Franklin Real Estate Report

The vicissitudes of the seasons have a counterpart in the Franklin real estate market, although not nearly to the extent as with other Central Indiana cities.  For home sellers in Franklin, the seasons indeed appear to be changing as the number of homes sold in February jumped significantly from last month to reach a total of 27. This is also an 8 percent increase over the 25 homes that sold last year this same time.

The number of pending sales also increased from 24 in January to 30 in February of 2010.  In what may not be a particularly long-lived trend, the total number of Franklin homes for sale dropped to a 1-year low to just 229 listings. This is a 13 percent decrease from the 264 listings of February, 2009.

While the total number of days spent on market has been somewhat of a seesaw over the past year, February was kinder to sellers as homes spend an average of 91 days on market – a 30-percent drop compared to 130 days the previous month and 115 days in February of 2009.

At $57, there wasn’t a huge difference in the average cost-per-square-foot paid by buyers compared to $55 the previous month and $51 last year in February.  With an average sale price of $89,000 homes in Franklin, Indiana nearly matched the 1-year low that was set in March of ’09 when the average ‘sold’ price was just $87,000. The 1-year high of $156,000 took place in December of 2009.