February 2011 for middle Tennessee was a slow sales month in fact it was the slowest February in the last six February’s. Focusing on just Williamson County the pending ratio dropped from around 7.5% to around 5%, indicating that March would also be a slow sales month. However real estate seems to be buzzing again Williamson County and we are eager to see March’s sales numbers. The chart above in the gallery showing the months of inventory and absorption rate is somewhat alarming. With the drastic change, however, it is somewhat to be expected. Each spring you can see the similar result happened in January 2010. What is alarming is that in 2011, it was much more drastic drop. We now have the highest inventory for the last 14 months. Months of inventory is just a key indicator for how long it would take to absorb all the current homes listed for sale in Williamson County, if buyers would keep buying them at the same rate. That absorption rate is about 150 units per month in all of Williamson County and that yields about 14 months of inventory. Again, these are not predictors of the future they’re only key indications of what happened in the past so we look forward to seeing what the results of our analysis of March show us.
Looking into the detailed citywide analysis of the total market overview there are some interesting things I want to point out, for example, in Franklin specifically there is more inventory than in Brentwood. The Williamson County cities that have the highest months of inventory or the most inventory to clear out with the current consumption rates are Thompson Station at 21.3 months of inventory and then Fairview at 21.1 months of inventory. You may notice that College Grove has an exceedingly high months of inventory at 45.6. This is such a small market with very few properties on the market that the numbers just artificially inflated. So if home to selling Thompson Station or in Fairview you have to price that property that a real value to the buyers because the supply and demand is in favor of the buyers. If you happen to be buying in either of those markets it’s probably a good time to get the best value for your dollar.
Looking specifically at the active properties in Franklin, we can see that the average property that’s now listed is $627,298 and those homes of already been reduced 3% down to 97.2% of their original list price that’s a stark difference compared to the average closed price of the last six months in Franklin of only $412,468. This indicates that the buyers are buying smaller homes with lower sales prices. A similar trend can be seen in Brentwood.
The Grumbles Team strives to give you all the research and data you might need to make your real estate purchase or sale decisions. We have the total market overview for Williamson County by zip code or by city. If you’re looking to buy or sell a home outside of Williamson County, we can always prepare a specific total market overview for your area.
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