While the Franklin real estate market was not stellar in February, 2012, there were some decent improvements seen in several key indicators, perhaps signifying that spring has definitely arrived. Take total pending sales, for example: While February’s total of 26 represents a 21.2-percent decrease relative to the previous month’s total of 33 this is nevertheless an 8.3-percent improvement compared to last February’s total of 24. Also, the monthly average of 28 pending sales from December of 2011 through February of this year represents a huge 40-percent improvement in this statistical category versus this same period 1 year ago.
While total sales did fall 12.5 percent in comparison to the previous month, there was no change versus 1 year ago. However, looking at the average number of homes sold per month from December of 2011 through February of this year a 21.7-percent improvement could be seen.
The Franklin real estate market saw a 1.8-percent increase in the total number of homes listed for sale versus the previous month. But what’s most surprising about the February’s total of 168 listings is that it represents a significant 29.7-percent decrease versus where this market was 1 year ago. In comparison, there were 1.5 percent fewer Indianapolis homes for sale during this same period. In a quarterly view, there were on average just 170 homes listed for sale in Franklin Indiana, 29.5 percent fewer, from December of 2011 through February of this year compared to this same quarter 1 year ago.
Some other noteworthy Franklin real estate market stats:
- Homes in Franklin spent an average of 84 days on the market in February compared to the previous month, or 6.6 percent less time. Compared to last February’s average of 91 days this is a 7.8-percent improvement. This is also 13.4 percent better versus the 12-month average time on market in of 97 days.
- Homes sold for an average of 88 percent of original asking price. This barely down from last February’s average of 89 percent. The sold-list differential based on final list price was 91 percent.
- The absorption rate based on closed sales was 12.5 percent, while the absorption rate based on pending sales was 15.5 percent.
- There were 8 months of inventory based on closed sales and 6.5 months of inventory based on pending sales.
- The median price in Franklin was $101,000.
View other Franklin Real Estate Market Reports here.