Monday, April 19, 2010

Real Estate Market Update

Last week I reported on the Natick Real Estate Market.  This week I will report on the Framingham Real Estate Market.

There are 214 Active Single Family homes on the market with an average asking price of $442K and an average Days On Market of 109.

There are 68 Single Family Homes in the Under Agreement or Pending category with an average Asking Price of $320K and and average Days on Market of 75.

Over the past 6 months 176 Single Family homes have sold with an average Sales Price of $329K and an average Days on Market of 85.

The Framingham market is performing well.  If you compare the Framingham Market to the Natick Market you will find higher numbers of Active, Under Agreement and Sold, almost twice the numbers we saw in Natick.  This makes sense because Framingham is large than Natick in geography and population. 

Days on Market for the 2 towns are very similar.

Where the big difference is, is in the prices.  Prices in Framingham are about 30% less on average with an average sales price of $329K vs $474K in Natick,  The Framingham market is more diverse than Natick. There is the downtown area and North Framingham.  Prices in North Framingham, while still lower than Natick prices are higher than in the Down Town area.  Another reason for the lower prices in Framingham is there are a much higher number of Short Sales and Foreclosures, this pulls the prices down.  I think there are a lot of good buys in Framingham right now.

There is still time to take advantage of the Tax Credits but you need to act fast. The deadline to have an accepted deal is April 30th with a Closing Date of June 30th.

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