In the world of statistics, what counts as “improvement” is often a matter of perspective. Take, for example, the latest figures for total Franklin Township pending sales. While there was an 8.3-percent decrease compared to the previous month’s total of 72, when compared to last October’s total of just 45, the market was actually up 46.7 percent in this statistical category. Even the average monthly total of 69 pending sales from August through October of this year represents a 6.2 percent improvement compared to this same period 1 year ago.
That there was an improvement in total sales was unequivocal, as 75 closings took place in October compared to the previous month’s total of 63, making it a 19-percent increase on the month. Compared to last October’s total of 73 closings this is a 2.7-percent improvement. Even in our quarterly analysis there were on average 71 closings per month, or 7.6 percent more, from August through October of this year compared to this same quarter last year.
The 464 Franklin Township homes for sale in October represent a 7.6-percent decrease versus the previous month’s total of 502. However, this particular area of Indianapolis Indiana saw a 0.7-percent increase in total listings when compared to last October’s total of 460. Finally, from August through October of this year there were, on average, 495 listings in this area of the Indianapolis real estate market on a per-month basis, or 0.4 percent fewer, compared to this same 3-month period 1 year ago.
Some other Franklin Township Market stats:
- Of the 464 Franklin homes for sale 98 were new listings. This represents a 16.2-percent decrease versus the 12-month average of 147 new listings per month.
- The average time on market was 106 days. Moreover, this is a 15-month high for the Franklin Township area.
- The absorption rate based on closed sales was 16.2 percent, while the absorption rate based on pending sales was 14.2 percent.
- Homes sold for an average of 86 percent their original list price in October. The 12-month average is 90 percent. The average sold-list differential as a function of the final list price was 96 percent.
- There were 6.2 months of inventory based on closed sales and 7 months based on pending sales.
- The median price was $118,000.