Real Estate Trends – Franklin, Massachusetts (Condos)

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the 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 three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the Condo market in Franklin, MA in Norfolk County

 

Market Trends in Franklin, MA – June 2015 and 2016:

The Franklin, MA condo market has fallen off a lot since last year.   The average prices are down and the median prices were down about as much.  The days on market look to be down a lot, though we will look at that closer.  Inventory was level with 13 sales in June of 2015 and 13 in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Franklin, MA the average listing price for a condo in June 2015 was $294,254.  This was down to $268,262 in June 2016.  This gives a modestly high decrease of 8.83% year over year. 

Looking at the median prices we see that they were lower in both years.  For June of 2015 the median listing price for condos in Franklin, MA was $279,900 and in June 2016 it was $255,000 which now gives a very similar decrease of 8.90%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Franklin, MA in June of 2015 was $290,825 and in June 2016 that was down to $268,139.  That gives another modestly high decrease of 7.80%, though slightly lower than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For June of 2015 the median sales price for a Franklin, MA condo was $275,000 and in June 2016 it was $252,500 giving another fairly large decrease of 8.18%. 

Prices have gone down some for condos in Franklin, MA in June.  The overall range was pretty tight going from roughly 8-9% down.  The two listing metrics were both just under 9% while the two sale ones were just below and just above 8%.  Sales are more important than listing prices and medians are the more preferred method so giving the most weight to the median sales price the best guess is that prices are down a tad over 8%.  Though as stated there was not much variance so worst case is just under 9%.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a property to sell in the current market.  For Franklin, MA condos the average days on market in June of 2015 were 127.69 and the average days on market for May 2016 were 48.69 for a pretty large 61.87% decrease.

However, as we have seen many times before 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, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain , Halifax, Braintree (Condos), Newton (Multifamily), Plainville ,Boxford, Wayland , West Bridgewater, East Bridgewater, Marlborough (Condos), Natick (Condos), Gloucester, (Condos), Melrose (Condos), Norton (Condos), Newburyport, Atkinson, NH, Fairhaven, Lexington, Arlington (Condos), Salisbury, Weston, Groton, Wellesley, Littleton, Lowell (Condos) #2, East Boston (Condos), Dedham #3, Hanover, Canton (Condos), Belmont #2, Seabrook, NH, Hingham (Condos), Lakeville, Raynham, Holliston, Londonderry, NH, Georgetown, South Boston (Condos), Needham #2, Arlington #2, Foxboro #2, Boston’s Roslindale (Condos), Burlington #2, Salem NH #2, Boston’s South End (Condos) #2Somerset, Everett (Multifamily), Sharon, Dedham #4, Boston’s Brighton (Condos), Winthrop (Condos), Littleton #2, Ipswich and Westport outliers in the data can really skew these numbers.  This again is the case for Franklin, MA in June.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 784 days on market; this was almost as much as the next 9 properties combined and just over 47% of the total days on market for all 13 Properties.  When removed the new calculation for the remaining 12 properties gives an average days on market of 73.0. 

Using the adjusted numbers we now get a much smaller decrease of 33.30%.  This does not change the basic conclusion that the days on market were down a sizable amount.  The only change is the magnitude of the change which is still large but a bit less dramatic than it originally looked.

Franklin, Massachusetts Summary:

The Franklin, Massachusetts condo real estate market is down a since last year.  The average prices were down some while the median prices were down about the same.  The days on market were down a good bit though, which does give some counterargument to the conclusion of a down market.

In summary if you are looking to sell a condo in Haverhill, MA now you should expect to get less for it than you would have gotten last year.  However you could also expect it to take a lot less time to sell compared to last year as well. 

 

Do you need to sell your Franklin, 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: Main Street – Franklin MA by John Phelan via Wikipedia)