Franklin Market Saw 20 Percent Drop in 2012

Real Estate Report by m.s.Woods Real Estate, LLC. –  Improvements were seen in the Franklin real estate market, albeit not to the same extend as other nearby Central Indiana towns and cities. A total of 390 homes were sold during all of 2012, or 3.1 percent more, compared to a total of 381 for all of 2011. This translates to a monthly average of 32 sales per month, or 3.1 percent more, compared to 32 sales per month for 2011. Also, from October through December of 2012, there were on average 34 sales per month, or 11.8 percent fewer, compared to this same quarter in 2011. In all, a total of just 9 more closings took place in 2012 compared to 2011.

The year-end figures for pending sales were quite similar to our previous stat. A total of 396 pending sales were reported for all of 2012, or 3.1 percent more, compared to 388 for all of 2011. On average, there were 33 pending sales reported each month for 2012, and 32 per month for 2011. Looking at the last quarter of 2012, from October through December, there were on average 30 pending sales per month. This is unchanged from the average for this same quarter in 2011. The net difference was 8 more pending sales on the year.

But while our 2 previous stats were only modestly improved, a much greater improvement was seen in the total number of homes on the market. As is commonly accepted, the market has suffered from too many listings ever since the crash of 2008. Fortunately, there was a 20-percent drop in the number of Franklin homes listed for sale, from 2,697 for all of 2011 to 2,161 for all of 2012. This is great news for sellers as it translates to less competition. On average, there were just 180 homes on the market per month during 2012, compared to 225 per month during 2011. And of the 180 homes on the market each month, just 44 were new listings.

View the complete, original report here.