Franklin TN Condo/Townhome Market Sales 2015
- 2015 Condo/Townhome sales--298 closed
- Average list price--$261,588
- Average sales price--$258,464
- Sales price to list price ratio--98.8%
- Average Days On Market (DOM)--56
When we consider the number of closed homes in 2015, we see a huge increase from 2014 when 240 condo/townhomes closed. That's a whopping 24% increase!
Prices continue to climb. In 2014 the average sales price for a condo/townhome was $241,288, in 2015 it was $258,464. If you compare the sales prices for 2014 vs. 2015, you see an increase of 7%.
There continues to be a low inventory of townhomes, but demand is strong. Builders are meeting a portion of that demand with new contstruction. Of the 298 condo/townhomes sold in 2015, 71 were new construction. For those homes priced over $300,000, an even higher percentage, 42% are new construction. Simply put, we are in a seller's market in Franklin TN and have been for at least the past three years.
The sales price to list price ratio (percentage of list price) has continued to inch upwards.
- 2011: 96.8%
- 2012: 97.3%
- 2013: 97.5%
- 2014: 98.6%
- 2015: 98.8%
What does that mean? In 2015, Franklin TN condos/townhomes sold for 98.8% of list price. If a home is priced right, there may not be as much potential for negotiation. This varies greatly from unit to unit and and from development to development. It is extremely important to enlist the aid of an experienced buyer's agent to help you find the condo or townhome you desire and to pay no more than you should.
The Days On Market, or DOM, continues to be relatively low. In 2015, the average DOM was 56. This means that when a property comes on the market, buyers will want to act quickly to secure the home they desire.
Statistics don't lie.
Franklin Homes Realty LLC is here to help. When you are ready to buy a Franklin TN condo or townhome, contact Tom or Tammie White at (615) 495-0752.