Franklin TN Condo and Townhome Market Trends -- August 2015

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

Franklin TN Condo and Townhome Market Trends --August 2015

What's happening in 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 July 2015. Franklin TN Condo and Townhome Market Trends -- August 2015

  • Active condo/townhomes listings: 68
  • Of those units currently on the market, the number under contract: 25
  • Properties closed in July : 21
  • Average sales price: $271,367
  • Average list price: $275,956
  • Average sales price to list price ratio: 98.3%
  • Average days on the market: 43
  • Average per SF sold price: $156.32
  • Lowest per SF sold price: $96.38 (Andover)
  • Highest per SF sold price: $250.32 (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 68 homes and divide that by last month's closed sales (68/21) it totals 3.24 months. That means if the current inventory stayed the same, it would take around 3 1/4 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.

While the absorption rate has risen slightly over last month (2.5 ) the Franklin TN condo and townhome sales for July 2015 still reflect a strong seller's market. The demand for affordable housing continues to drive the condo/townhome market upward. In fact, of the 30 townhomes under $250,000 currently on the market, 18 are already under contract. Franklin TN has been in a strong seller's market for the past couple of years.

So, what do those numbers mean to buyers and sellers?

If you are a buyer in this market, housing prices are continuing to rise in Franklin TN. You can expect competition for exceptional homes that interest most buyers. In fact, many homes go under contract the same day as they first appear in the MLS. 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 get an accepted offer on 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. Why wait when this is the time that most Condos and Townhomes are sold in Franklin.

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.

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.
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Ambassador
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Tom- this tells me that a Buyer interested in a condo or townhome in Franklin, TN better call you now!  Sellers will also appreciate this information. 

Aug 04, 2015 02:50 AM #1
Ambassador
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Tom - Excellent market report for Franklin townhomes and condos. I'm sure that area sellers and buyers appreciate the insight you provide into the workings of this complex market.

Aug 04, 2015 05:06 AM #2
Rainmaker
1,353,167
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Tom, with only 41 days on the market and town homes selling within 1.7% of list price your Franklin, TN condo and town home market sounds fairly active to me!

Aug 04, 2015 08:26 AM #3
Rainmaker
2,351,718
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Tom. The listing to sales ratio is very strong. Hope the positive trends continue going forward.

Aug 04, 2015 07:45 PM #4
Rainmaker
5,984,028
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will appreciate your local market reports.

Aug 06, 2015 08:21 AM #5
Rainmaker
3,736,106
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Tom - a nice overview of the condo and townhome segment of the Franklin TN real estate market.  The shortage of affordable properties is having an impact on many communities as it fuels so much movement necessary to drive our business and satisfy consumer demand.  

Aug 07, 2015 02:09 AM #6
Ambassador
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

You really have a handle on this niche segment of the market in Franklin TN, Tom. Hope you are enjoying a lucrative and enjoyable summer. D 

Aug 21, 2015 12:40 AM #7
Rainmaker
3,251,818
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Tom

Looks like the Franklin Tennessee condo and townhome trends . . . . is looking good.

Good luck and success.

Lou Ludwig

Sep 01, 2015 12:13 PM #8
Rainmaker
2,191,507
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Grant Park must be an exclusive place to buy a townhome or condo in Franklin. That highest sq. foot cost is $100 sq. ft. higher than other Franklin neighborhoods. Yikes!

Sep 15, 2015 11:44 AM #9
Ambassador
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Hi Tom, hope you and Tammie are selling many homes, townhomes and condos in Franklin. Take care, Debb. 

Sep 17, 2015 01:00 AM #10
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Tom White

Franklin Homes Realty LLC, Franklin TN
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