Stone Ridge Condos in Franklin poised for major price increase
You wouldn’t know it from the chart below, but the townhomes at the Stone Ridge Condominiums in Franklin, MA seem set for a significant increase in average sale price during the 2nd half of 2018.
The average sale price of condos at Stone Ridge fell nearly 8% during the first 6 months of 2018, compared to the average sale price there a year ago. Given how strong the Massachusetts real estate market has been in 2018, the sharp price decline at this popular condo community in Franklin, MA seems downright puzzling. However, a closer look at the makeup of first half 2018 sales at Stone Ridge shows that the average sale price statistic is creating a very misleading read on the direction of values at Stone Ridge.
The sale of one distress sale and two small units skewed average sale price down
The average price at Stone Ridge fell so much during the first half of the year because of the mix of units that changed hands. 6 units at Stone Ridge sold during the first half of 2018. Of those 6 condos, one was a vacant unit that needed extensive renovations and another two were small, lower priced units.
The relatively low prices paid for these 3 units skewed the average sale price down.
You can view all 6 sales at Stone Ridge during the first half of the year by following the link at left or in the image below:
Pending sales give more accurate take on direction of values at Stone Ridge
Several of the townhome sales at Stone Ridge that are currently “pending” more clearly indicate the direction prices at Stone Ridge: prices are rising rapidly at Stone Ridge in 2018!
(‘Pending” is a real estate term that might mean slightly different things in different parts of the country. When a home for sale goes “pending” in MA, it typically means that the seller has accepted an offer on the property. The Bay State employs a two-step sale process: First an “offer” is accepted, then a more full fledged contract called a “Purchase and Sale Agreement” is signed by buyer and seller after the home inspection is performed. So in Massachusetts, a pending sale is simply one that has a signed purchase contract. But the title to the property has not yet changed hands, and the purchase price the parties have agreed to has not yet been paid. This will take place later at the “closing.”)
While we do not yet know the agreed-on purchase prices of these pending sales, the asking prices for 2 of these 3 pending units are significantly higher than the asking price for any other unit at Stone Ridge over the last 10 years! So instead of falling, as indicated by the average sale price for the first half of the year, unit prices at Stone Ridge are actually on the rise – and strongly so!
List with an agent who knows the market for your unit
If you’re thinking of selling your Stone Ridge condo, you should consider hiring an agent who knows the market at Stone Ridge very well. To that end, below are some of the market reports on Stone Ridge that I have published over the last several years:
Recent listings at Stone Ridge
Here are some of my recent Stone Ridge listings:
So if you’re thinking of selling at this condo development (or buying for that matter), please contact me – I can help you make the right moves at Stone Ridge!
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