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Franklin Lakes Real Estate | November 2009 Report
November 2009 Report | Franklin Lakes Real Estate (statitstics comprised from NewJerseyMLS and based on Single Family Homes)
Welcome to our monthly housing report update for Franklin Lakes.  Franklin Lakes remains one of the most prestigious towns in the state and one of the tops in the country in regards to home prices.  Market confidence could increase a bit more with the First Time Homebuyer Tax Credit extension which is now available through April 2010.  A nice thing we are seeing in Franklin Lakes is the amount of homes that have dropped back to reality...errr...affordability.  You can buy a beautiful colonial home for under $600,000 today with taxes as low as $8,000. 
Year over Year Sales numbers are identically the same however closed sales averages are way down.  Year to date, there were 61 homes that sold in Franklin Lakes in 2008 (Jan-Oct) with an average sales price of $1,812,275.   In 2009 (Jan-Oct), 66 homes have sold with an average sales price of $1,109,552, a 39% drop in sale prices since last year.  Due to the normal high prices in Franklin Lakes, it only takes a couple sales to throw off an accurate assessment of what a 39% drop really means.  Overall, we feel that Franklin Lakes has a chance for an ... more

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