FRAMINGHAM, MA- There were a total of 39 residential real estate sales in Framingham during the month of October 2011.
Of those 39 properties, thirty one single family homes were sold at an average sale price of just over $296k, four condominiums sold at an average price of $111.5k, and four multi-family properties sold at an average of $252k.
Single family home which sold during October had been on the market for an average of just over 15 weeks, while condos had taken an average of just 6 weeks to sell.
Multi-family residential properties that sold during October 2011 were on the market for an average of 85 days and sold for $252k, just shy of their average $256k asking prices. A 2-family, 10-room / 6-bedroom at 395 Concord Street sold for $260k which was $11k above the asking price of $249k, but more than $47k below the assessed value of $296.7k -- the home sold in just 3 1/2 weeks.
The highest price paid for a single family residence in Framingham during October was $640k, ($29k below the $669k asking price), for a 9-room, 5-bedroom, 3-full/2-half bath Colonial sitting on two acres of land at 418 Winch Street. The home had been on the market for approximately 10 weeks. The seller had purchased the home in February of 2007 near the peak of the last real estate boom for $875k.
Bargain hunters scooped up some fast deals including a 9-room, 4-bedroom, 2.5-bath Contemporary at 48 Carter Drive which sold in just three days for $469.9k -- only $10k shy of its asking price.
The fastest selling single family was a 6-room, 3-bedroom, 1.5-bath Ranch at 55 Sloane Drive that sold in just two days for $177.5k, ($23k under its already low $200k asking price), and was also lowest selling price realized for any single family home in Framingham during the month.
The glut of home owners facing foreclosure and number of bank owned properties on the market combined with tightened lending practices continue to depress real prices across the country.
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.