The latest AP article by Stevenson Jacobs mentions that this bailout plan can only begin to succeed if home prices stabilize. Jacobs states that experts indicate “home prices must stop falling…sending a signal to banks that the worst has passed and it is safe to start doling out money again.
Franklin, Massachusetts has definitely seen prices drop over the last year or two but fortunately this metro west of Boston area has not taken a huge hit from these economic times. The Warren Group of Banker & Tradesman released its June 2007 to June 2008 sales review which shows Franklin sales are down by 13.75% from a year ago. This is based on sales of 53 homes this year versus 59 sales from 2007–June median home price was $349,000 against last year’s median of $415,900.
So although these are not the greatest statistics, buyers have still been buying well-priced homes and this region has weathered seemingly the worst of the storm. Ask me again in 4 months as we watch and hope for better economic times…
Filed under: Boston, money, real estate, selling | Tagged: Franklin, home sales, sold data, The Warren Group
