The $100,000 to $200,000 price point is very popular in the the Franklin TN condo and townhome market. Here are a few of the facts about this market as of this writing, August 26, 2014.
- Condos and Townhomes for sale priced between $100,000 and $200,000: 16
- Of that, the number under contract: 10
- Average List Price per square foot: $143.00
- Size of units range from 632 sq. ft. (Berry Farms) to 1665 sq. ft. (Residences @Southwind)
- Association Fee average: $157.00
- Units closed 1/1/14 to 7/1/14: 46
- List Price to Sold Price price ratio: 97.4%
- Average Days on Market for sold units: 49 Days
The homes in this market continue to move rapidly as 46 units in the $100,000 to $200,000 price range have closed in the first seven months of 2014. With only 6 units currently available (not under contract) The condo and townhome absorption rate for this market segment in Franklin TN is 1.1 (number of units on the market divided by the number of closings in a month) A normal or steady market would be 5-7 months; anything under 5 months would be considered a seller's market; anything over 7 months would be considered a buyer's market. This puts this market segment in an Extreme Seller's market.
Buyers need the assistance of a buyer's agent to make sure they are able to acquire the home they desire. The list price to sold price ratio of 97.4% means that for some developments there may be room to negotiate. In other developments the units sell so quickly that a buyer must act very quickly. An experienced agent from TW Realty Group can help you sort through the process of finding the right home for you and negotiating an offer that is accepted!
First time buyers also have to be aware of the association fees that will be mandatory when purchasing a condo or townhome in Franklin TN. Those fees vary greatly. For developments in this price range the lowest association fee is $99.00, the highest is $219.00. They vary greatly based on what is included since some developments have pools and tennis courts to maintain, others do not.
When you are ready to buy a Franklin TN condo or townhome, contact Tom White of TW Realty Group at (615) 870-8169 to assist you.
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