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.
- 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.