The Franklin Township real estate market saw a 3.7-percent increase in closed sales in November, 2012. But not only was the most recent total of 84 closings up versus the previous month’s total 81, compared to last November’s total of 60 this is a significant, 40-percent increase on the year. And, from September through November of this year, there were on average 79 closings per each month, or nearly 20 percent more, compared to this same period last year.
The news concerning pending sales was not nearly as rosy. That’s because the 55 reported pending sales in November were down 41.5 percent compared to the previous month’s total of 94, and down 8.3 percent versus last November’s total of 60. However, the average number of reported pending transactions, from September through November of this year, climbed nearly 17 percent relative to this same quarter 1 year ago, or 76 versus 65 respectively.
One healthy development for the market was a 5.4-percent decrease in the number of homes for sale. But not only is November’s total of 389 listings down versus the previous month’s total of 411, it is down 9.1 percent versus this same time 12 months ago. Further still, an average of 427 homes were on the market during the months of September through November of this year, or 8.2 percent fewer, compared to this same month 1 year ago.
Some other pertinent Franklin Township real estate market stats:
- Franklin Township homes were averaging 78 days on the market in November. This is up just 4 percent versus the previous month’s average of 75 days. Versus last November’s average of 93 days, however, it is a 16.1-percent improvement in time on market. The 12-month average time on market in Franklin Township is 90 days .
- The absorption rate was 21.6 percent based on closed sales and 14.1 percent based on pending sales.
- Sellers realized an average of 88 percent of original asking price. This is down 4 percent versus this same month 1 year ago. The sold-list differential based on final asking price was 96 percent. The 12-month averages for both these stats are 87 and 96 percent respectively.
- There were 4.6 months of inventory based on closed sales and 7.1 months of inventory based on pending sales.
- The average price per square foot was $62. This is up by an average of just $1 versus the previous month. Compared to last November’s average of 58 it is an increase of nearly 7 percent. The 12-month average price per square foot in Franklin Township is $61.
- The average active price of $157,000 was down just slightly versus both the previous month and November of 2011, both of which averages $158,000. The 12-month average is also $158,000.
- The average ‘sold’ price was $135,000. This is up 6.3 percent versus the previous month’s average of $127,000, and up 16.4 percent versus last November’s average ‘sold’ price of $116,000. The 12-month average ‘sold’ price is $136,000.
- A total of 89 of the 389 homes listed for sale in November came in the form of new listings. This up 20.3 percent versus the previous month’s total of 74. Versus last November’s total of 71 it is a 25.4-percent increase. Over the past year, an average of 106 new listings have made their way to the market each month.
- The median price was $118,000.