The Franklin real estate market saw a 22.2-percent decrease in total sales in November, 2011 as a total of 28 closings took place compared to the previous month’s total of 36. Up the bright side, this represents a 7.7-percent increase compared to the 26 closings that took place 1 year ago during this same month. Also, there were on average 10.3 percent more closings taking place on a monthly basis from September through November of this year compared to this same quarter in 2010, when the per-month average was 29 closings.
One stat that surprised many was a 58.3-percent increase in total pending sales, from just 24 the previous month to 38 in November. This is also a 35.7-percent increase versus last November’s total of 28. The 33-per-month average number of pending sales that took place from September through October of this year represents a 13.8-percent increase versus the per-month average of 29 during this same period in 2010.
While there was 4.1 percent less real estate and homes for sale in Indianapolis in November compared to the previous month, a larger 8.2-percent drop in listings was seen in the Franklin market over this same period. What what’s truly impressive is the fact that the Franklin real estate market saw a precipitous 25.7-percent drop in listings compared to last November’s total of 257. Finally, from September through November of this year there were on average 203 homes for sale in Franklin Indiana, or 25.1 percent fewer, compared to this this same 3-month interval just 1 year ago.
Other Noteworthy Franklin Real Estate Market Stats:
- Homes in Franklin spent an average of 88 days on the market in November compared to the previous month’s average of 78 days, making for an increase of nearly 13 percent. Compared to last November’s average of 96 days on market, however, this is an improvement of nearly 8.3 percent. The 12-month average time on market in Franklin is 100 days even.
- The absorption rate based on closed sales was 14.7 percent, while the absorption rate based on pending sales was 19.9 percent.
- There were 6.8 months of inventory based on closed sales and 5 months of inventory based on pending sales.
- The average ‘sold’ price was $99,000, while the average active price was $156,000.
- Homes sold for an average of just 79 percent of original list price and 97 percent of final list price.