If time is the yardstick by which progress is measured then you would have needed a long yardstick to measure the progress of the Franklin real estate market in August. That’s because the real progress could only be seen in comparison to last year’s totals; whereas, versus the previous month, things appeared to take a turn for the worse. Starting with total sales, there was a 22.9-percent drop versus the previous month’s total of 48. But August’s total of 37 sales, compared to 1 year ago, represents a pleasant 76.2-percent increase. Furthermore, the average number of closings that took place from June through August of this year was up 44.8 percent compared to this same period 1 year ago, or 42 versus 29 respectively.
August’s total of 33 pending sales, while down 8.3 percent versus the previous month’s total of 36, nevertheless represents a respectable 17.9-percent increase in this statistical category. The average number of pending sales on a per-month basis also rose 44 percent from June through August of this year compared to 1 year ago.
The good news for sellers was that there was 5.1 percent less competition on the market as the total number of Franklin homes for sale fell from 237 in July to 225 in August. But what’s most impressive about this is that it represents a 22.7-percent drop in total listings versus last August’s total of 291. Not only this, but there were, on average, a total of 233 homes listed on the Franklin real estate market during the months of June through August, making for a 16.8-percent decrease versus this same quarter 1 year ago.
Some other noteworthy Franklin real estate market stats:
- There were 6.1 months of inventory based on closed sales and 6.8 months based on pending sales.
- The absorption rate based on closed sales was 16.4 percent, while the absorption rate based on pending sales was 14.7 percent.
- Buyers paid an average price per square foot of $64, or 18.5 percent more than the previous month’s average of $54. The 12-month average price per square foot in Franklin Indiana is $58.
- The average active price was $144,000, while the average ‘sold’ price was $121,000.
- Franklin homes spent an average of 89 days on the market in August, down 6.3 percent versus the previous month’s average of 95 days.
- The median price was $111,000.