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 real estate. 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, however most income levels in Franklin Lakes will not qualify for the Tax Credit, even with the new increased income limits.
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), 61 homes have sold with an average sales price of $1,184,549, a 35% 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 35% drop really means. Overall, we feel that Franklin Lakes has a chance for an additional slight value correction, but not one that should deter you from finding a good deal if you are shopping for a home.
There are currently 130 homes for sale in Franklin Lakes NJ. The average listing price is $1,731,136. There are plenty of homes (50 to be precise) at or under $1 million for those of you looking for more affordability. The average number of Days on Market for each listing is 171 Days.
During the month of October, 2009, 9 homes sold in Franklin Lakes. The average listing price of homes sold was $1,428,767, and the average Sales price of homes was $1,288,667. Sellers are getting an average of 90% of their asking price, which means there seems to be just a tad bit of disconnect between buyers and sellers still. The average Days on Market for homes sold in Franklin Lakes was 137 Days.
Absorption Rate: An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of November 1, 2009, there were 130 homes for sale in Franklin Lakes as indicated above. Also as mentioned above is that 9 homes sold during the month of October. The absorption rate for Franklin Lakes based on October's sales figures is just over 14 months, above the national average.
With the amount of inventory on the market in Franklin Lakes and the recent traffic activity, we feel it is a great time to start shopping for homes in Franklin Lakes and allowing New Jersey Real Estate Guys negotiate the lowest, most feasible price for you. That is what we are good at.
If you are interested in buying or selling a home in Franklin Lakes, give us a call and interview us. We would value an opportunity to earn your business and rest assured that as a buyer we will maximize your dollar on real estate. As a seller, you have our full service of global and local marketing, Free CMA report for your home, and strategic plans to sell your home within a comfortable timeline. Contact NJREG today for a free consultation!