March 7, 2017
Franklin February 2017 sales show 5.7% appreciation
- Sales of Single family residences in Franklin were up to 129 in February 2017 (vs. 118 in Feb 2016 and 128 in Feb 2015).
- The average home sold was 2,907 sq ft (vs. 2,763 sq ft in Feb 2016 and 3,281 sq ft in Feb 2015).
- Average sales price was $486,491 up 11.2% from $437,421 in 2016 but still down from $528,060 in 2015 (but notice the difference in house size).
- Adjusting to a square foot basis sales prices increased 5.7% to $167.35 per sq ft from $158.31 in 2016 & $160.94 in 2015.
- 46 of these 129 sales (35.7%) were new construction (vs. 36.4% in 2016)
This is why adjusting sales for size is critical to really understanding our market. Sales prices in the last 3 Februaries appear to be all over the place with Feb 2017 still 7.9% below Feb 2015 sales numbers whereas in fact, when we adjust to a per sq ft basis, prices are actually up 4%! The difference in home size was significant enough between 2015 and 2017 that when you adjust accordingly, the numbers tell a different story.
If you’d like information on homes that is accurate and up to date visit my website SimonHartland.com. Just like those other websites you can create a profile and save your favorite listings there and feel good that you are getting the RIGHT information from a Franklin real estate expert.