February 18, 2016
Franklin February 2016 sales show 1.6% price dip
- Sales of Single family residences in Franklin were down to 118 in February 2016 (vs. 128 in February 2015).
- The average home sold was 2,763 sq ft (vs. 3281 in Feb 2015).
- Average sales price was $437,421 in 2016, down from $528,060 in 2015 (a seemingly whopping 17.2 year over year decrease).
- Adjusting to a square foot basis sales prices decreased 1.6% to $158.31 per sq ft from $160.94 in 2015.
Adjusting sales for size is critical to really understanding our market. Sales prices “appeared” to have fallen dramatically (-17.2%) by one measure but the difference in home size was significant between 2015 and 2016 and when you adjust accordingly, the numbers tell a different story (prices down by just 1.6%)!
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