Henley Franklin TN Home Sales for October 2012 provided by Tammie White:
- Properties currently active on the market: 3
- Single-family properties closed in October 2012: 2
- Average sales price: $481,000
- Average list price: $497,495
- Sales price to list price ratio: 96.7%
- Average days on the market: 105
- Sales currently pending: 2
- Henley absorption rate: 1.5 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).
Henley is in an extreme sellers' market. This Franklin TN neighborhood has made some strides in the last several months. Sellers are finally pricing these homes to sell. The result has been a high sales price to list price ratio and low days on the market.
Homes that previously sold in the high $600,000 to low $800,000's are now selling under $500,000. It all began in 2011 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.
Builders have once again begun construction here. This neighborhood will probably see some substantial growth over the next year. Buyers may want to act before prices begin to increase too much.
NOTE: The above photo is of an actual Henley Franklin TN home.