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Franklin Home Sales Drop 17.9 Percent in March, 2010

Real Estate Report by m.s.Woods Real Estate, LLC. –  There was a 17.9-percent drop in the total number of homes sold in Franklin, Indiana, with 28 sales in February compared to just 23 in March.  Compared to the 24 sales in March of 2009 this is a 4.2-percent drop. However, this is an increase of 76.9 percent when compared to the market 15 months ago, when there were just 13 sales in January 2009.

But what the Franklin real estate market was lacking in home sales it more than made up for in the category of pending sales.  There were 41 pending sales in March compared to 30 the previous month; an increase of 36.7 percent.

Fortunately, the rise in the total number of Franklin homes for sale was not as pronounced as that of other Central Indiana cities. With 238 listings on the market in March compared to 229 the previous month there was just a 3.9-percent increase in total inventory. Over the past 15 months total listings have never numbered more than 274 or fewer than 229.

Homes spent 29.5 percent less time on the market in March, averaging just 62 days versus 88 the previous month. This is also a 32-percent decrease from the 12-month average of 92 days spent on market.

Buyers of homes in Franklin, on average, spent $62 per square foot compared to $56 the previous month—an increase of nearly 11 percent. Still, the price per-square-foot for homes in Franklin are reasonable compared to many other areas of Indiana.

The sold-list differential for the month of March came in right at 96 percent. Interestingly, both the 15-month high and low for this particular metric exceeds that of many other Central Indiana cities. A 15-month low of 89 percent was set in March of 2009 while a 15-month high of 99 percent was set in December of 2009.