Framingham, MA Housing Market Statistics Overview

Well we had a chance to talk about Framingham in the last month or so, as my trip to the town hall showed a lot of people upset over the recent assessments. I'm afraid that this post will not bring much relief to Framingham residents.

 

As we can see, the HSI (Hot Seller Index) is at 100 for Framingham. This indicates a seller's market, where they can generally sell quickly at market price, and the more desirable homes should be able to find buyers by "reaching" a bit above market. If you're thinking of selling, and the real estate agent you interview tells you how bad the market is in Framingham, GET ANOTHER ONE. It's been good for sellers for over a year. Now that DOESN'T Mean you can get 2005 prices folks, those are gone for a while (think years), but you can get buyers and offers for all but the most distressed homes right now in Framingham.

 

Find Your Next Home or Check out the Competition! 

 

Looking at the details of the data, we see that almost all the main metrics are actually worse than they were in October. Sales are down over 3 and six months, market time is up for solds and actives. But the Index is up, so how is that? Well the most important metric, Demand vs. Supply, also known as six months sales vs. actives, is completely lopsided, with sales far out pacing sellers. This is the same trend that we see in Natick, Ashland, and for the most part, Hopkinton. There are simply more buyers than sellers. There were more than 30 properties out of the 240 (about 12%) that sold at or above listing price. Buyers aren't going crazy - they're content, for the most part, to wait for the "next" one, but that type of patience won't continue if the number of homes for sale doesn't pick up significantly in the near term.  Buyers should be aggressive when finding nice homes in neighborhoods.  They'll be gone quick.

 

No change in the short-sale foreclosure pictures, just note that there's a lot of short-sales in Framingham (over 15% of the inventory), so you'll need flexibility to purchase these homes.

 

Framingham, MA Housing Market Statistics - Raw MLS Data

 

 

Snow is Unlikely to Bring Home Sellers to the Market.

Will Buyers take a break too? 

 

  • There are 143 homes (vs. 207 in the last Framingham Real Estate Report) listed as For Sale.
  • There have been 242 houses sold (vs. 274) in the last 6 months, and 123 homes (vs. 151) sold in the last 3 months.
  • There was an Average Market Time of 100 days (vs. 86) for just SOLD homes.
  • There is an Average Market Time of 171 days (vs. 146) of the homes For Sale.
  • The Dollars paid per Square Foot in Framingham, MA is $177
  • There was an Average Sold Price of $327,837 for sold homes.
  • Framingham, MA has 5 properties (vs. 5) advertised as lender owned (typically foreclosure) .
  • Framingham, MA has 21 properties (vs 21) advertised as short sales required by lender .
  • Framingham, MA “Hot Seller Index”: 100 Last Report: 96

 

 

*All statistics are for Single Family Houses and based on data in MLS.

 

 

 

Read my Explanation for Massachusetts Home Data Reports.

 

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About Matt Heisler

Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.

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*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.