Westhaven Franklin TN Home Sales for November 2011 provided by Tammie White:
- Properties currently active on the market: 83
- Single-family properties closed in November 2011: 8
- Average sales price: $547,223
- Average list price: $551,226
- Sales price to list price ratio: 99.3%
- Average days on the market: 182
- Sales currently pending: 18
- Westhaven absorption rate: 10.4 months of inventory (a normal or steady market would be 5-7 months; anything under 5 months of inventory is considered a sellers' market, above 7 months is considered a buyers' market).
Westhaven is currently in a buyers' market. Primarily due to the large inventory. Fifty percent of the homes closed in November were new construction.
Since these buyers paid close to or over list price it is keeping the sales price to list price ratio high. It doesn't appear that the Westhaven builders are very negotiable on sales price.
This is especially concerning to me given the current economy. Buyers may be better served by purchasing an existing home in Westhaven.
Buyers should always remember to have the assistance of a Buyer's Agent whenever purchasing new construction. Many builders are very negotiable on their sales price but unsuspecting buyers don't always know this. As a Buyer's Agent, I prepare a Competitive Market Analysis for the new construction area to verify what homes are currently selling for. This gives the buyer a better indication of what they should offer. Rather than blindly agreeing to the sellers asking price.
For further info on Westhaven home sales see the following reports: