There were few surprises in the Franklin real estate market for October, 2011. Starting with total sales, there were 9.1 percent fewer closings in October versus the previous month’s total of 33. This is also a 12.5-percent improvement versus last October’s total of 32 closings. But what really stood out was the fact that there were on average 36 closings taking place per month from August through October of this year, or 33.3 percent more, versus this same quarter 1 year ago, when the average was 27.
Total Franklin pending sales took a 30.6-percent hit, falling to just 25 compared to the previous month’s total of 36. Compared to last October’s total of 24, however, this is actually a small gain of 4.2 percent. And, from August through October of this year there were 10.3 percent more pending sales making their way through the sales pipeline versus this same period 1 year ago.
While the 1.4 percent drop in Franklin listings versus the previous month, while an improvement, didn’t quite match the 4.2 percent drop in Indianapolis homes for sale during this same period. Be that as it may, October’s total of 208 Franklin homes for sale represents a substantial 23.8-percent improvement in the market compared to this same month 1 year ago. What’s more, there was also a 23.8-percent decrease in the average3 number of homes on the market per month from August through October of this year versus this same period 1 year ago.
Some other Franklin real estate market facts:
- Homes in Franklin Indiana spent an average of 78 days on the market in October, down 20.4 percent versus the previous month’s average of 98. The 12-month average in Franklin is 101 days.
- The absorption rate based on closed sales was 17.3 percent, while the absorption rate based on pending sales was 12 percent.
- There were 5.8 months of inventory based on closed sales and 8.3 months of inventory based on pending sales.
- The average sold-list differential was 95 percent. This matches both, the previous month as well as the 12-month average for the Franklin market.
- The average ‘sold’ price fell 14.7 percent, from $116,000 in September to $99,000 in October. Meanwhile, the average active price remained unchanged versus the previous month, at $146,000.
- The median price was $93,000.