Franklin TN Condo and Townhome Market Trends --October 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 September 2015.
- Active condo/townhomes listings: 67
- Of those units currently on the market, the number under contract: 27
- Properties closed in September : 28
- Average sales price: $271,809
- Average list price: $ 274,249
- Average sales price to list price ratio: 99.1%
- Average days on the market: 57
- Average per SF sold price: $167.78
- Lowest per SF sold price: $104.66 (Andover)
- Highest per SF sold price: $263.37 (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 67 homes and divide that by last month's closed sales (67/28) it totals 2.39 months. That means if the current inventory stayed the same, it would take around 2 1/2 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 September 2015 reflects an exceptional seller's market.
The strong demand for affordable housing continues to drive the condo/townhome market. This is especially the case for homes under $250,000. Of the 25 condos or townhomes under $250,000 currently on the market, 19 are already under contract!
What this means is that if you are a buyer in this market you can expect a great deal of competition for the home you wish to purchase. In fact, many homes go under contract the same day they first appear in the MLS. It is to your advantage 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. Even as we move into the fall season, there are many buyers ready to move forward and make their purchase.