FRAMINGHAM, MA- There were a total of 52 residential real estate sales in Framingham during the month of August 2011.
Of the properties sold, forty three single family homes were sold at an average sale price of just over $370k, ten condominiums sold at an average price of $113.6k, and two multi-family properties sold at an average of $223k.
On average, single family home which sold during August had been on the market for just over 10 weeks, while condos had taken nearly 4 months to sell. Of the two multi-family homes, one had been on the market for well over a year, and the other sold within 3 days of being listed.
Topping out the single family residence market, a 22-room, 9-bedroom, 5.5-bath Colonial at 8 Lanes End, (in the Salem End / Singletary Lane area), which had been on the market for approximately 10 months, sold for $1.1 Million, ($100k over the property's listing price).
The second highest recorded sale was for a 15-room, 6-bedroom, 3-full/2-half-bath Tudor at 200 Edmands Road which sold in just 24 days for $875,000, (exactly $100k under its asking price of $975k). This home is just a few doors down from the most expensive single home to sell last month and both are located adjacent to Nobscot Mountain where some of the most expensive new homes have been built and sold in Framingham in recent years.
At the low end of the single family market, a 7-room, 3-bedroom, 1-bath Dutch Gambrel at 122 Meadow Street, (in the Saxonville neighborhood in North Framingham), was sold for a bargain price of just $130k, (which was $29k under its already modest $159k asking price). The 1537 sq.ft. home sits on 0.16 of land and is currently assessed by the town at $276,100.
The only other single family home to sell under $200k was a 6-room, 3-bedroom, 1-bath Colonial at 255 Irving Street, (in Downtown Framingham), which had been on the market for six months and sold for $154k, (which was $15k less than the $169k asking price).
Price disparity between properties located in Downtown Framingham and other areas of town continue, with condominiums selling for 20-30% less when located Downtown than like size and condition units located in along Rt. 9 or in North Framingham.
The table below lists three condominium units, all listed as "3 room, 1-bedrood, 1-bath, garden style". The first one, (10 Main St.), is located just off Rt. 9 in Framingham Centre, the second, (75 Nicholas Rd.), is located in the Saxonville area of North Framingham, and the third, (154 Second St.), is located in Downtown Framingham, in a neighborhood which has a high crime rate and many housing units that are not-owner occupied.
|Address||Sq. Ft.||Assessed||Days||Asking||Sold For||Cost per Sq.Ft.|
|10 Main Street U:306||544 sqft.||$105,500||113||$79,900||$75,500||$138.80|
|75 Nicholas Rd. U:C||640 sqft.||$71,800||12||$79,900||$66,000||$103.12|
|154 Second St U:309||563 sqft.||$41,800||32||$42,800||$45,000||$79.92|
Thanks to Kathy Foran of Realty Executives, 1253 Worcester Rd, Framingham, MA for her help in compiling residential real estate sales information for this article. Visit Kathy's website, www.KathyForan.com, or phone her at: (508) 371-4345 for currently available properties and additional Framingham area real estate information.