May 15, 2017
Franklin April 2017 sales show 2.4% appreciation
- Sales of Single family residences in Franklin were up to 193 in April 2017 (vs. 170 in April 2016 and 174 in April 2015).
- The average home sold in April 2017 was 2,995 sq ft (vs. 3,252 sq ft in April 2016 and 3,140 sq ft in April 2015).
- Average sales price was $528,169 down 5.7% from $560,219 in 2016 but up from $485,555 in 2015 (notice the difference in house size).
- Adjusting to a square foot basis sales prices increased 2.4% to $176.35 per sq ft from $172.27 in 2016 & $154.64 in 2015.
- 64 of these 193 sales (33.2%) were new construction (vs. 27.1% in 2016)
Every month I stress the importance of making an adjustment of values related to home size – this increases the significance of the raw data and offers a greater level of understanding of home price appreciation in Franklin. While average sales prices over the last year appear to have dipped by 5.7%, the average home size in 2017 was nearly 9% smaller than 2016 meaning that when we adjust sales prices to a per sq ft basis, prices were actually up 2.4% year over year. The difference in home size is clearly significant.
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