2014 End of Year Franklin TN Condo/Townhome Report
What happened with Condo and Townhome sales in 2014? Some very interesting facts emerge when we look at 2014 compared to the past several years.
Looking at the the number of homes closed, we see a considerable drop-off from the 283 condo/townhomes closed in 2013. That number means 43 fewer condo/townhomes or a 15% decrease closed in 2014. I believe that's a significant drop-off, but not so much when compared to 256 closed in 2012, and 169 closed in 2011. 2013 was a banner year in the number of units sold, while 2014 was a good solid year.
Prices continue to climb. In 2013 the average list price for a condo/townhome was $228,198. The average sale price in that same year was $222,514. If you compare the sales prices for 2013 vs. 2014, you see an increase of 8.4%. That's a large increase over one year.
While the number of condos/townhomes sold may be fewer, the prices are definitely going up. In all probability this is due to the supply and demand maxim. There is generally a low inventory of homes, but demand is strong. That combination results in higher prices. Simply put, we are in a seller's market in Franklin TN.
The sales price to list price ratio has continued to inch upwards. In 2011, the ratio was 96.8%, in 2012, 97.3%, in 2013, the ratio was 97.5%. What does that mean? In 2014, the ratio at 98.6% means that homes are selling very close to asking in the current market. 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 pay no more than you should for the condo or townhome you desire.
The last statistic, Days On Market, or DOM, is also very telling. In 2014, the average DOM was 50. Compare that to 2013's DOM of 68, 2012 at 87, and 2011 with a whopping average of 113 Days On Market! 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.
TW Realty Group is here to help. When you are ready to buy a Franklin TN condo or townhome, contact Tom White of TW Realty Group at (615) 870-8169.
Tom White, REALTOR®
TW Realty Group
Benchmark Realty LLC
318 Seaboard Lane
Franklin TN 37067
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