Franklin - Freeport Real Estate Market Update: March 2009
Sales in the Franklin - Freeport area show no signs of slowing down. If a record number of homes sold last year, this year has broken the record and then some. A total of 287 homes sold in the area in the month of March this year - that’s a unit volume increase of 168.2% year over year.
Of these 287 homes, 242 were foreclosure sales alone - and remember I am talking about just a month here. That means about 80 foreclosures sold in the area of Franklin - Freeport every single day! 25 short sales and 20 non-distressed homes also sold this month. Year over year we see a 191.6% increase in foreclosure sales, a 400% increase in short sales and just a 5.3% increase in non-distressed unit sales.
Non-distressed home sellers have been hit harder than expected. Prices have fallen to levels uncontemplated by anyone. The average price per square foot is now $75.94 down 36.7% year over year from a high of $119.98. Average sale price is down 41.6% from $104,413 to $178,674. The median sale price is down 44.4% from $162,000 to $90,000 for the same period.
Inventory in Franklin is at 2.6 months based on the last year of sales and 2.4 months based on the last six months of sales - another indication that real estate sales in the area are showing no signs of slowing down!
