Real estate sales have slowed somewhat in the Franklin / Freeport area from the breakneck speed they were moving at in the month of March when we last checked in but they are still going strong. 224 homes sold in the area this month, of which 86.6% were distress sales: 163 foreclosure sales and 31 short sales. A mere 30 of the sold homes or 13.4% were non-distressed properties.

However, year over year, there seems to have been a shift in the home buyers’ perceptions which should be noted: while foreclosure sales are up just 15.6% year over year, short sales have jumped a whopping 520% and non-distressed sales are gaining ground at 76.5% for the same period. Overall unit volume is up 37.4% year over year.

This interest in short sales and non-distressed property is beginning to show some positive results in prices as well. While not markedly higher than March, prices have inched up a few dollars to sold price per square foot now resting at $77.86 and average sales price at $109,600. While both these numbers signify a drop of 30% year over year, homeowners in the Franklin – Freeport area are at least seeing some seasonal price appreciation, however small.

Inventory is at 2.3 months based on the last 12 months of sales and 2.2 months based on the last six months of sales.

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