Henley Franklin TN Home Sales for August 2011 provided by Tammie White:
- Properties currently active on the market: 6
- Single-family properties closed in August 2011: 2
- Average sales price: $500,750
- Average list price: $511,610
- Sales price to list price ratio: 97.9%
- Average days on the market: 80
- Sales currently pending: 0
- Henley absorption rate: 3 months of inventory (a normal or steady market would be 5-7 months; anything under 5 months of inventory is considered a seller's market, above 7 months is considered a buyer's market).
Based upon the numbers alone, it would appear that Henley is in a seller's market. However, the sales over the last three months have been primarily due to short sales and foreclosures.
Of the 6 homes currently available, 2 are foreclosures. There has never been a better time to buy a home in Henley.
Homes that previously sold in the high $600,000 to low $800,000's are now selling under $500,000. It all began two months ago when Dave Ramsey purchased a foreclosure in this neighborhood for cash. As a well-known financial guru in Franklin TN, people take note when he buys. In my opinion, buyers are willing to venture into Henley because of his investment there. That is good news for this little neighborhood of approximately 30 homes.
I was a selling agent on a foreclosure in Henley just two weeks ago. The banks are anxious to take advantage of this recent influx of activity. If you would like to purchase a home in Henley, contact me today.