Franklin TN Home Sales for July 2010
We saw a 25% decrease in the number of homes sold in Franklin TN for June versus July 2010. However, the good news is that we saw a 7% increase in the average sold price from $404,950 in June to $433,985 in July. Unfortunately, we also saw a 21% increase in average days on the market from 81 days in June to 102 days in July.
Based on the numbers, it is also easy to see why the Franklin TN expireds didn't sell. The average list price for the expireds is $126,000 over the average list price of what sold in July. There is usually one of two reasons that the average list price would be so high: (1) there were an excessive number of expireds at the higher price range or (2) the homes were over-priced.
Only 10% of the number of expireds were priced over $1M each. Of the 59 expireds, 47% were on the market over 100 days. Of that 47% only 14% were priced over $1M. Which suggests that the 86% of the expireds over 100 days were probably over-priced and that's why they didn't sell.
Remember, pricing a Franklin TN home correctly in the beginning will result in the quickest sale for the most amount of money.
Total Pending Home Sales:
|Average List Price:||$441,867|
|Average Days on Market:||58|
|Total Expired Home Sales:||59|
|Average List Price:||$578,827|
|Average Days on Market:||127|
|Total Sold in July 2010:||122|
|Average List Price:||$452,814|
|Average Sold Price:||$430,163|
|Average Days on Market:||102|
For a complete list of homes for sale in Franklin TN, please call Tammie White at (615) 495-0752.