Real Estate Trends – Framingham, Massachusetts (Condos)

Introduction:

We are back for another real estate market trend report looking at a city or town in Massachusetts or New Hampshire. It has been awhile since we have looked at the market for Condos any place so we will be examining one today.

Today we are highlighting the condo market in Framingham, MA in Middlesex County.

Framingham Town Seal - Framingham MA Real Estate

Market Trends in Framingham, MA – February 2014 and 2015:

The Framingham, MA condo market has appeared to flatten out since last year.  The average listing prices are down a tiny amount and average sales prices were up by an even smaller amount.  The days on market did increase dramatically year over year. Inventory was pretty consistent with 7 sales in February of 2014 and 8 sales in February 2015.

Average Listing Prices:

The first thing we look at is the average listing price.  For Framingham, MA condos in February 2014 the average list price was $163,886.  This was down slightly to $162,088 in February 2015.  That gives a meaninglessly small decrease of 1.10%.  So small that we will just say this was flat year over year.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for Framingham, MA condos in February of 2014 was $160,143 and in February 2015 that was up ever so slightly to $160,906.  That results in a meaningless increase of 0.48%.  Again it is fair to just say things were flat year over year for this as well.

Average Days on Market:

Finally we look at the average days on market, a measure of how long it takes for a house to sell in the market.  For Framingham, MA condos the average days on market in February of 2014 was 25.43 and the average days on market for February 2015 were 108.50.  This gives us a gigantic 327% increase! However, as we have seen many, many times now in our previous posts for AbingtonBedford, Seekonk, BelmontTopsfield, Canton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton , Reading, Stoughton , Wrentham, Stoneham, Dedham, Nashua, NH , TewksburyBrockton (Multifamily), Lowell (Multifamily), Acton , Foxboro , Pembroke, Chelmsford and Beverly outliers in the data can skew things significantly.  This is the case for Framingham, MA condos as well.  In this case there was a high days on market house in the 2014 data.  Interestingly this particular house only had a modest 102 days on market, but this was almost as much as five times the 2nd highest point and a lot more than the other 6 houses combined.  So even though I believe it is the smallest outlier we have seen it is also one of the most dramatically outside the norm for the rest of the data. When removed from the calculation you have the remaining 6 houses have an average days on market of 12.67.  Using this adjusted number we see the increase now becomes even more ridiculous at 756%.  This of course does not change the general observation that the days on market are increasing dramatically.

Framingham, Mass Summary:

The Framingham, Massachusetts condo market looks like is has become somewhat stagnate since last year.  The flat listing prices and sale prices support this.  However the tremendous increase in the days on market is surprising for what otherwise looks like a flat real estate market.  While the pricing gives no indication of a market decline, if days on market continue at such a high level then prices will eventually start to fall. In summary if you are looking to sell a condo in Framingham, MA now you should expect to get about the same amount for it as you would have last year.  However you should also expect to have to wait much longer to be able to sell it for your price.  You should be prepared to take a big discount to sell faster if you want to avoid sitting on it for too long.  

 

Do you need to sell your Framingham, Massachusetts condo fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.      

 

 

(Image credit: Framingham Town Seal via Wikipedia)  

 

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