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Franklin Real Estate Report – June 2010

The good news was that sales in Franklin, Indiana were up 2.9 percent. Tempering this news, however, is the fact that “2.9 percent”, in this case, translates into exactly 1 more sale than the previous month. Woohoo!!! Seriously though, any positive movement in this statistical category is good news, considering the alternative is zero, or even negative, movement.

On the downside in June there were 25 percent fewer pending sales. Moreover, June’s total of 21 was 34.4 percent below last June’s total of 32. At least this decrease was less severe than that of the previous month when total pending sales dropped 34.8 percent, although the rate of decrease was less than that of other nearly central Indiana cities.

Many nearby cities have seen significant increases in total listings even as sales have dropped—a bad combination from a seller’s standpoint. Fortunately this was not the case in Franklin as the total number of Franklin homes for sale remained unchanged at 267. Although it would be preferable that this figure move in a southerly direction we’ll take it. One year removed from last June’s total of 272 homes for sale this represents a 1.8 decrease in total listings.

Some other facts:

  • Over the past 15 months homes have spent as few as 57 (July, 2009), and as many as 130 (January, 2010), days on the Franklin real estate market. In June, homes spent 89 days on market compared to 91 in May. The 12-month average is 91 days.
  • In 9 out of the past 12 months sellers have received no less than 95 percent of list price. In June, the sold-list differential has measured 95 percent; just 1 percent below the 12-month average of 96 percent.
  • Since reaching a near-anomalous 15-month high of $76 in December, 2009 the average price per square foot has gradually trended closer and closer to the 12-month average of $60.In fact, it averaged exactly this in June.
  • The average ‘sold’ price rose 8 percent, from $112,000 in May to $121,000 in June. The 12-month average is $111,000.
  • There were 7.4 months off inventory based on closed sales, while there were 12.7 months based on pending sales.
  • The absorption rate based on closed sales was 13.5 percent while the absorption rate based on pending sales was 7.9 percent.
  • The average active price fell 3 percent from the previous month’s average of $162,000, finishing at $157,000.
  • The median price of $111,000 was 14.4 percent above the 12-month average of $97,000.