McKay's Mill Franklin TN Home Sales for August 2011 provided by Tammie White:
- Properties currently active on the market: 29
- Single-family properties closed in August 2011: 4
- Average sales price: $331,200
- Average list price: $357,200
- Sales price to list price ratio: 92.7%
- Average days on the market: 62
- Sales currently pending: 14
- McKay's Mill absorption rate: 7.3 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).
McKay's Mill continues to be in a buyer's market for the second month in a row. However, with 14 pending sales and 6 of the 29 active listings already under contract but not yet moved to pending, it is on the verge of becoming a seller's market.
In my opinion, buyers should take advantage of the high inventory and the lower sales price to list price ratio while they last.