Franklin Massachusetts Real Estate Report October 2014
Do you want to see what has gone on in the Franklin Real Estate market for the month of October along with year over year comparisons? Take a look at our reporting of the Franklin MA market. While you are here also take a look at real estate in Franklin Mass, where you will find out why the town is a popular choice for home buyers including information on town history, schools, demographics and more.
Franklin MA Real Estate Activity For October 2014 vs October 2013
In October of 2014 there were 20 homes that closed within the month for Franklin MA Real Estate. This a decrease of 1 unit, as there were 19 homes that closed in October of 2013.
The average list price for the homes that closed in October of 2013 was $362,779
The average list price for the homes that closed in October of 2014 was $445,570
The average sale price for the homes that closed in October of 2013 was $353,258
The average sale price for the homes that closed in October of 2014 was $431,092
The average market time for the homes that closed in October of 2013 was 82 days.
The average market time for the homes that closed in October of 2014 was 55 days.
Homes Under Contract For October 2014
12 homes went under agreement in the month of October. The average list price of the homes that went under agreement was $427,342. The average time on the market for these homes were 88 days. September was an average month for homes going under contract in the Franklin Real Estate market.
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 October Homes For Sale Inventory Levels
The are currently 72 homes on the market in Franklin MA. The average list price of these homes is $527,876. The average days on the market is 194 which is really deceiving due to the fact there is much “to be built” new construction. Homes are actually selling very quickly if priced properly. The amount of homes for sale decreased by seven homes from last month.
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
Inventory over the last few months has been on the rise from the historic lows we were seeing at the beginning of the year. This month was the first month in a while inventory has come down. This is partially due to the fact that some homeowners take their property off the market and try again in the Spring.
October was a decent month for closed sales with 20. This was almost identical to the performance last October when there were 19 closings. The amount of homes going under contract was lagging with only 12. Over the last month the amount of buyers out looking at homes has dropped considerably. This is quite common for this time of year. More than likely sales volume will slow over the next few months.
Franklin remains a very popular place to live and the market continues to show that with a vibrant sales volume. Sales for the year right now are down from last year but no by a wide margin.
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.
Sales statistics this year vs last
Year to date there have been 222 sales which is a little bit off the pace of last year when there were 236 at this time.
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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