As has been the case for most central Indiana cities, we have seen just slight increases in some cases, but more often, slight decreases in the total number of pending sales recorded in May, 2009. Alongside this movement we have seen a disproportionately large decrease in the total number of pending sales. This market behavior held true for the city of Franklin, Indiana. The total number of homes sold rose from 31 in April to 33 in May. But this 6.5-percent increase was accompanied by a much larger 33.3-percent decrease in the total number of pending sales. This May’s total of 26 pending sales was also 51.9-percent below last May’s total of 54.
But while the total number of close sales rose there was also an increase in the amount of inventory as the total number of Franklin homes for sale rose 5.1 percent, from 254 in April to 267 in May. Compared to last May’s total of 265 listings this was a 0.8-percent increase. Over the past 12 months, the total number of homes listed for sale in Franklin has averaged 258.
Corresponding changes could be seen in available inventories based on both closed and pending sales. The total months of available inventory based on closed sales dropped from 8.2 in April to 8.1 in May; while the total months of inventory based on pending sales from 6.5 to 10.3 over this same period.
While Franklin real estate has sold for an average of 95 percent of list price over the past 15 months there has been a wider margin of variation compared to other nearby central Indiana cities. The sold list-differential has been as low as 89 percent and as high as 99 percent. It was 96 percent in May, 2009.
No doubt sellers have not been thrilled with the average time spent on market over the past year. Over the past 12 months homes spent as few as 57 (July, 2009), and as many as 130 (January, 2010) days on market. The 12-month average is 92 days. Franklin homes spent an average of 94 days on market in May.
Some other pertinent stats:
- The average price per square foot remained unchanged from the previous month, at $64. This was up 8.4 percent over the 12-month average of $59.
- The absorption rate was 12.4 percent based on closed sales and 9.7 percent based on pending sales.
- The average active price was $162,000, while the average ‘sold’ price was $114,000.