Franklin TN November 2014 Real Estate Market Overview By The Relocation Engineer

Franklin TN November 2014 Real Estate Market Overview By The Relocation Engineer

Franklin TN November 2014 Real Estate Market Overview by The Relocation Engineer
As The Relocation Engineer in Franklin, TN I want to share this proprietary report with the Williamson County Buyers and Sellers.  This month I will compare the data with 6 months ago so that you can see how the market is changing.  The first comparison is the total number of active homes for sale in the marketplace in Williamson County.  This month at the time this data was created there are 1621 homes for sale (Single Family Residences) and in May of 2014 that number was 1853.  That means 12% fewer homes to choose from for buyers.   Good news if you are thinking about selling your home right now as that means less competition for your home.  A measure of how well a market is doing is the MONTHS OF INVENTORY.  Right now in Franklin the inventory is at 3.9 months, meaning with no new homes added to the market all homes would be sold out in 3.9 months.  Compared to 6 months ago that was 5.8 months of inventory.  This indicator indicates it is a sellers market and that is further demonstrated as the selling prices are 98.6% of the final list price in Franklin, showing that sellers are not having to negotiate as much to generate a sale.From the table above Spring Hill has the lowest inventory at 2.9 months, while College Grove, Arrington, and Primm Springs have the highest inventory all weighing in with double digits. Below we generate the same data and display it by zip code for further detailed analysis.
 In the table below you can see the difference in Williamson County as a whole from Average to Median home prices, Sale Prices and sizes.   Click the image to enlarge for easier reading.  Of interest is that the median home in Williamson County selling over the past 3 months is a 4 bedroom home with 3 baths and a powder room.  So if you are planning a home renovation consider adding a bathroom as families are tending to want a bathroom for most all of the bedrooms to avoid family sharing.
The graph below of Middle TN total real estate sales shows that the past two months have recorded double digit increases in the sales from the same month the prior year.  There was 15% increase in September and a 19% increase in October versus the volume in 2013.  There will be an increase in total annual sales from 2013 the only question is how much of an increase and are prices also coming up to go along with the increase in sales.  

Jeremy Flax Headshot
Phone: 615-582-0909
Dated: November 10th 2014
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