Franklin TN Condo and Townhome Market Trends 2014
If you're considering the purchase or sale of a Franklin TN Condo or Townhome, you need to understand what's going on in the market. Knowing what's happening in the market will help you play an active, educated role in working with your REALTOR® to price your home to sell quickly, or to make a sound offer on the home you want to purchase.
The Condo and Townhome market in Franklin TN is relatively small compared to the single family detached home market. In July, 2014, there were 775 single family detached homes on the market. At the same time there were only 65 Condos and Townhomes listed in the local Multiple Listing Service (MLS). Fewer homes gives us less data to work with when we're trying to understand if there are trends evident in the market. For that reason, I'm using quarters of a year (three month segments), rather than monthly data over the past 2 1/2 years, to examine the market.
Prices of Condos and Townhomes in Franklin TN have inched upward over the past 30 months.
In fact, even with some seasonal fluctuation, the Median Sales Price of Condo and Townhomes has increased over 11% from 2012 to the middle of 2014. Simply put, prices are going up.
Let's turn now to another indicator of market trends, the Sales Price to List Price Ratio. Why is this important? If you are buying a Franklin TN Condo or Townhome, and your Realtor has told you the property is "priced right", how close to asking will your offer need to be to have a reasonable chance of being accepted?
Again recognizing that there will always be some seasonal fluctuations in the market, we see that in early 2012 the ratio was around 95%. In the middle of 2014, the sales price to list price ratio is close to 99%. What this means is that if the property is priced right according to your agent, you can expect to pay very close to asking price for a property. One more reason to hire an experienced, qualified REALTOR® who really understands the market!
The next market indicator we'll take a look at is "Days on Market" or DOM. This is important because it helps us gauge the demand for homes in the housing market. When demand is high, homes do not stay on the market very long.
The median Days on Market for Franklin TN Condos and Townhomes has steadily decreased over the last 10 quarters or 30 months. From a high of 101 days at the beginning of 2012 to 47 in the second quarter of 2014, the DOM has decreased dramatically. What this means is that buyers in the Franklin TN Condo and Townhome Market in 2014 must act quickly if they want to purchase that home they have dreamed of owning!
This is a lot of information in a format that many people find...difficult. What does it mean? It means we're in a hot seller's market--and indicators suggest it is getting hotter!
The bottom line is that if you are buying or selling, you need the advice and assistance of a knowledgeable REALTOR®. With TW Realty Group you know that you're getting agents who understand the Franklin TN Condo and Townhome Market Trends 2014. Call Tom White at TW Realty Group today at (615)-870-8169.
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