Home Sales

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                    [post_content] => A slowdown in MA home sales coupled with an increase in the number of homes for sale caused home inventories to rise in Massachusetts in October. The bulge in the inventory of homes on the market in MA reflects a drop off in the number of ready, willing and able home buyers.



A general weakening of demand has been noticeable across the Commonwealth ever since the expiration of the two Federal home buyer tax credits at the end of last April.

Market slowed after end of tax credits

The chart shown above amply demonstrates the current state of the Massachusetts real estate market: nothing dire, but certainly a move in the wrong direction.

Massachusetts saw a 16.7% rise in the inventory of homes available for purchase in October (to 7.7 months’ worth of supply from 6.6 months in October 2009).

Home for sale inventories rose a sharp 26.3% in the regional market around Franklin, MA and a whopping 64% in the Town of Franklin, Massachusetts itself (although the supply of available homes in Franklin is still below both that of the regional and state-wide markets).

Fewer sales and more listings the culprit

Here’s the reason why October’s home inventory numbers rose throughout Massachusetts:



It is simple mathematics.

If home sales volume declines while the number of homes for sale goes up, it is going to take the market longer to “absorb” (buy) the homes currently available for purchase.  The months of standing inventory goes up.

Reasons for optimism

It is important to avoid exaggerating this fall’s MA real estate market deceleration: properly priced homes are selling, some very quickly.

I produced the buyer for the home at 15 Josiah Drive in Upton, MA the first day that home was on the market a couple of weekends ago.



And my listing at 28 Harvard Lane, Wrentham, MA found a buyer this October after the first open house.



There are very good reasons to discount the alarming market stats we have been seeing on the local level for some months now.

The Federal home buyer tax credits heavily contributed to today's slower real estate market. The tax credits accelerated buyers’ purchases into late 2009 and early 2010, in effect stealing demand from the rest of 2010.

So the current slowdown in demand is artificial in nature and should cure itself over time.

And mortgage interest rates are at all-time lows.

This greatly bolsters the buying power of buyers and gives them a strong incentive to buy this fall.

Advice to frustrated home sellers

I know how hard it is to have a home for sale in the current market; some homes are selling while other homes linger unsold and you can't understand why your property hasn't found a buyer.

It is not your home's fault and is very likely not the fault of your hard working listing agent either.

This fall, put the blame on those expired Federal home buyer tax credits!

Adjust your asking price and get the house sold while rates are low


Even slight over-pricing can cost you months of extra time on the market.  Buyers will simply reject an over-priced home and buy a competing property that offers better value.

But home sellers have an ace in the hole this fall: today's historically low mortgage rates.

Given the urgency many buyers feel to find a home this fall to lock in a great mortgage rate, you might be pleasantly surprised by the durability of this fall's market.  Properly priced homes have an excellent chance of selling over the next few months while the low rates last!

My best advice to home sellers with a home currently on the market is to stick it out . . . you might find yourself in a very difficult market if mortgage rates spike next year.

You will thank yourself in coming years if you price your home properly now and grab a good buyer as soon as she comes along!

Copyright ©2010 02038.com
                    [post_title] => MA home sellers: What October's inventory figures mean for you
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                    [post_content] => Median home sale prices rose in Franklin, MA during the first three months of 2009.  Single family home prices in Franklin climbed 10.9% compared to year-ago levels while Franklin condominium sale values were up 16.8%.

[caption id="attachment_3294" align="alignnone" width="298" caption="1st Quarter 2009 Report"][/caption]

Read the full story on the 1st Quarter 2009 home sales results for Franklin and broader regional markets in Massachusetts by clicking the link or by clicking on the image above to download your copy of the 1st Quarter 2009 Franklin Real Estate Report!

The rise in Franklin median home sale prices was the one bright spot in otherwise dreary 1st quarter 2009 market stats. 

Home sale volume and the number of pending sales were down in Franklin, while median prices, sale volume and pendings all fell sharply in Eastern MA and the regional market surrounding Franklin.

The jump in median sale prices marked the first rise in Franklin 1st quarter home sale values in three years.  Franklin 1st quarter single family home sale prices had fallen in both 2007 and 2008, following a 30% rise for the same period back in 2006.

Download your copy of the 1st Quarter 2009 Franklin Real Estate Report today!

It’s exclusive, all-original content created by Franklin Realtor® Warren Reynolds to help inform you about MA real estate in 2009. 

You can get the 1st Quarter 2009 Franklin Real Estate Report only from Warren – because he wrote it!  Download your copy today!

Click here to discover the value of your home or investment property . . . or call Warren at 508-613-2889 for a Home Value Report; it's free - no cost, no obligation!

Copyright ©2009 02038.com
                    [post_title] => Home Prices Rise in Franklin, MA
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                    [post_content] => The Franklin, MA real estate market strengthened moderately in March 2009 after the sluggish performance turned in for February.  The top selling prices of single family homes in Franklin for the month far surpassed February’s highest sales.  Single family sale volume in Franklin for March also bested February’s levels.



It was very good to see the high end of Franklin, MA home sales break well over the $700,000 barrier in March 2009. 

At $750,000 and $735,000, respectively, 7 Addison Ave. and 9 Cranberry Dr. were the 2nd and 3rd highest single family home sales to date in Franklin, MA for 2009.

Single family sale volume improved in March 2009 from February’s levels.  But total single family sales was less than March 2008 figures



11 single family home sales for the entire month of March 2009 may not seem like much for a town the size of Franklin, MA.   But Franklin’s March home sale tally was very welcome coming as it does on the on the heels of February’s extremely low real estate sale results.

At least the 20 pending home sales registered on the MLS for Franklin in March 2009 were close to the number of pendings for March the year before.

With mortgage interest rates remaining at or below historic lows, there are grounds for optimism as we head deeper into 2009!

Copyright ©2009 02038.com
                    [post_title] => High-Low Sales Report Mar 2009
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                    [post_content] => Single family home inventory in Massachusetts showed modest improvement in March 2009 compared to year-ago levels.



The Franklin, MA real estate market experienced the least reduction; it carried 8.4 months of inventory in March 2009 (compared to 8.5 months in March 2008).   On the other hand, Franklin had the lowest level of inventory in the 3 markets tracked by 02038.com.

The regional market surrounding Franklin, MA had 9.8 months of single family home inventory in March 2009.  This represents a 15.5% reduction from March 2008’s 11.6 months of supply.

The single family home market for all of Massachusetts saw a 15% reduction in single family home inventory (9.1 months of inventory for March 2009 versus 10.7 months in March 2008).

Inventories of condominiums declined in March compared to year-ago levels in the regional market surrounding Franklin, MA and across the entire Commonwealth of Massachusetts.



There were 9.7 months of condo inventory in the Franklin regional market in March 2009 (compared to just over 12 months back in March 2008).

Condominium inventory for the entire Massachusetts market in March 2009 stood at 11 months (as opposed to 12.2 months in the same month for the prior year.)

It was a very different picture in Franklin itself where condo inventory ballooned to an eye-popping 20.2 months.  This can be traced directly to the addition of many spec-built new construction units in Franklin.

In the last 30 days, 42 new Franklin condominium listings were entered into the regional MLS system - that's a lot of new inventory! 

The bulk of these new MLS listings in Franklin were new construction units in Hidden Acres Village (off Chestnut Street), Franklin Heights (off Lincoln Street) and new Phase 3 of The Villages at Oak Hill (off Washington Street in the south part of Franklin).

Click here to see houses and condos for sale in Franklin, MA and the greater Route 495 region!

Copyright ©2009 02038.com
                    [post_title] => Absorption Rates March 2009
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                    [post_content] => This is a report from the trenches of Franklin, MA real estate, a quick status snapshot of things as they were Sunday, March 8, 2009 in the Franklin market area.

Reality Check #1I went to a Sunday open house for a new listing in Franklin.

 

It was the first day of showings for a young colonial in a nice subdivision of similar homes.  The asking price was attractively “to market”.



Turnout was staggering!  I counted 7 cars parked out front of the home mid-way through the 2 hour open house. 

Buyers were swarming all over the house and yard.  Couples with children were coming and going.  One buyer was writing an offer with his agent using the hood of his car as a table.

The outstanding success of this open house demonstrates that homes will attract a lot of buyer interest if they are priced properly.  At least in the greater Route 495 region of Massachusetts surrounding Franklin, the buyers are out looking!

Reality Check # 2After the Franklin open house I drove south on Route 495 to show homes in Norton and Attleboro to a client of mine.  On my way, I drove past Exit 15 on Route 495, the exit for the Wrentham Premium Outlets Mall.



Traffic was backed up on the off ramp almost to the right travel lane of the highway!  There was a solid line of cars starting on the off ramp and extending all the way to the mall entrance (about ¾ mile). 

Buyer attendance at the mall seemed as strong as if it was the last shopping weekend before Christmas!

The bumper to bumper traffic going to the mall on a warm Sunday in March would appear to indicate that the Massachusetts retail economy is resilient despite the weakness in the national economy.

I don’t know whether any of this indicates anything meaningful for the future performance of the Massachusetts real estate market in the region around Franklin.  But prospective home buyers should take note that the local economy is displaying signs of some strength as we head into the spring 2009 home selling season.

Copyright ©2009 02038.com
                    [post_title] => Home Buyers Active, Shopping Mall Packed
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                    [post_content] => There was a total of only seven single family home sales in Franklin entered on the MLS during February 2009.  This is an astonishingly low number for Franklin, MA!


At a paltry 7, February’s total single family sale volume represents a 46% decline from the average number of February home sales achieved over the past 6 years in Franklin.  (Franklin has averaged 13 sales each February from 2003 and 2008).


Pending sales (single family homes under agreement but with transfers of title not yet completed) for February 2009 were also at their lowest levels in years in Franklin.

But look at the sale prices at low end of the Franklin market this past month.  With the lowest sale price coming in at $277,000, home prices in Franklin remain pretty high!

I do not report on monthly median sale price figures for Franklin because the monthly sample of home sales generally is too variable to produce reliable statistics. 

A look at the broader MA market paints a reliable picture of Massachusetts home prices as being down but not depressed.

As documented by the S&P/Case-Shiller Home Price Index Home for Boston, home prices in the metro Boston area are off over 16% from their peak reached back in 2005.  But considering how high prices rose in Massachusetts between 2000 and 2005, the price decline to date has not made homes cheap by any means.  Massachusetts homes are still expensive!

Home buyers in 2009 might want to take a perverse comfort in the relative resilience of Massachusetts home prices to date. 

No one can see future events, so MA home prices may fall some more, especially if the national economy encounters new problems in 2009. 

But the fact that Massachusetts property values have held up so well to date in the face of last year’s credit crisis and stock market collapse may indicate that they’ll bounce back smartly a few years from now once the troubled the national economy rights itself.

Click here to see homes currently for sale in Franklin, MA and surrounding communities!

Copyright ©2009 02038.com
                    [post_title] => High-Low Sales Report Feb 2009
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                    [post_content] => The inventory of single family homes for sale in Franklin, MA remained relatively unchanged at 6.6 months in February 2009 compared to February 2008’s 6.4 months of inventory.



This essentially “status quo” statistic for Franklin, MA real estate does mask a guardedly positive trend in Franklin towards fewer single family homes actively for sale.  The number of Franklin homes for sale in February 2009 fell 15% compared to February 2008 (108 active listings in 2/09 compared to 127 active listings in 2/08).

The number of months of inventory in Franklin remained the same, however, because the pace of single family sales in Franklin has slowed in recent months. 

However, I have noticed a marked pick-up in buyer showing activity since early January and houses in Franklin are selling, so Franklin real estate sales volume may soon trend upwards.

The good news regarding the regional Franklin market and the overall Massachusetts real estate market is that they both shed significant single family inventory in February 2009 compared to year ago levels.
 
The Franklin regional market absorbed one full month’s of inventory in February 2009 (8.4 months of single family inventory compared to 9.4 months in February 2008). 
And in the overall MA market, the improved rate of absorption was even greater (there were 7.7 months of single family inventory on MA’s MLSPIN multiple listing system in February 2009 compared to the nearly 9 months of inventory one year ago). 

That these broader Massachusetts markets were reducing single family home inventory in February 2009 would seem to signal a degree of housing muscle for the upcoming spring selling season.

Condominium supply in Franklin, MA ballooned in February 2009 compared to the levels seen in February 2008.



This is a misleading statistic because there are so many new condominium projects in Franklin.  The supply of new construction condominiums in Franklin is elevating the number of months of condominium inventory in town.

Condominium absorption rates in both in the Franklin regional market and the overall Massachusetts market (as reported by MLSPIN, the predominate MLS system in the state) improved in February 2009 compared to last year’s levels.

The performance in the statewide condo market paints the best picture.  The 8.8 months of condo inventory in the overall MLSPIN system for February 2009 represents a 12% decrease in inventory compared to 10 months of condo inventory in February of the prior year. 

A marked reduction in standing housing inventory is the first step in stabilizing a market.  If the reduction of condo inventory were to continue into the upcoming Spring 2009 selling season, it would be a very welcome development!

Click here to see 1000s of homes for sale in Franklin, MA and surrounding communities!

Copyright ©2009 02038.com
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                    [post_content] => The Franklin, MA real estate market turned in a fairly stable performance in January 2009. 



As you can see in the high-low sales report above, there were no great surprises in terms of selling prices.

The report covers single family home sales in Franklin, MA that went of record during the month of January 2009. 

These sales represent deals that went together during the last few months of 2008, months which were heavily impacted by economic turmoil across the United States and deep worries about financial markets around the world. 

For the lowest priced single family home sale for the month of January 2009 to be $200,000 speaks volumes about  the relative stability of real estate in Franklin, MA.  Home buyers continue to view Franklin, MA as a highly desirable community in which to live. 

3 Richard Lane was a very modest bank-owned home and needed a lot of upgrading both inside and out.

And it was good to see the high end of Franklin home sales to show such relative strength in January.  $890,000 is not shabby for the highest priced sale in town in the midst of an economic crisis!

No one knows what 2009 will bring for Massachusetts real estate, especially in such times of national economic uncertainty. 

So we'll have to wait and see how the real estate market unfolds in the coming year.  But the home sales that closed in the first month of 2009 are cautiously encouraging for all home owners in Franklin, MA.
Copyright ©2009 02038.com
                    [post_title] => High-Low Sales Report Jan 2009
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                    [post_content] => Inventories of single family homes for sale rose in select Massachusetts regional markets in January 2009 compared to January 2008.



As shown in the chart above, the supply of single family homes rose in January 2009 in Eastern MA, the regional market around Franklin, MA and in Franklin itself. 
This indicates that home offerings are meeting continued resistance from buyers and is consistent with a weakening real estate market in general.

However, note that Franklin’s January 2009 housing inventory (5.5 months of supply) compares favorably with the supply of single family homes in Eastern MA as a whole (7.8 months) and in the Franklin regional market (8.1 months of supply).

In the condominium side of the residential housing market, supply in Franklin, MA increased sharply in January 2009 compared to the same month of the prior year.



Condo inventory in Franklin ballooned to just over a 14 months’ supply in January 2009, compared to 9 months of condos and townhomes for sale in Franklin back in January 2008.

This increase contrasts with the slight decline in condo inventory that occurred in the greater Franklin market area and in Eastern Massachusetts overall.

Why the increase of condo/townhome inventory in Franklin? 

The answer may in all the new construction units that came on line in Franklin in 2008.

Exciting new condo complexes have recently opened in Franklin, swelling the number of units for sale in town. 

The new Franklin condominium developments include the Franklin Center Commons, Franklin Heights and Eagle’s Nest communities.

If you’d like to learn more about the many new construction condo opportunities currently available in Franklin, MA, just ask me – I’d be happy to help!

Copyright ©2009 02038.com
                    [post_title] => Absorption Rates January 2009  
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            [post_content] => A slowdown in MA home sales coupled with an increase in the number of homes for sale caused home inventories to rise in Massachusetts in October. The bulge in the inventory of homes on the market in MA reflects a drop off in the number of ready, willing and able home buyers.



A general weakening of demand has been noticeable across the Commonwealth ever since the expiration of the two Federal home buyer tax credits at the end of last April.

Market slowed after end of tax credits

The chart shown above amply demonstrates the current state of the Massachusetts real estate market: nothing dire, but certainly a move in the wrong direction.

Massachusetts saw a 16.7% rise in the inventory of homes available for purchase in October (to 7.7 months’ worth of supply from 6.6 months in October 2009).

Home for sale inventories rose a sharp 26.3% in the regional market around Franklin, MA and a whopping 64% in the Town of Franklin, Massachusetts itself (although the supply of available homes in Franklin is still below both that of the regional and state-wide markets).

Fewer sales and more listings the culprit

Here’s the reason why October’s home inventory numbers rose throughout Massachusetts:



It is simple mathematics.

If home sales volume declines while the number of homes for sale goes up, it is going to take the market longer to “absorb” (buy) the homes currently available for purchase.  The months of standing inventory goes up.

Reasons for optimism

It is important to avoid exaggerating this fall’s MA real estate market deceleration: properly priced homes are selling, some very quickly.

I produced the buyer for the home at 15 Josiah Drive in Upton, MA the first day that home was on the market a couple of weekends ago.



And my listing at 28 Harvard Lane, Wrentham, MA found a buyer this October after the first open house.



There are very good reasons to discount the alarming market stats we have been seeing on the local level for some months now.

The Federal home buyer tax credits heavily contributed to today's slower real estate market. The tax credits accelerated buyers’ purchases into late 2009 and early 2010, in effect stealing demand from the rest of 2010.

So the current slowdown in demand is artificial in nature and should cure itself over time.

And mortgage interest rates are at all-time lows.

This greatly bolsters the buying power of buyers and gives them a strong incentive to buy this fall.

Advice to frustrated home sellers

I know how hard it is to have a home for sale in the current market; some homes are selling while other homes linger unsold and you can't understand why your property hasn't found a buyer.

It is not your home's fault and is very likely not the fault of your hard working listing agent either.

This fall, put the blame on those expired Federal home buyer tax credits!

Adjust your asking price and get the house sold while rates are low


Even slight over-pricing can cost you months of extra time on the market.  Buyers will simply reject an over-priced home and buy a competing property that offers better value.

But home sellers have an ace in the hole this fall: today's historically low mortgage rates.

Given the urgency many buyers feel to find a home this fall to lock in a great mortgage rate, you might be pleasantly surprised by the durability of this fall's market.  Properly priced homes have an excellent chance of selling over the next few months while the low rates last!

My best advice to home sellers with a home currently on the market is to stick it out . . . you might find yourself in a very difficult market if mortgage rates spike next year.

You will thank yourself in coming years if you price your home properly now and grab a good buyer as soon as she comes along!

Copyright ©2010 02038.com
            [post_title] => MA home sellers: What October's inventory figures mean for you
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