Westhaven Homes for Sale Franklin TN | Market Report July 2013

Westhaven Homes for Sale Franklin TN | Market Report July 2013

Westhaven is located on the west side of Franklin TN off Hwy 96. There are approximately 1,100 homes. However, this a Franklin TN new construction neighborhood and several years away from completion. When totally built out, Westhaven will be 2,700 homes, the largest neighborhood in Franklin. The builders currently providing new construction homes are Ford Custom Homes, Carbine & Associates and Southern Land, just to name a few. The first homes were built in 2004. Westhaven homes range in size from 1,400 square feet to 9,000 square feet.

Westhaven Homes for Sale in Franklin TN

Westhaven Franklin TN Market Report for July 2013

• Properties currently Active on the market: 87
  
• Single-family properties closed in July 2013: 18
  
• Average sales price: $535,109
• Average list price: $534,434
• Average sales price to list price ratio: 100.1%
• Average days on the market: 116
  
• Sales currently pending: 37
  
• Westhaven absorption rate: 4.8 months of inventory (a normal or steady market would be 5 - 7 months; anything under 5 months of inventory is considered a sellers' market; anything above 7 months of inventory is considered a buyers' market).

 Westhaven is currently experiencing a sellers' market. The average sales price to list price ratio is excellent, but the average days on the market is also high. Westhaven is one of the few neighborhoods that build market homes, which means, they begin construction even though they don't have a buyer under contract.  This contributes to higher days on the market than most Franklin TN new construction neighborhoods. However, sales of existing homes are averaging 58 days on the market.

This is good news for sellers of Westhaven existing homes. Sixy-one percent of the July home sales in Westhaven were new construction. Due to the increase in demand, Westhaven builders have begun to raise their prices. The upside is buyers are looking to existing homes for better prices. For example, I showed an existing home in Westhaven back in January. At the time, the house was listed for $489,900. It had been on and off the market since 2010 with multiple price reductions. That home didn't sell and the listing expired.

Four months later, the house came back on the market in priced at $529,900. It received a full-price offer and closed two weeks later for $40,000 more than it had been previously listed. I bet that homeowner was happy his home hadn't sold months ago. Existing homes that are priced right are going under contract within a few days.

The best way to determine a list price is to have an experienced real estate agent prepare a Competitive Market Analysis. This will provide you with the current active listings and most recent closed sales so you can price your home competitively. For assistance selling your Westhaven home, contact me today.

If you are a Westhaven home buyer, you may not want to wait too long as home prices will probably continue to rise. Be sure to have the assistance of a Buyer's Agent, even when purchasing new construction. A Buyer's Agent will provide you with a Competitive Market Analysis and negotiate the best price for you. This service is provided at no cost to you. Buyer's Agents are paid by the listing brokerage company or new construction builder.

If you need assistance buying or selling a Westhaven homes for sale in Franklin TN today, contact

Tammie White at (615) 495-0752.