Real Estate Trends – Framingham, Massachusetts

Introduction:

We and back for our latest real estate market trend report.  If this is your first time reading one of these reports, what we do is examine real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in several key metrics year over year for the town to see how the market has changed and then evaluate what those observations mean for that market moving forward. 

Today we are highlighting Framingham, MA in Middlesex County

 Framingham History Center - Framingham MA Real Estate

We did examine the Condo Market for Framingham, MA last month.  Now we are looking at the single family market there.

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

The Framingham, MA market appears to be down a little since last year, looking to be really more flat than down.  Both the average listing and average sales prices were down a tiny amount.  The days on market look to be down some, but as we have seen many times that is deceptive on the surface.  Inventory was up a bit from 21 sales in March of 2014 to 27 in 2015. 

Average Listing Prices:

The first thing we are going to look at is the average listing price.  For Framingham, MA the average listing price in March 2014 was $393,476.  This was down to $391,281 in March 2015.  That gives a meaningless 0.56% decline. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for Framingham, MA in March of 2014 was $385,062 and in March 2015 that was down to $379,970.  That gives a slightly larger decrease of 1.32%, which is still pretty much negligible. 

Average Days on Market:

Finally we look at the average days on market, the measure of how long it takes for a house to sell in the current market.  For Framingham, MA the average days on market in March of 2014 were 105.24 and the average days on market for March 2015 were 84.78, for a 19.44% decrease. 

However, as we have seen so many times in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, Beverly,  Framingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2 and Derry, NH outliers in the data can really skew these numbers.  This again this is the case for Framingham, MA.  In this case there was a very high days on market house in the 2014 data.

In 2014 there was a house with 752 days on market.  This was more than the next 3 highest places combined.  When removed the new calculation for the remaining 20 houses gives an average days on market of 72.90, a pretty significant decline.  Using this adjusted number we see the nice decrease now become a similar sized 16.30% increase.  This changes the observation a bit.  While changes in the teens are not that big for this statistic it isn’t totally insignificant like the price changes are so this makes things look to be down a touch more than being totally flat.

Framingham, Mass Summary:

The Framingham, Massachusetts real estate market looks like is has flattened out since last year.  The insignificant drops in listing prices and sale prices as well as the fairly small increase in days on market show this point. 

In summary if you are looking to sell a house in Framingham, MA now you should expect to get more or less the same as you would have last year.  You should not have to take a discount off your expected price to sell but might want to consider taking some discount to avoid sitting on it for a long time since the days on market are fairly high. 

 

Do you need to sell your Framingham, Massachusetts house 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 History Center via Wikipedia)

 

 

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