The median sale price of single-family homes sold in Massachusetts hit a new record high in 2019, according to data maintained by MLS-PIN. The largest Multiple Listing Service in New England, MLS-PIN reports that the statewide median sale price hit $415,000 for the year just ended, a 3.8% gain over 2018’s median. This makes 2019 the third straight year of record-setting median sale prices for the Massachusetts housing market.
The median sale price of single family homes in Massachusetts sold on MLS-PIN now stands 14.6% above its prior market-cycle-high set back in 2005 and a sizable 43% higher than its 2009 Great Recession low.
Mortgage rates moving the housing market
The Fed’s dramatic easing of monetary policy at the end of 2018/start of 2019 immensely helped the housing market as 2019 unfolded.
As detailed by Mortgage Daily News, average 30-year-fixed mortgage rates fell sharply from the end of 2018 into 2019. From a high of about 5% in December 2018, the average 30-year mortgage rate had fallen as low as 3.5% by last fall. The decline boosted home buyers’ purchasing power significantly and powered gains in home prices throughout 2019.
Strong sales performance
The number of Massachusetts single family homes that sold on MLS-PIN in 2019 rose marginally over 2018’s total.
As detailed below, 2019’s sales volume gain came during a year of relentlessly low housing inventory. So the fact that there was any rise at all in the number of homes sold in 2019, even a minimal increase, actually is a very bullish indicator.
Crushingly low supply of homes for sale
2019 showed no mercy to Bay State home buyers in terms of housing choice: it was yet another year of low housing inventory.
The chart above shows the number of single family homes for sale on MLS-PIN each January 15 for the last fifteen years; it paints a very clear picture of the extremely low numbers of homes for sale in Massachusetts throughout 2019.
The chart below demonstrates the scant supply of homes for sale in another way: it shows how many months of housing supply there are in Massachusetts.
It’s very telling that a two-month supply of available homes, last seen in 2016, looks downright ample compared to how low supplies are at the start of 2020.
Conventionally, a six-month supply of homes is deemed a housing market in equilibrium. A four-month supply typically denotes a market favoring home sellers. It’s shocking that, in the first month of 2020, we are faced with less than a one-and-one-half-month of supply of homes for sale across Massachusetts and in all the sub-markets represented in the above chart. Today’s abysmally low inventories of homes for sale should serve as warning to all prospective buyers about the upcoming spring home buying season: if you find a home for sale that works for you, buy it immediately!
Franklin, MA housing in 2019
To get a sense of how the housing market fared in Franklin, MA during 2019, start by taking another look at the chart above showing the months of supply of homes: there currently is in Franklin, MA LESS than a one-month supply of single family homes – that’s dire!
Here’s how the current supply of homes for sale in Franklin breaks down by price bracket:
There’s very little supply in every price bracket below $800,000. And it was pretty much like that throughout all of 2019!
Franklin median price at record high
Given how depressed the supply of homes has been in Franklin in the last few years, the median sale price performance in Franklin for the year was fairly muted.
The median sale price of single family homes in Franklin, as reported by MLS-PIN, rose 2.3% in 2019 compared to the median price for 2018. Franklin’s median sale price for 2019 is only 3.5% higher than it was at its 2007 prior market-cycle high. Franklin remains a relative bargain in the Greater Boston area!
So while supplies are tight and home prices certainly are at all-time highs in Franklin, MA, prospective home sellers in town should resist the temptation to push the asking price envelope in 2020. Even in the current pro-seller market, significantly over-priced homes will face resistance from the home-buying public.
Home sales volume in Franklin slips
For the first time in the last five years, the number of single family homes sold in Franklin on MLS-PIN fell in 2019. The decline was a slight 3.6%. More housing inventory in 2020 should be the cure for any sags in home sales volume in Franklin this year.
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You get more with Warren Reynolds than you do with other top real estate agents. You’ll find in Warren rare knowledge and experience dedicated to helping you achieve all the value that home brings. Warren has a law degree and 20+ years of home selling success in Massachusetts. — talk with Warren today! 508-561-6259
"We have now bought and sold five homes. By far, you have been the best realtor we have worked with. Your professionalism and knowledge are so valuable to your clients. You made this process so easy. "-CB
Make better decisions
and feel in control.
Did you know you can materially improve your home selling success by choosing your marketing agent and brokerage brand wisely? It’s true! A marketing agent with a sterling reputation, backed by a strong brokerage brand, will do wonders for the reception your home gets upon entry to market. Call Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
Not only is Warren highly skilled and dedicated to protecting your best interests, he will be highly responsive to your needs! He CARES about his clients and is always, always there for them. Why not give it a try? Contact Warren now and see how well he takes care of you! – talk with Warren today! 508-561-6259
"I had many, many questions which Warren was always more than willing to answer with a never ending patience. Throughout the process Warren looked out for my best interest. I may have purchased a garden style condo but Warren treated me like I was purchasing a million dollar estate!" -MP
Get the attention you deserve.
Warren is a very creative real estate practitioner and he uses that creativity in ways that provide important advantages to clients. Creatively runs in Warren’s family! His uncle was Harnett T. Kane, an internationally-recognized investigative journalist and New York Times best-selling author of thirty books about the American South. Experience Warren’s refreshing difference today! 508-561-6259
"Your creative approach to all aspects of my move helped make the transition easy and pleasurable. You were recommended to me by a friend who appreciated your integrity, expertise, friendliness and conscientiousness - qualities that I have witnessed in abundance as we've worked together." -KB
Get creative with Warren.
Warren is a highly dedicated professional in all his real estate dealings. That means he will continue to serve you well, even when others would compromise on their commitments. Warren’s ultimate goals in business are better transactions and greater client satisfaction. Talk with Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
All real estate agents are legally and ethically bound to be fiduciaries acting in their client’s best interests. His name stands for integrity and he takes his fiduciary duties to you very seriously. He’ll steadfastly put your interests first throughout your home purchase or sale – talk with Warren today! 508-561-6259
"Warren was always there for us. Throughout the process, Warren kept on top of all our concerns. Warren worked for us, and looked out for our best interest. He is a very professional and caring person." - BP
Feel safe and well taken care of.
Warren is a highly dedicated professional in all his real estate dealings. That means he will continue to serve you well, even when others would compromise on their commitments. Warren’s ultimate goals in business are better transactions and greater client satisfaction. His devotion to excellence can demonstrably improve your home buying and selling decision-making and, consequently, your experience of home ownership. Warren constantly stays current on the local housing inventory. And he is conversant with the broader market trends that affect home sales statewide link to Market Updates. Warren knows that the market knowledge he works so hard to maintain and his high standards of real estate practice help him achieve for you the lasting, true value of home ownership. Talk with Warren today! 508-561-6259
"Warren was the finest real estate agent we've ever worked with. This was evident to us in comparison to quite a few realtors we attempted to utilize, as they were not very helpful, understanding or willing to work with us based on our preferences." -SM
“If you think it’s expensive to hire a professional,
wait until you hire an amateur.” Red Adair
Did you know you can materially improve your home selling success by choosing your marketing agent and brokerage brand wisely? It’s true! A marketing agent with a sterling reputation, backed by a strong brokerage brand, will do wonders for the reception your home gets upon entry to market. Warren is known in the local brokerage community as a dependable, highly skilled professional who is a straight-shooter. Other agents like working with Warren because they know they can trust him to be a reliable partner in any transaction. And the Berkshire Hathaway HomeServices brand stands for sound decisions and extraordinary strength and stability. The “Forever Brand” brokerage created by Warren Buffet sets the standard for the real estate industry by focusing not on selling more homes, but rather on selling homes for more!Call Warren today! 508-561-6259
"As first time homebuyers we were fortunate to work with Warren. He was a great asset and sounding board. He always gave solid advice. Warren played a pivotal role in helping us negotiate with a difficult seller. We truly benefitted from having Warren in our corner and so will you." -JK
Maximize your home selling success.
Not only is Warren highly skilled and dedicated to protecting your best interests, he will be highly responsive to your needs! He CARES about his clients and is always, always there for them. In person, by phone, email or text, whenever you need him, you’ll get a prompt response from Warren! Warren’s clients rave about the high degree of consideration and attention they get from him. Why not give it a try? Contact Warren now and see how well he takes care of you! – talk with Warren today! 508-561-6259
"I had many, many questions which Warren was always more than willing to answer with a never ending patience. Throughout the process Warren looked out for my best interest. I may have purchased a garden style condo but Warren treated me like I was purchasing a million dollar estate!" -MP
Get the attention you deserve.
Warren is a very creative real estate practitioner and he uses that creativity in ways that provide important advantages to clients. Creatively runs in Warren’s family! His uncle was Harnett T. Kane, an internationally-recognized investigative journalist and New York Times best-selling author of thirty books about the American South. Warren employs his own creativity by producing compelling marketing, both in print and especially online! His www.02038.com, is a highly effective website promoting the wonderful lifestyle afforded by the Town of Franklin, MA. And his Market Updates content on Massachusetts real estate trends gives home buyers and sellers alike the context they need to make more informed decisions about their housing investments. Warren frequently uses his abilities to devise resourceful solutions to the diverse challenges that threaten to complicate most real estate transactions. Warren has made real estate his career and won many sales awards in his 20+ years in brokerage, including the highly prestigious Chairman’s Circle Gold Award and the elite Centurion Award. Experience Warren’s refreshing difference today! 508-561-6259
"Your creative approach to all aspects of my move helped make the transition easy and pleasurable. You were recommended to me by a friend who appreciated your integrity, expertise, friendliness and conscientiousness - qualities that I have witnessed in abundance as we've worked together." -KB
Get creative with Warren.
You get more with Warren Reynolds than you do with other top real estate agents. You’ll find in Warren rare knowledge and experience dedicated to helping you achieve all the value that home brings. Warren has a law degree and 20+ years of home selling success in Massachusetts. His legal knowledge and decades-long experience in putting — and keeping — real estate sales together give him a better handle on the legal, practical and emotional dynamics of the real estate transaction. Warren uses these skills to empower clients to achieve more! He often anticipates and resolves problems BEFORE they can become serious impediments. Enjoy the sense of trust, security and control that comes from having a highly skilled expert at your side — talk with Warren today! 508-561-6259
"We have now bought and sold five homes. By far, you have been the best realtor we have worked with. Your professionalism and knowledge are so valuable to your clients. You made this process so easy. "-CB
Make better decisions and feel in control.
All real estate agents are legally and ethically bound to be fiduciaries acting in their client’s best interests. But many agents give their fiduciary duties short shrift in their quest for the quickest and easiest path to a closing. Not Warren Reynolds! His name stands for integrity and he takes his fiduciary duties to you very seriously. He’ll steadfastly put your interests first throughout your home purchase or sale. This may make Warren work longer and harder for you than most other agents would. But ultimately, Warren’s diligence and attention to detail is his commitment to an experience that transcends the sale. He wants you to have the confidence and peace of mind that comes with having a true fiduciary protecting you. Discover the difference of working with an agent who does not view you as just another opportunity for a commission – talk with Warren today! 508-561-6259
"Warren was always there for us. Throughout the process, Warren kept on top of all our concerns. Warren worked for us, and looked out for our best interest. He is a very professional and caring person." - BP
Feel safe and well taken care of.