Franklin Massachusetts Real Estate Report March 2013
Franklin MA Real Estate Activity For March 2013 vs March 2012
In March of 2013 there were 11 homes that closed within the month for Franklin Real Estate. This is a decrease of 1 unit, as there were 12 homes that closed in March of 2012.
The average list price for the homes that closed in March of 2012 was $355,617
The average list price for the homes that closed in March of 2013 was $411,836
The average sale price for the homes that closed in March of 2012 was $384,635
The average sale price for the homes that closed in March of 2013 was $412,545
The average market time for the homes that closed in March of 2012 was 137 days.
The average market time for the homes that closed in March of 2013 was 303 days.
Homes Under Contract For March 2013
20 homes went under agreement in the month of March. The average list price of the homes that went under agreement was $344,145. The average time on the market for these homes were 83 days. March was an outstanding 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 March Homes For Sale Inventory Levels
The are currently 56 homes on the market in Franklin MA. The average list price of these homes is $435,752. The average days on the market is 266. Home inventory has remained at the lowest levels it has been in a very long time!
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.
Current home inventory levels started to drop over the latter half of 2012 and have continued to do so since. As we head into April inventory levels have continued to drop and are now at the lowest levels there have been in many years. Inventory over the middle to latter half of 2012 was around 85 to 100 homes but has continued to drop steadily as we moved into 2013. With inventory being at record lows combined with a very active buyer pool homes are selling as fast as the hit the market at the moment.
It is not uncommon for some properties to last only a few days on the market with multiple offers. It has definitely changed from a buyer’s market into a full fledged sellers market. The month of March was average for closed sales with 11. The amount of sales is actually being held in check due to a lack of 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. The month of March was average for closed sales with 11.
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 41 home sales. In 2012 at this same time there were 35 sales.
To learn more about Franklin Massachusetts see the Franklin community guide.
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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