Franklin TN Condo and Townhome Market Trends --May 2015
What's happening in the Franklin TN Condo and Townhome market? Should I buy now or wait? Should I get my condo or townhome on the market right away or delay? All good questions about the Franklin TN Condo and Townhome market. The best place to start is to look at a current market report. Let's see what happened in Franklin TN in April 2015.
- Active condo/townhomes listings: 77
- Of those units currently on the market, the number under contract: 30
- Properties closed in April: 21
- Average sales price: $245,540
- Average list price: $248,785
- Average sales price to list price ratio: 98.7%
- Average days on the market: 57
- Median Days on the market: 40.5
- Average per SF price: $172.67
- Lowest per SF price: $112.69 (Orleans Estates)
- Highest per SF price: $256.68 (Grant Park)
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 77 homes and divide that by last month's closed sales (77/21) you get 3.7 months. That means if the current inventory stayed the same, it would take 3.7 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 April 2015 reflect a seller's market. The strong demand for affordable housing continues to drive the condo/townhome market upward. In fact, Franklin TN, has been in a seller's market for well over a year!
Now, let's answer those questions about buying and selling.
If you are a buyer in this market, housing prices are continuing to rise in Franklin TN. Note in this report that even with the highest inventory we've seen in months at 77 homes, the number of homes under contract is considerable at 30. You can expect competition for those exceptional homes. Whether you are buying new construction or an existing home, 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.
If you are thinking of selling your home, NOW is the time to get your home on the market. Historically, late Spring into the Summer is when the most Condos and Townhomes are sold.
When you are ready to buy a Franklin TN condo or townhome, or sell your existing Franklin home contact Tom White of Franklin Homes Realty LLC at (615) 870-8169.
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