Amid some disappointing statistical developments in the October Franklin real estate market were just a few glimmers of light. The most recent total of 23 closings that took place in October was down 42.5 percent versus the previous month’s total of 40. Not only this, bit versus last October’s total of 36 it is a 36.1-percent decrease in sales activity. In yet another comparison, the average number of closings that took place from September through October of this year was down 11.1 percent compared to this same quarter 1 year ago.
As for those “glimmers”, there were improvements in two key stats when compared to where the market was just 1 year ago. Starting with total pending sales, the most recent total of 30, while unchanged the previous month, was actually up by 20 percent versus October of 2011. Unfortunately, the average monthly figure of 28 pending sales, from September through October of this year, represents a decrease of 12.5 percent relative to this same 3-month period 1 year ago.
After rising for a third consecutive month in September, total Franklin listings finally fell by 6.3 percent. What’s more, versus 12-months ago, the most recent total of 179 listings represents a decrease of nearly 14 percent. Also, from September through October of this year, there were on average 14.4 percent fewer homes on the market compared to this same, quarter last year.
Some other Franklin real estate market stats worth noting:
- Of the 179 homes listed for sale in October, 42 were new listings. This represents a 10.6-percent drop versus the previous month’s total of 47, and a 20.8-percent drop versus October of 2011. The 12-month average number of new listings placed on the market each month is 44.
- Homes in Franklin spent an average of 45 days on the market in October, down an amazing 55.9 percent versus the previous month’s patience-testing average of 102 days. In fact, October’s 45-day average marks a 15-month low for this metric. Prior to October, homes in Franklin had not averaged fewer than 64 days on market. The 12-month high was 115 days. The 12-month average time on market is 85 days.
- There were 7.8 months of inventory based on closed sales and 6 months of inventory based on pending sales.
- The average price per square foot was $57. This is down nearly 11 percent versus the previous month’s average of $64, and down 5 percent versus last October’s average of $60. The 12-month average price per square foot is $9.
- The absorption rate was 12.8 percent based on closed sales and 16.8 percent based on pending sales.
- The average active price in Franklin was $162,000. This is down 3 percent versus the previous month’s average of $167,000, although it is up 11 percent versus the average for this same month 1 year ago. The 12-month average active price is $155,000.
- The average ‘sold’ price was $109,000. This is down 22.1 percent versus the previous month’s average active price of $140,000, but up 10.1 percent versus October’s average of $99,000. The 12-month average ‘sold’ price is $115,000.
- The sold-list differential based on original asking price was 90 percent. This was unchanged versus the previous month, but up nearly 6 percent versus October of 2011. The sold-list differential based on final asking price was 96 percent. This is up by an average of 1 percent versus October of 2011.
- The Franklin median price was $117,000, which is was up substantially over last year’s median price of $93,000.