How Much Will I Pay For a Franklin TN Condo/Townhome? December 2014

By
Real Estate Agent with Franklin Homes Realty LLC (615) 495-0752 or www.FranklinHomesRealty.com TN License #326261

How Much Will I Pay For a Franklin TN Condo/Townhome? December 2014 

A great many factors determine what you will pay for a Franklin TN Condo or Townhome. Chief among them are the size of the unit, the condition of the unit and its location. In addition, and of great importance to
you, is whether prices are going up or down, or whether it's a buyer's market or a seller's market. To understand these factors you need to look at a current market report. Let's take a look at what happened in Franklin TN in November.

How much will I pay for a Franklin TN Condo/Townhome? December 2014

  • Active condo/townhomes listings: 49
  • Of those units currently on the market, the number under contract: 9
  • Properties closed in September: 15
  • Average sales price: $260,231
  • Average list price: $263,400
  • Average sales price to list price ratio: 98.8%
  • Average days on the market: 52
  • Average per SF price: $170.31
  • Lowest per SF price: $122.55 (Brentwood Pointe)
  • Highest per SF price: $231.66 (Jamison Station)

What difference does all this information mean to buyers? If you are a buyer you will want to know how much competition you might encounter when you are ready to make an offer.  Is it a buyer's market or a seller's market? This is critically important to you, the buyer. To determine whether it's a buyer's or seller's market, REALTORS® use something called absorption rate. If you take the current inventory of 49 homes and divide that by last month's closed sales (49/15) you get 3.3 months. That means if the current inventory stayed the same, it would take about 3 1/3 months to sell all the existing homes.  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.

The Franklin TN condo and townhome sales for November reflect a seller's market. The inventory however is extremely low which coupled with steady demand continues to drive the market upward.

Over the last year, prices on condos and townhomes have risen an average of 10%. The sales price to list price ratio remains at a high level (98.8%).  This means that if a unit is "priced right",  you may have a somewhat limited ability to negotiate. This varies greatly from unit to unit and and from development to development. It is extremely important to enlist the aid of an experienced buyer's agent to help you pay no more than you should for the condo or townhome you desire.

I've included the lowest and highest square foot prices for units sold in November, and the names of those developments. If you click on those developments you’ll find their current listings. In this market, buyers need to act very quickly to secure the home they desire. TW Realty Group is here to help. When you are ready to buy a Franklin TN condo or townhome, contact Tom White of TW Realty Group at (615) 870-8169.

Posted by

TW Realty Group
 
Tom White, REALTOR®
Franklin Homes Realty LLC
(615) 870-8169
 

 

 
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tom White of Franklin Homes Realty LLC. Any party who uses this material without the written permission of Tom White is subject to copyright infringement and possible lawsuit.

Comments (2)

Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

The Franklin TN condo/townhome market has been booming this year. We just can't keep enough on the market.

Nov 29, 2014 02:14 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Tom Anytime your market has turnover in less than 2 months, you have a very strong market. Nice job with your report, as usual.

Nov 29, 2014 09:09 PM