Home Sales Up 3.8 Percent in Franklin Township

While not as pronounced as those of other townships, the Franklin Real Estate market nevertheless saw increases in several key statistical categories, including completed sales, pending sales and listings. While the rate of increase was not as high as the previous month the number of homes sold continued its rise for the 3rd consecutive month, closing out the month of April with 81 sales compared to 78 the previous month; an increase of 3.8 percent. This is also an increase of 9.5 percent compared to this same time last year, when 74 homes sold in the month of April.

The total number of pending sales was also on the rise as 110 sales were pending in April versus 101 the previous month. Not only is an increase of 8.9 percent on the month but it is a significant 34.1 percent increase compared to the 82 pending sales of last April.

The total number of Franklin Township homes for sale rose 6 percent, from 532 the previous month to 564 in April.  Compared to April of 2009 when there were 501 homes listed for sale this is an increase of 12.6 percent.

There were no big changes in either the absorption rates or months of available inventory. The absorption rate based on closed sales dropped from 14.7 percent in March to 14.4 percent in April. The absorption rate based on pending actually rose from 19.0 to 19.5.

The total months of inventory based on closed sales rose from 6.8 to 7 while the total months of inventory based on pending sales dropped 0.2 percent, settling at 5.1 percent at the close of April.

Homes selling in the Franklin Township area of Indianapolis carried an affordable price per square foot of just $60. This is down just slightly from a 6-month high of $63 that occurred in November of 2009.