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Pending Sales Up for Franklin Township

Franklin Township saw an upturn in two key stats in March: total homes sold and total pending sales. There was a 30.4-percent increase in the total number of homes sold, with 59 sales in March compared to 49 in February. There was a 54.7-percent increase in the total number of pending sales compared to the previous month. Pending sales were also up around 2 percent compared to this same time last year when there were 97. March’s total of 99 pending sales tied a 15-month high that was set in August of 2009. The total number of Franklin Township homes for sale jumped 9.5 percent, going from 486 in February to 532 in March. This stat is also up 12 percent over last March.

The total time spent on Franklin Township real estate market, which had been on the decline for six months, began to rise in September of 2009 and hit a 15-month peak of 98 days in March of 2010. The 15-month average for time spent on market is 79 days.

One stat that hasn’t varied much over the past 12 months is the sold-list differential.  In March, buyers paid an average of 95 percent of list price. In fact, the sold-list differential only once, in January, dropped below 95 percent.

Buyers paid an average of $59 per square foot for home located in this area of Indianapolis. This is a 7 percent increase over February’s average of $55 per square foot. The 12-month average is approximately $55.

The absorption rate based on closed sales rose 1 percent from the previous month, ending at 11.1 percent.  Even more impressive was the jump in absorption rate based on pended sales, with the market projected to absorb 18.6 percent of homes.