Improvements were seen in the Franklin real estate market, albeit not to the same extend as other nearby Central Indiana towns and cities. A total of 390 homes were sold during all of 2012, or 3.1 percent more, compared to a total of 381 for all of 2011. This translates to a monthly average of 32 sales per month, or 3.1 percent more, compared to 32 sales per month for 2011. Also, from October through December of 2012, there were on average 34 sales per month, or 11.8 percent fewer, compared to this same quarter in 2011. In all, a total of just 9 more closings took place in 2012 compared to 2011.
The year-end figures for pending sales were quite similar to our previous stat. A total of 396 pending sales were reported for all of 2012, or 3.1 percent more, compared to 388 for all of 2011. On average, there were 33 pending sales reported each month for 2012, and 32 per month for 2011. Looking at the last quarter of 2012, from October through December, there were on average 30 pending sales per month. This is unchanged from the average for this same quarter in 2011. The net difference was 8 more pending sales on the year.
But while our 2 previous stats were only modestly improved, a much greater improvement was seen in the total number of homes on the market. As is commonly accepted, the market has suffered from too many listings ever since the crash of 2008. Fortunately, there was a 20-percent drop in the number of Franklin homes listed for sale, from 2,697 for all of 2011 to 2,161 for all of 2012. This is great news for sellers as it translates to less competition. On average, there were just 180 homes on the market per month during 2012, compared to 225 per month during 2011. And of the 180 homes on the market each month, just 44 were new listings.
Other Franklin real estate market stats worth noting:
- Homes in Franklin averaged 84 days on the market in 2012. This represents a 14.3-percent improvement versus the 2011 average of 98 days on market.
- The average sold-list difference based on original asking price for all of 2012 was 88 percent. This is up 1 percent versus 2011 average of 87 percent. Meanwhile, the average sold-list difference based on final asking price in 2012 versus 2011 was unchanged at 95 percent.
- The average price per square foot was $60 in 2012. This represents a 5.3-percent increase over the 2011 average of $57 per square foot.
- The 2012 average ‘sold’ price of $117,000 was up 10.4 percent over the 2011 average of $106,000. The average active price for all of 2012 was up 7.5 percent compared to 2011, or $157,000 versus $146,000 respectively.
- The average absorption rate in 2012 based on closed sales was 18 percent. This is 4 percent improved versus 2011. Based on closed sales , the 2012 average absorption rate was also 18 percent. This, too, is represents a 4-percent improvement versus 2011.
- On average, there were 6 months of inventory in 2012 based on both closed and pending sales. These same averages in 2011 were 8 and 7 percent respectively.