The December, 2011 Franklin real estate market out-performed its 2010 numbers in several key areas. Starting with total sales, there were 36 closings in December compared to the previous month’s total of 28, making for a nice 28.6-percent gain. But the big news is that Franklin closings were up 24.1 percent compared to this same time 1 year ago.
While pending sales fell 41.5 percent, from 41 in November to just 24 in December it should be pointed out that this is actually 33.3 percent above where the market was 1 year ago. Also, there were 30.4 percent more pending sales in the pipeline per month from October through December of this year compared to this same period 1 year ago.
While the Indianapolis real estate market saw an 8.4-percent drop in total listings the Franklin market nearly matched this as there were 7.9 percent fewer homes on the market versus the previous month. In our 1-year comparison, there December’s total of 176 Franklin homes for sale represents a significant 27.6-percent decrease compared to December of 2010’s total. Finally, Franklin Indiana saw a 25.6-percent decrease in the average number of monthly listings from October through December of this year compared to this same period last year.
Other Franklin real estate market statistics:
- Homes in Franklin spent an average of 121 days in the market in December, 2011—ouch! While this is 37.5 percent worse compared to the previous month’s average of just 88 days at least it is nearly 15 percent better than last December’s average of 142 days on the market. The 12-month Franklin average is 98 days.
- Homes sold for an average of 81 percent of their original list price, and 96 percent of their final list price.
- The absorption rate based on closed sales was 20.5 percent, while the absorption rate based on pending sales was 13.6 percent.
- There were 4.9 months of inventory on the market based on closed sales and 7.3 months of inventory on based on pending sales.
- December’s average price per square foot of $53 was down 15.8 percent versus 1 year ago.