Home Sales in Franklin County Down for First Six Months - The Missourian: Local News

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Home Sales in Franklin County Down for First Six Months

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Posted: Thursday, July 10, 2014 10:33 am

Home sales in Franklin County were down about 4 percent through the second quarter compared to the same time period last year.

The average days on the market for homes in Franklin County continues to decline while the average sale price went up slightly.

The difference between the average list price and the average sale price shows that there is still some room for buyers to negotiate. For the first six months of 2014, the average sale price was $7,476 lower than the average list price.

It is still a buyer’s market for homes locally, but sellers have a little more advantage than they have had in recent years because inventories are down, Franklin County Board of Realtors President Matt Borgmann told The Missourian Tuesday.

Number of Home Sales

During the first six months of the year, 502 homes sold in Franklin County compared to 524 in the same time period in 2013, according to figures provided by Borgmann.

While 22 fewer homes have sold so far this year compared to last, the number of sales is still higher than 2008-2012 for the first two quarters.

Home sales for the first six months of 2008 were 484; 2009, 389; 2010, 466; 2011, 399; and 2012, 447.

However, home sales in the past eight years have still not topped 2007 when 598 homes sold in Franklin County in the first six months.

These figures include new and existing home sales in all of Franklin County, including unincorporated areas and municipalities.

Average Sale Price

The average home sale price in Franklin County for the first six months of the year was $136,626, which is basically flat from last year’s average price of $136,605 during the same time.

Sale prices are continuing to climb from the average sale price of $133,335 in 2011 and $132,394 in 2012.

However, average sale prices are still below what they were between 2007 and 2010. In those years the average sale price for the first two quarters was, 2007, $155,752; 2008, $153,422; 2009, $138,257; and 2010, $136,958.

Borgmann said the housing market across the country was inflated in 2007 and 2008, and that the prices in those years were not reflective of real market values.

Days on Market

The average days on the market for homes in Franklin County for the first six months of the year was 131 days compared to 136 days for the first six months of 2013.

The average days on the market for the past eight years have still not dropped down to the 2007 level when it was 124 days.

Average days on the market for other years were: 2008, 139; 2009; 149; 2010, 147; 2011, 172; and 2012, 155.

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