Franklin TN Condo and Townhome Market Trends --- October 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 --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. franklin tn condo and towmhome market trends -- October 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.

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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Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Sounds like the market is still strong in your area.  The search for affordable housing is still on the forefront of many with the low interest rates.  

Oct 19, 2015 02:59 AM #1
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Tom - Excellent market overview for Franklin condos and townhomes. We're seeing similar market effects here from high demand and low inventory spilling over to the attached home market.

Oct 19, 2015 06:53 AM #2
Rainmaker
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Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Alexandria, VA
Alexandria Virginia Homes For Sale

Tom, it looks like the condo and townhouse segment of the Franklin TN market is still going strong. Great time for anyone considering selling to contact you and get their home listed and sold!

Oct 20, 2015 01:07 AM #3
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Tom- I love reading reports like yours because it gives me an idea of what's going on in your market.  Buyers and sellers in the Franklin TN market would be wise to contact you. 

Oct 28, 2015 02:32 AM #4
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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 there Tom, thanks for the market report. Hope you're selling a lot townhomes and condos in Franklin. And, hope the knee is healing. 

Nov 06, 2015 12:58 AM #5
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Tom White

Franklin Homes Realty LLC, Franklin TN
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