At Top of Real Estate Market: Short Supply, High Demand

It’s an unusual real estate market. Commercial analysts such as the Warren Group and our county’s Register of Deeds have both noted the way that rising interest rates have been linked to a slow down in transactions and perhaps even a softening of prices in much of the region’s housing market.

But at the higher end, which in Franklin can include properties like the just-listed 23 October Drive, selling for more than a million dollars, it is a different story. Demand has been robust and well-compensated professionals and business people, many trading up, are helping most such properties to sell quickly, sometimes above asking price.

The Mass Association of Realtors said the competitive market and scarcity of homes for sale has been a boon to sellers, with single-family homes that sold in July going for an average of 102.9 percent of their original list price. Indeed, the median sale price of a single-family home climbed 4.3 percent from last July to the new monthly record high of $610,000, The Warren Group said.

Cheryl Torku, who is the listing agent for 23 October, said the demand for such properties (in the case of 23 October Drive, listed at $1,250,000) has made it imperative that sellers align with the need for speed. “A home needs to show well and have few if any negatives because buyers often need and want to make fast decisions,” she said.

In this case, Torku said she recommended appliance upgrades to make sure there was nothing to distract from the home’s many other ‘stunning’ qualities.

With the updates, the home now boasts brand new stainless-steel Bosch appliances and a Subzero refrigerator as well as granite counters, cathedral ceilings, deck, 4 bedrooms, 4.5 bathrooms and a 3-car garage. And that’s not counting the ‘in-law potential’ of a finished basement!

“It’s a great property in an unusual market,” said Torku. “The convenience of Franklin, the town amenities, and the great demand will generate great interest,” she added.