Westhaven Franklin TN Home Sales for October 2011

Westhaven Franklin TN Home Sales for October 2011 provided by Tammie White:

• Properties currently active on the market: 90
• Single-family properties closed in October 2011: 11
• Average sales price: $521,133
• Average list price: $525,104
• Sales price to list price ratio: 99.2%
• Average days on the market: 72
• Sales currently pending: 17
• Westhaven absorption rate: 8.2 months of inventory (a normal or steady market would be 5-7 months; anything under 5 months of inventory is considered a sellers' market, above 7 months is considered a buyers' market).

Westhaven is currently in a buyers' market. Primarily due to the large inventory. Five of the eleven homes sold in October were new construction.

Since these buyers paid close to or over list price it is keeping the sales price to list price ratio high. It doesn't appear that the Westhaven builders are very negotiable on sales price.

This is especially concerning to me given the current economy. Buyers may be better served by purchasing an existing home in Westhaven.

Fifty percent of the current active listings in Westhaven are in new construction. This makes it difficult for existing home owners to sell their home. They are competing with the new construction sales. Sellers may have an uphill battle for the next few years as they compete with new construction. Pricing may be key to the quick sale of these properties.

Buyers should always remember to have the assistance of a Buyer's Agent whenever purchasing new construction. Many builders are very negotiable on their sales price but unsuspecting buyers don't always know this. As a Buyer's Agent, I prepare a Competitive Market Analysis for the new construction area to verify what homes are currently selling for. This gives the buyer a better indication of what they should offer. Rather than blindly agreeing to the sellers asking price.

For further info on Westhaven home sales see the following reports:

Westhaven Franklin TN Home Sales for September 2011

Westhaven Franklin TN Home Sales for August 2011

Westhaven Franklin TN Home Sales for July 2011

Westhaven Franklin TN Home Sales for June 2011

Westhaven Franklin TN Home Sales for May 2011

If you are interested in a Franklin TN home for sale or wish to sell your Franklin TN home, contact Tammie White, your Franklin TN REALTOR®, at (615) 495-0752.