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 additional slight value correction, but not one that should deter you from finding a good deal if you are shopping for a home. Most of the home price adjustments have come from the homes priced over a million dollars.
There are currently 118 homes for sale in Franklin Lakes, NJ. The average listing price is $1,712,206. 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 172 Days.
During the month of October, 2009, 5 homes sold in Franklin Lakes. The average listing price of homes sold was $1,541,000, and the average Sales price of homes was $1,369,980. Sellers are getting an average of 89% 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. The type of buyer/seller disconnect is normal during a recession or during times of tremendous equity rallies in the stock market.
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 December 1, 2009, there were 118 homes for sale in Franklin Lakes as indicated above. Also as mentioned above is that 5 homes sold during the month of October. The absorption rate for Franklin Lakes based on October's sales figures is just over 23 months, above the national average and much higher than last month. December is looking good as there are currently 9 homes under contract as of December 10, so the likelihood of a stronger sales report is quite stronger than November.
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. There are many factors that we consider when negotiating a home for our clients. We would value an opportunity to interview with you for the job of being your representative during these tedious times.
If you are interested in Franklin Lakes NJ homes for sale, 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!