Franklin Massachusetts Real Estate Report May 2014
Do you want to see what has gone on in the Franklin Real Estate market for the month of May along with year over year comparisons? Take a look at our reporting of the Franklin MA market. While you are also view the Real Estate guide to Franklin Massachusetts 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 May 2014 vs May 2013
In May of 2014 there were 18 homes that closed within the month for Franklin MA Real Estate. This is an decrease of 16 units, as there were 34homes that closed in May of 2013.
The average list price for the homes that closed in May of 2013 was $407,869
The average list price for the homes that closed in May of 2014 was $405,961
The average sale price for the homes that closed in May of 2013 was $401,870
The average sale price for the homes that closed in May of 2014 was $408,383
The average market time for the homes that closed in May of 2013 was 131 days.
The average market time for the homes that closed in May of 2014 was 53 days.
Homes Under Contract For May 2014
28 homes went under agreement in the month of May. The average list price of the homes that went under agreement was $400,868. The average time on the market for these homes were 76 days. May was an exceptional month for homes going under agreement 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 May Homes For Sale Inventory Levels
The are currently 63 homes on the market in Franklin MA. The average list price of these homes is $544,640. The average days on the market is 181 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. Home inventory decreased from last month by five homes as there were sixty eight for sale.
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
The amount of homes for sale in Franklin has been hovering near the lows for the last decade over the last few months! That changed in the Month of April when there was a significant bump in inventory. The inventory in May however dropped by a small margin. The market is very fluid right now. Home that are priced properly are moving fairly quickly.
Franklin remains a very vibrant market and a popular place to live. I would expect homes to continue to go under contract as they enter the market throughout the next few months. What is interested to note however is that the number of sales year to date is way off the pace from last year.
May was a decent month for closed sales with 18 but trailed last May’s production when there were twenty eight sales. This is due to the fact there was a lack of homes for sale more than anything else. Home going under agreement were very strong with 28.
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 only been 54 sales which is far off the pace of last year when there were 98 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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