There was good news and then there was not-so-good news for the Franklin Township real estate market in August, 2011. Starting off on a bright note, there was a 5.7-percent increase in the total number of closings that took place, from 70 in July to 74 in August. What’s even better about this is the fact that, compared to this same time 1 year ago, this is a 39.6-percent improvement. What’s more, there were, on average, 81 closings per month during the months of June through August of this year compared to an average of just 65 during this same period in 2010, making for a 24.6-percent improvement.
And now for the not-so-good news: Total pending sales—generally a good predictor of near-term market performance—fell 16.4 percent, from 73 in July to 61 in August, 2011. And this stat doesn’t get any prettier versus 1 year ago: Compared to August of 2010’s total of 80 it is a 23.7-percent worsening. At least things looked a little better in our quarterly analysis, as there were, on average, 9.2 percent more pending sales added to the pipeline on a per-month basis from June through August of this year compared to this same quarter in 2010.
No agent would welcome the prospect of even more homes on the market—at least no agent in his or her right mind. But more listings is exactly what the Franklin Township real estate market got, as total listings climbed 2 percent, from 510 in July to 520 in August. At least when compared to last August’s total of 521 this represents an ever-so-slight 0.2-percent decrease. Further still, the monthly average number of Franklin Township homes for sale from June through August of this year fell 4 percent versus this same quarter 1 year ago.
Some other Franklin Township Real Estate Market Stats:
- Homes in this area of Indianapolis Indiana spent an average of 82 days on the market, down just a bit from the 12-month average Franklin Township time on market of 85 days.
- The sold-list differential was unchanged from that of the previous month, at 96 percent. This, by the way, exactly matches the 12-month average, which is also 96 percent.
- The absorption rate based on closed sales was 14.2 percent, while the absorption rate based on pending sales was 11.7 percent.