Franklin Township Home Sales Rise 11.1 Percent in May, 2010

The total number of homes sold in Franklin Township rose 11.1 percent, from 90 in April to 100 in May, 2009. Compared to May of 2009 this is an even more impressive 37-percent increase. Overshadowing this gain, however, was the fact that the total number of pending sales dropped 54.4 percent, from 114 in April to just 52 in May. Compared to May of 2009 this was a less pronounced drop of just 24.6 percent. On the brighter side was the fact that the total number of Franklin Township homes for sale dropped 3.5 percent as there were just 545 listings versus 564 the previous month. Compared to May of 2009, however, this was still a net increase of 7.3 percent.

One category of measurement in which the Franklin Township real estate market has not fared as poorly as other townships in Indianapolis is that of the average time-spent-on-market. In May, homes spent an average of 67 days on market versus 73 in April. Over the past 15 months homes spent as few as 66, and as many as 90, days on market in Franklin Township.

Some other pertinent stats:

  • Buyers paid an average of $66 per square foot in May compared to $62 the previous month. The 12-month average is $61.
  • The average ‘sold’ price rose 5.1 percent, from $137,000 in April to $144,000 in May. This was a 12-5-percent increase over the 12-month average $128,000.
  • The average active price rose slightly, from $178,000 in April to $180,000 in May. The 12-month average active price is $185,000.
  • There were 5.5 months of inventory based on closed sales and 10.5 months of inventory based pending sales.
  • The absorption rate based on closed sales rose from 16 percent in April to 18.3 in May.  The 12-month average is 15.1 percent.
  • The absorption rate based on pending sales was almost half that of April, at just 9.5 percent. The 12-month average is 15.2 percent.