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Franklin Lakes Real Estate Report | Updated Monthly

Franklin Lakes Real Estate Report  As of June 1 2010

So far this year in 2010, Franklin Lakes real estate has been average on sales volume but a little down on the sales price averages.  Those of you looking to live next to one of the Real Housewives, may be able to get a more affordable piece of real estate in this prestigious community.  There is an abundance of gorgeous homes under $1 million where in 2005, you couldn’t find anything respectable for that price.

We anticipate an the average sales price for 2010 to bounce along all over the place, however a further price drop will be indicated by our projection that the average sales price in Franklin Lakes in 2010 will be under $1 million.  Don’t put too much into that though.  Homes are unique in Franklin Lakes and if you find a home you absolutely love, it would make sense to make a run at it today and play the market.  That’s what we’re good at!

Let’s look at this years numbers to date.

January: 6 Homes sold with an average sales price of $1,352,917.

February: 8 Homes sold with an average sales price of $853,562.

March: 12 Homes sold with an average sales price of $862,625.

April: 5 Homes sold for an average sales price of $951,300.

May: 8 Homes sold for an average sales price of $918,500.

Here is a performance chart for over the last 2.5 years.  Click on charts to enlarge to see some annualized changes.

If you are interested in any information regarding Franklin Lakes real estate and the benefits to you and your family, please contact us and we will be happy to discuss.  If you would like to browse all homes for sale in Franklin Lakes, please use our MLS/IDX searching tool on the right side column of this page.

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Franklin Lakes, NJ Real Estate Round-Up for Q1 2010

Our apologies for not reporting on February, but being that it is the end of the first quarter (Q1) of 2010, I felt it appropriate to share some market statistics for Franklin Lakes housing.

Remember (actually I don’t expect you to remember), during 2009’s Q1, there were only 11 home sales in Franklin Lakes.  The average price of a home sold was $1,263,409.

On to 2010!  In January, 2010, as reported in our most recent report, there were 6 homes that sold in Franklin Lakes with an average selling price of $1,352,917.

In February 2010, there were 8 home sales in Franklin Lakes with an average selling price of $853,562.

In March 2010, there were 12 home sales in Franklin Lakes with an average selling price of $862,625.

In total, during the Q1 of 2010, 26 homes have sold this year in Franklin Lakes with an average sales price of $972,981.

In comparison of 2009-2010 Q1 reports, 2010 showed an increased level of sales volume by 42% !!  However, also in 2010, the average sales price has expectedly dropped by 23%.  We will see where the rest of the year brings us, but prices are expected to soften a bit more in general.  As government incentives exprire, mortgage rates are expected to increase by late 2010, so there is some uncertainties with how the market plays out.

If you are interested in any information regarding Franklin Lakes real estate and the benefits to you and your family, please contact us and we will be happy to discuss.  If you would like to browse all homes for sale in Franklin Lakes, please use our MLS/IDX searching tool on the right side column of this page.

January 2010 Round Up – Franklin Lakes Home Sold / Inventory / News

As January typically produces fewer home sales due to changes in lending guidelines, Franklin Lakes remained the norm.  While we do not anticipate any price declines due to the expiring First Time Homebuyer Tax Credit, I think it will be interesting to watch this market until Q3 2010.  Home prices are still high, but activity is normal.

During the month of January, there were 6 homes sold in Franklin Lakes.  The average sales price was $1,352,917.

There are currently 103 Single Family Homes for sale in Franklin Lakes with an average listed price of $1,610, 452.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales.  The current rate of absorption in Franklin Lakes is 17.1 Months.  This is higher than the norm, but let’s see what March brings.  My opinion is that last year and this year there are always new lending guidelines at the start of the year which throw things off for a while.

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Happy New Year, Franklin Lakes!

It is now time to recap our 2009 market and make some 2010 predictions for Franklin Lakes, NJ real estate.  I want to disclose that unlike most of the state, Franklin Lakes has a very low inventory and low home sale figures compared to most areas of NJ, moreso in the country.  As many know, Franklin Lakes is dominated by estates and multi-million dollar real estate listings.  Just one single sale can alter the monthly figures quite a bit.

Before we get into the numbers, don’t forget to browse all Franklin Lakes homes for sale via our customized MLS / IDX gadget which has all listings updated every 24 hours.

Due to time constraints and deadlines to complete our reports, we have generated all statistics from the NJMLS which is the dominant MLS system for Franklin Lakes.  So without further ado, let’s see how Franklin Lakes real estate did this year!

2008

• 66 Homes Sold in Franklin Lakes during 2008
• Average Sales Price was $1,386,420

2009

• 74 Homes sold in Franklin Lakes during 2009
• Average Sales Price was $1,129,598

The comparison of 2008 and 2009 shows that there was a 10% increase in sales volume in 2009.  The comparison also shows there was an 18.5% decrease in average selling price.  See official chart attached in the following link.  (Franklin Lakes Official Home Report)

As shown, Franklin Lakes’ prices have dramatically dropped since its peak, but remain nearly 15% higher than what they were a year ago today.  Month over month in each Q4, sales have nearly doubled in 2009 when compared to the same time last year which saw the U.S housing market in a very vulnerable state.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales.

There are currently 93 homes for sale in Franklin Lakes, NJ.  During the month of December, 8 Homes sold according to the NJMLS.  This puts today’s Franklin Lakes rate of absorption at nearly 12 months.

NJ Real Estate Guys Franklin Lakes 2010 Prediction:  At the end of 2009, the average sale price of a home stood at $1,129,598.  We anticipate a similar pattern for Franklin Lakes during 2010.  We do not anticipate a V-shaped recovery for the area but rather an up and down consistent wave pattern, although it is not obvious that we have seen a total collapse of the Franklin Lakes real estate market.  The difference in Franklin Lakes is money, plain and simple.  More homeowners in Franklin Lakes can afford to “ride it out” as opposed to other blue collar areas of NJ with lower, yet above average incomes.  Even though the average sale price is down from 2008, throw in only a couple of $2 million sales and see what happens.  That being said, we expect prices to skip around where the median should stagnate, if not come slightly lower in 2010.  We expect a gradual continuation of normal appreciation by Q1 of 2011.

Our opinion is that we feel it is a good time to buy in Franklin Lakes.  As mentioned, we do not anticipate a noticeable decline in values in 2010 so the entire year should provide an opportunity where prices should be where you want them when you want them.  If you LOVE the home, then buy it.  Don’t wait on a home to come down in price if you LOVE it, especially in 2010.  We have seen far too many this year lose their dream home because they wanted to see how much lower the price would get.  It didn’t, and it sold to another buyer.

If you are looking to buy or sell real estate in Franklin Lakes, look no further than the NJ Real Estate Guys.  We would value an opportunity to interview for the job of being your real estate professional.  Please contact us for a consultation and we would be happy to meet with you at your soonest convenience.  Happy New Year!

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November Sales | 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.

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!

View all available homes for sale in Franklin Lakes

October 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, 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!

View all available homes for sale in Franklin Lakes

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September 4, 2009 Update

Okay…as we settle into Q4 soon, I think I will jump the gun and post some summer numbers for Franklin Lakes, NJ real estate and homes for sale.  All of our data is comprised from the Garden State MLS as well as the New Jersey MLS.  I hope one day that the 2 MLS boards do something to collectively exclusify certain towns and cities.  The NJMLS has most of Bergen County’s data, but the GSMLS gets some, albeit most of it is duplication of what is on the NJMLS anyway.  This article is based on housing data compiled from June 1, 2009 to September 1, 2009.

Anyway, on to the good stuff.  For those of you looking to buy a home in Franklin Lakes, you already know the lifestyle that you will be living.  It is one of my favorite areas of New Jersey and as my wife always reminds me, the home of Bravo’s New Jersey Housewives.  If you have driven through Franklin Lakes, you are surrounded by beatiful homes and some of the most exquisite neighborhoods in all of New Jersey, and unique in its own way.

Here is the telling part of the market.  The average listing price of a home in Franklin Lakes THAT SOLD from June 1 thru the end of August was $1,195,141.  The average SOLD home in Franklin Lakes was $1,018,838.  (See below for what this tells me)

New Listings:  From the time between June 1 thru the end of August, there were a total of 54 New Listings of homes for sale in Franklin Lakes.  The average listing price of those homes was $1,694,351 with a total of only 19 of them being listed at under $1,000,000.

Under Contract:  During the alotted time, there were 14 homes that were put under contract in Franklin Lakes.  Of those 14 homes, the average was $1,154,557 and the average Days On Market for these homes was 124 Days.

Home Sold: During the alotted time in Franklin Lakes, there were 31 homes that sold.  Of all home sales, the average sale price was $1,018,838. Average Days On Market for these homes were 115 days.

As of September 4, 2009, there are approximately 138 Franklin Lakes homes for sale.  Over the previous 30 days, 7 homes have sold.

Franklin Lakes, NJ has an inventory level of just over 19 months.  Absorption rate is calculated by the number of homes currently for sale divided by the number of homes that sold the previous month. This means that at the rate of homes sold last month, it would take 19 months to sell out of Franklin Lakes homes for sale inventory IF there were no additional active listings from this point forward.  This absorption rate is currently above the national average.

NJREG opinion on the Franklin Lakes real estate as it currently stands is that there is room for negotiation from current listing prices.  We base our opinion on what the average listing price was of homes that have sold over our period of time between June 1 and September 1.  Although there are several ways to draw an opinion about negotiability, we feel that if you are looking for a home in Franklin Lakes, NJ, New Jersey Real Estate Guys can assist in your general understanding of the market and achieve an agreed contract price that protects your long term investment in real estate.

Don’t forget to view our Franklin Lakes real estate page to view all active homes for sale, and as always, please give New Jersey Real Estate Guys an opportunity to earn your business in Franklin Lakes.  We would value an opportunity to work with you and our efforts will speak for itself!

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