The number of single family homes that changed hands in Franklin during 2013 increased 11% over home sales closed in 2012. Demand for homes priced to market was very strong in town for most of the year.
As 2013 progressed, the inventory of colonial homes for sale in Franklin became especially tight. Franklin ended 2013 with an extremely low 1.8 months’ supply of single family homes for sale. (Franklin’s tight housing inventory may be a byproduct of the new high school being built in town – see more on this below.)
Median sales price performance misleading
Sometimes median sales price statistics can be misleading. That’s the case with Franklin’s 6.6% decline in median sales price for 2013.
The drop certainly did not arise out of any lack of demand for Franklin homes. Rather, the median price drop appears to have been caused by the reduced number of colonial homes sold in Franklin during the year. The supply of Franklin colonials became so constricted in 2013 that colonial sales volume actually declined 12% from year ago levels. Since colonial homes tend to be the most expensive home style in Franklin, the reduced number of colonial homes sold during 2013 helped skew Franklin’s median sales price lower.
Get the full 2013 Franklin Home Market Recap
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If you’re thinking of selling your Franklin home in 2014, find out what your property is really worth . . . contact Warren for your free, no-obligation Home Value Report! No obligation!
If you are in the market for a home in Massachusetts, Franklin is a great choice! It has wonderful schools, superb recreational resources, many fine neighborhoods and plentiful shopping in town and near by. Commuting to work from Franklin is made a whole lot easier by Franklin’s two commuter rail stations. Contact Warren for help buying a home in Franklin, MA!
Good year for Massachusetts real estate in 2013
The number of single family homes sold in Massachusetts during 2013 rose 7.8% compared to prior year totals. (All data in this post derived from MLS-PIN, the dominant MLS in the Commonwealth.)
The gain comes on the heels of a remarkably strong 22% spike in MA home sales in 2012. In this context, 2013’s sales volume increase is very encouraging in that it demonstrates a sustained, durable strengthening of demand.
MA home prices on the rise
The median sales price of all MA single family homes sold in 2013 on MLS-PIN rose 10% over 2012’s median.
This was the best performance for home prices in the Bay State since before the worldwide financial crisis of 2007 – 2009. The seasonally adjusted Case-Shiller Home Price Index for Greater Boston was up 7% for the year through October, giving further confirmation of the rise in MA home values.
Why did Franklin’s median sales price drop in 2013?
According to MLS-PIN, the median sales price of single family homes in Franklin slipped 6.6% in 2013 to $355,000 (from $380,000 in 2012). The decline came despite overall strong demand for Franklin homes for most of the year.
The drop in the 2013 Franklin median sales price statistic seems to stem from a decline in the annual number of colonial homes sold in town. The supply of Franklin colonials for sale during the year was very restricted, resulting in a 12% decline in the number of colonial homes sold in 2013. Since colonials tend to be the most expensive homes in Franklin, the drop in sales volume of colonials drove the median price of all homes sold in Franklin lower.
While fewer colonial homes changed hands in Franklin during 2013, sales of smaller, less expensive home styles spiked in town, reflecting the high demand for homes in Franklin.
2013 was characterized by generally robust demand for single family homes in Franklin, MA. Sales volume of antique homes in Franklin soared 81% over 2012 totals. Ranch home sales volume rose 58% while split level sales were 50% over year ago levels.
Franklin’s median sales price skewed lower
The chart below shows the distribution of homes sales in Franklin by price bracket. 2013’s sales are in red, while 2012’s sales are in blue.
You can see that in 2013 Franklin had relatively more sales in the $200,000 to $350,000 price brackets than it had in 2012. Sales in the $350,000 – $499,900 brackets fell. This “shift” caused the statistical decline in the 2013 Franklin median sales price; the relative increase in the number of lower-priced sales in 2013 helped drive the median price lower. Actually 2013 was a very GOOD year for real estate in Franklin, MA but the restricted supply of colonials in town during 2013 drove colonial sales volume lower. Since colonial homes tend to be the most expensive house style in Franklin there was a relative “shift” downwards in sales price brackets in 2013 compared to 2012. Hence the decline in the median price statistic!
New Franklin High School behind the lack of colonial home inventory in town?
The new Franklin High School is slated to open next fall. This is attracting more buyers to Franklin. The advent of the new facility also appears to be inducing some Franklin families to decide not to sell.
Colonial homes in Franklin tend to be larger than other home styles in town. It is reasonable to assume that colonials accommodate larger families with more school age children. It might possibly be that a significant number of colonial home owners in Franklin who have children in the Franklin school system opted not to sell their homes in 2013 because they wanted to stay in Franklin to benefit from the new Franklin High School. This might be the reason behind the decline in colonial home inventory in 2013.
A look ahead to the 2014 market in Franklin, MA
2014 may see continued low housing inventory coupled with elevated demand for Franklin listings. Prospective Franklin home sellers may want to take advantage of these favorable conditions while mortgage rates are still low. One final takeaway from 2013: despite low housing inventory and robust demand for homes in Franklin, listings that were priced too high – even colonial homes – did meet resistance from buyers. It always pays to price properly!
Please contact Warren to get expert advice on your best housing options and strategies for 2014. Here’s to a happy, healthy and prosperous year!
Copyright ©2014 02038.com
You get more with Warren Reynolds than you do with other top real estate agents. You’ll find in Warren rare knowledge and experience dedicated to helping you achieve all the value that home brings. Warren has a law degree and 20+ years of home selling success in Massachusetts. — talk with Warren today! 508-561-6259
"We have now bought and sold five homes. By far, you have been the best realtor we have worked with. Your professionalism and knowledge are so valuable to your clients. You made this process so easy. "-CB
Make better decisions
and feel in control.
Did you know you can materially improve your home selling success by choosing your marketing agent and brokerage brand wisely? It’s true! A marketing agent with a sterling reputation, backed by a strong brokerage brand, will do wonders for the reception your home gets upon entry to market. Call Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
Not only is Warren highly skilled and dedicated to protecting your best interests, he will be highly responsive to your needs! He CARES about his clients and is always, always there for them. Why not give it a try? Contact Warren now and see how well he takes care of you! – talk with Warren today! 508-561-6259
"I had many, many questions which Warren was always more than willing to answer with a never ending patience. Throughout the process Warren looked out for my best interest. I may have purchased a garden style condo but Warren treated me like I was purchasing a million dollar estate!" -MP
Get the attention you deserve.
Warren is a very creative real estate practitioner and he uses that creativity in ways that provide important advantages to clients. Creatively runs in Warren’s family! His uncle was Harnett T. Kane, an internationally-recognized investigative journalist and New York Times best-selling author of thirty books about the American South. Experience Warren’s refreshing difference today! 508-561-6259
"Your creative approach to all aspects of my move helped make the transition easy and pleasurable. You were recommended to me by a friend who appreciated your integrity, expertise, friendliness and conscientiousness - qualities that I have witnessed in abundance as we've worked together." -KB
Get creative with Warren.
Warren is a highly dedicated professional in all his real estate dealings. That means he will continue to serve you well, even when others would compromise on their commitments. Warren’s ultimate goals in business are better transactions and greater client satisfaction. Talk with Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
All real estate agents are legally and ethically bound to be fiduciaries acting in their client’s best interests. His name stands for integrity and he takes his fiduciary duties to you very seriously. He’ll steadfastly put your interests first throughout your home purchase or sale – talk with Warren today! 508-561-6259
"Warren was always there for us. Throughout the process, Warren kept on top of all our concerns. Warren worked for us, and looked out for our best interest. He is a very professional and caring person." - BP
Feel safe and well taken care of.
Warren is a highly dedicated professional in all his real estate dealings. That means he will continue to serve you well, even when others would compromise on their commitments. Warren’s ultimate goals in business are better transactions and greater client satisfaction. His devotion to excellence can demonstrably improve your home buying and selling decision-making and, consequently, your experience of home ownership. Warren constantly stays current on the local housing inventory. And he is conversant with the broader market trends that affect home sales statewide link to Market Updates. Warren knows that the market knowledge he works so hard to maintain and his high standards of real estate practice help him achieve for you the lasting, true value of home ownership. Talk with Warren today! 508-561-6259
"Warren was the finest real estate agent we've ever worked with. This was evident to us in comparison to quite a few realtors we attempted to utilize, as they were not very helpful, understanding or willing to work with us based on our preferences." -SM
“If you think it’s expensive to hire a professional,
wait until you hire an amateur.” Red Adair
Did you know you can materially improve your home selling success by choosing your marketing agent and brokerage brand wisely? It’s true! A marketing agent with a sterling reputation, backed by a strong brokerage brand, will do wonders for the reception your home gets upon entry to market. Warren is known in the local brokerage community as a dependable, highly skilled professional who is a straight-shooter. Other agents like working with Warren because they know they can trust him to be a reliable partner in any transaction. And the Berkshire Hathaway HomeServices brand stands for sound decisions and extraordinary strength and stability. The “Forever Brand” brokerage created by Warren Buffet sets the standard for the real estate industry by focusing not on selling more homes, but rather on selling homes for more!Call Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
Not only is Warren highly skilled and dedicated to protecting your best interests, he will be highly responsive to your needs! He CARES about his clients and is always, always there for them. In person, by phone, email or text, whenever you need him, you’ll get a prompt response from Warren! Warren’s clients rave about the high degree of consideration and attention they get from him. Why not give it a try? Contact Warren now and see how well he takes care of you! – talk with Warren today! 508-561-6259
"I had many, many questions which Warren was always more than willing to answer with a never ending patience. Throughout the process Warren looked out for my best interest. I may have purchased a garden style condo but Warren treated me like I was purchasing a million dollar estate!" -MP
Get the attention you deserve.
Warren is a very creative real estate practitioner and he uses that creativity in ways that provide important advantages to clients. Creatively runs in Warren’s family! His uncle was Harnett T. Kane, an internationally-recognized investigative journalist and New York Times best-selling author of thirty books about the American South. Warren employs his own creativity by producing compelling marketing, both in print and especially online! His www.02038.com, is a highly effective website promoting the wonderful lifestyle afforded by the Town of Franklin, MA. And his Market Updates content on Massachusetts real estate trends gives home buyers and sellers alike the context they need to make more informed decisions about their housing investments. Warren frequently uses his abilities to devise resourceful solutions to the diverse challenges that threaten to complicate most real estate transactions. Warren has made real estate his career and won many sales awards in his 20+ years in brokerage, including the highly prestigious Chairman’s Circle Gold Award and the elite Centurion Award. Experience Warren’s refreshing difference today! 508-561-6259
"Your creative approach to all aspects of my move helped make the transition easy and pleasurable. You were recommended to me by a friend who appreciated your integrity, expertise, friendliness and conscientiousness - qualities that I have witnessed in abundance as we've worked together." -KB
Get creative with Warren.
You get more with Warren Reynolds than you do with other top real estate agents. You’ll find in Warren rare knowledge and experience dedicated to helping you achieve all the value that home brings. Warren has a law degree and 20+ years of home selling success in Massachusetts. His legal knowledge and decades-long experience in putting — and keeping — real estate sales together give him a better handle on the legal, practical and emotional dynamics of the real estate transaction. Warren uses these skills to empower clients to achieve more! He often anticipates and resolves problems BEFORE they can become serious impediments. Enjoy the sense of trust, security and control that comes from having a highly skilled expert at your side — talk with Warren today! 508-561-6259
"We have now bought and sold five homes. By far, you have been the best realtor we have worked with. Your professionalism and knowledge are so valuable to your clients. You made this process so easy. "-CB
Make better decisions and feel in control.
All real estate agents are legally and ethically bound to be fiduciaries acting in their client’s best interests. But many agents give their fiduciary duties short shrift in their quest for the quickest and easiest path to a closing. Not Warren Reynolds! His name stands for integrity and he takes his fiduciary duties to you very seriously. He’ll steadfastly put your interests first throughout your home purchase or sale. This may make Warren work longer and harder for you than most other agents would. But ultimately, Warren’s diligence and attention to detail is his commitment to an experience that transcends the sale. He wants you to have the confidence and peace of mind that comes with having a true fiduciary protecting you. Discover the difference of working with an agent who does not view you as just another opportunity for a commission – talk with Warren today! 508-561-6259
"Warren was always there for us. Throughout the process, Warren kept on top of all our concerns. Warren worked for us, and looked out for our best interest. He is a very professional and caring person." - BP
Feel safe and well taken care of.