How Much Will I Pay For A Franklin TN Condo/Townhome? August 2014
The size of the unit, the condition of the unit and its location are primary factors in considering what you will pay for a Franklin TN condo or townhome. In addition, and of great importance to you, is whether prices are going up or down, or whether it's a buyer's market or a seller's market. To understand these factors you need to look at a current market report.
Active condo/townhomes listings: 60- Of those units currently on the market, the number under contract: 13
- Properties closed in August: 22
- Average sales price: $236,695
- Average list price: $241,471
- Average sales price to list price ratio: 98.0%
- Average days on the market: 50
- Average per SF price: $154.20
- Lowest per SF price: $104.92 (Brentwood Point)
- Highest per SF price: $256.75 (Grant Park)
What does all this mean for buyers? Is it a buyer's market or a seller's market? This will greatly affect the extent to which you will be in competition with other buyers.
To determine that, we use absorption rate. If you take the current inventory of 60 homes and divide that by last month's closed sales (60/22) you get 2.73 months. That means if the current inventory stayed the same, it would take about 2 3/4 months to sell all the existing homes. A normal or steady market would be 5-7 months; anything under 5 months would be considered a seller's market; anything over 7 months would be considered a buyer's market.
The Franklin TN condo and townhome sales for August reflect a seller's market. The low inventory compared to the steady demand continues to drive the market upward. Over the last year, prices on condos and townhomes have risen an average of 10%.
The sales price to list price ratio remains at a high level (98.0%). This means that if a unit is "priced right", you may be somewhat limited in your ability to negotiate. This varies greatly from unit to unit and and from development to development. It is extremely important to enlist the aid of an experienced buyer's agent to help you pay no more than you should for the condo or townhome you desire.
I've included the lowest and highest square foot prices for units sold in August, and the names of those developments. If you click on those developments you’ll find their current listings.
In this market, buyers need to act very quickly to secure the home they desire--speed is of the essence. TW Realty Group is here to help.
When you are ready to buy a Franklin TN condo or townhome, contact Tom White of TW Realty Group at (615) 870-8169.
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