homes were 52 days. October was a decent month for homes going under agreement in the Franklin Real Estate market. There was not much new inventory of home for sale and this is typically a slower time of the year.
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 October Homes For Sale Inventory Levels
The are currently 50 homes on the market in Franklin MA. The average list price of these homes is $541,124. The average days on the market is 262. Home inventory rose ever so slightly from last month when there were 47 homes for sale. Historically inventory is at record lows for homes for sale in Franklin.
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.
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%.
Inventory levels started to drop over the latter half of 2012 and have remained 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 November inventory levels rose just a bit from last month when there were only 47 homes for sale! Inventory has risen over the last two months but only ever so slightly.
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.
It has become quite commonplace for some properties to last only a few weeks on the market in some cases with multiple offers on the table. It has definitely changed from a buyer’s market into a full fledged sellers market this year in Franklin.
Sales however have cooled just a bit from the frantic pace we were experiencing throughout the Spring. October was a pretty good month for closed sales with 17 although ten less than October of last year. The total number of sales more than likely would have been greater if there were more 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. 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.
Year to date there have been 234 home sales. In 2012 at this same time there were 206 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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