June 23, 2017
Franklin May 2017 sales show 1.7% appreciation
- Sales of Single family residences in Franklin were up to 238 in May 2017 (vs. 216 in May 2016 and 200 in May 2015).
- The average home sold in May 2017 was 3,156 sq ft (vs. 3,262 sq ft in May 2016 and 3,135 sq ft in May 2015).
- Average sales price was $564,780 down 1.6% from $574,136 in 2016 but up from $505,028 in 2015.
- Adjusting to a square foot basis sales prices increased 1.7% to $178.95 per sq ft from $176.01 in 2016 & $161.09 in 2015.
- 63 of these 238 sales (26.5%) were new construction (vs. 25.2% in 2016)
- Appreciation over the last 3 months comes in at 6.9%
The lowest rate of appreciation since February 2016 – that’s certainly one way to look at this statistic. Keep in mind one month does not a trend make, but I’ll be looking at June’s figures carefully in the next few weeks. One notable takeaway is that while the percentage of new construction homes sold in May 2017 was about the same as in 2016, it was much lower than we have been seeing recent months where new builds averaged 34.6% of the market. New homes tend to be more expensive so maybe this is an explanation for what we are seeing?
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