Westhaven Homes for Sale Franklin TN | Market Report November 2013

Westhaven Homes for Sale Franklin TN | Market Report November 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 Home Sales Market Report November 2013

•  Properties currently Active on the market: 82
  
• Single-family properties closed in November 2013: 21
  
• Average sales price: $567,741
• Average list price: $558,195
• Average sales price to list price ratio: 101.7%
• Average days on the market: 68
  
• Sales currently pending: 34
  
• Westhaven absorption rate: 3.9 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 Franklin TN Existing Homes Market Report November 2013

•  Properties currently Active on the market: 33
  
• Single-family properties closed in November 2013: 6
  
• Average sales price: $673,333
• Average list price: $693,233
• Average sales price to list price ratio: 97.1%
• Average days on the market: 56
  
• Sales currently pending: 6
  
• Westhaven absorption rate: 5.5 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 Franklin TN New Construction Homes Market Report November 2013

•  Properties currently Active on the market: 49
  
• Single-family properties closed in November 2013: 15
  
• Average sales price: $525,505
• Average list price: $504,180
• Average sales price to list price ratio: 104.2%
• Average days on the market: 72
  
• Sales currently pending: 28
  
• Westhaven absorption rate: 3.3 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).

When looking at the total Westhaven homes sales for November 2013, it is easy to see that Westhaven is experiencing a seller's market. The average sales price to list price ratio is excellent and the average days on the market is low.

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 Westhaven new construction greatly influences the monthly sales numbers for this neighborhood.

To provide buyers and sellers with the most accurate information. I have broken down the monthly numbers into total sales, existing home sales and new construction. 

The Westhaven existing home sales provide a different picture and one that will be quite useful to buyers and sellers. Interestingly, only 29% of the total sales for November were from existing homes. These homes sold on average for 97.1% of list price and an average days on the market of 56. This may suggest sellers are pricing their homes a little high.

When you compare these numbers to the new construction home sales in Westhaven, you can see that new construction homes are selling on average for 104.2% of list price and an average days of 72. It appears that buying an existing home in Westhaven is the smartest way to purchase a home in this neighborhood because, in all likelihood, you will get it for less than new construction. However, buyers aren't finding what they are looking for in the Westhaven existing market and being forced to buy new construction.

It is also interesting to see that 82% of the pending sales are new construction. Showing that buyers are willing to wait for a new home because of the lack of inventory in Franklin as a whole. It is worth noting that 60% of the current active listings are in new construction.

Pricing is extremely important to existing Westhaven home sellers. 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 want to look at the existing homes for a better deal. 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.