Real Estate Report by m.s.Woods Real Estate, LLC. – Since reaching a 15-month low of just 20 sales in December of 2009 the total number of homes sold has not once moved in a negative direction. The most recent example of this sustained momentum could be seen as sales climbed from a total of 29 in March to 31 in April. While this is a 6.9-percent increase versus the previous month it is a more sobering 32.6-percent drop from last April’s total of 46 completed sales.
From a market health standpoint, it is always good to reach equilibrium with respect to supply and demand. While the 1-year decrease in the total number of Franklin homes for sale was not commensurate with the 1-year decrease in total sales, it at least was a move in the right direction as total listings dropped 6.3 percent compared to April of 2009.
With 41 total pending sales in April there was no change versus the previous month. However, when compared to last April’s total of 52 pending sales this was a decrease of 21.2 percent.
Since reaching a 15-month low of just 60 days in March, 2010 the total time spend on market rebounded—in the wrong direction—to 105 days in April. This figure was up even over the 12-month average of 93 days. Apparently, there is a slight disparity between what sellers in Franklin, Indiana feel their homes to be worth and what buyers are willing to pay.
Franklin homes sold for an average of 96 percent of list price in April compared to 95-percent the previous month. Ever since the sold-list differential tanked at 89-percent in March of 2009 it did not drop below 92-percent in the months that followed, and in fact, averaged nearly 93-percent over the 12-month span.
With the most important metrics –home for sale, homes sold and pending sales—moving in adverse directions compared to last year, the Franklin real estate market leaves a little to be desired overall.