Real Estate Market Conditions Brentwood and Franklin (housing, traffic)

[kaliforniachick]

What are the average days on the market? From list date to sold date? Even from listing date to pending date... anyone have that information for the Williamson county area?

Thanks!

[UKOK]

Wellkids - Thanks for the information. Very interesting. Can you perhaps post Brentwood April and May YOY sales. I am presuming they are slowing as inventory is building, but perhaps this is an incorrect assumption?

[wellkids]

Originally Posted by kaliforniachick

What are the average days on the market? From list date to sold date? Even from listing date to pending date... anyone have that information for the Williamson county area?

Thanks!

The average days on market is calculated from the day that the listing was entered in the MLS until the day the listing is changed to Pending and removed from the active MLS system. A listing is usually not posted as pending until there is a commitment from the lender and a home inspection has been completed. Prior to that, it will show Active - contingent financing, or Active - contingent inspection. This can easily take two weeks after a contract is binding to be completed. So, an executed contract is typically in the seller's hands several days or even weeks prior to the DOM.

The average numbers of days on the market for Brentwood was 67 days. It really wouldn't be useful to know the average DOM for Williamson County as a whole because it would include too broad of a range. For instance, the market in Fairview has absolutely nothing to do with Brentwood but these are both in Williamson County.

[wellkids]

Originally Posted by UKOK

Wellkids - Thanks for the information. Very interesting. Can you perhaps post Brentwood April and May YOY sales. I am presuming they are slowing as inventory is building, but perhaps this is an incorrect assumption?

Here are some stats for Brentwood broken down by month and year:

APRIL 2007
Homes Closed 56
Average list price: $797,096
Average sales price: $775,932
Average DOM: 68

There were a couple of million plus homes that sold during this period that took fairly large price reductions. When you consider only 56 homes sold and then factor in that data it causes the average sales price to list price to drop. If we removed those two unusual sales, it would make the sales price to list price on average be much closer and I think, be more accurate.

Compare to APRIL 2006
Homes Closed 77
Average list price: $592,749
Average sales price $586,622
Average DOM: 53

MAY 2007
Homes Closed 100
Average list price $648,272
Average sales price: $638,271
Average DOM: 68

Compare to MAY 2006
Homes Closed 98
Average list price $569,748
Average sales price $568,668
Average DOM 56

JUNE 2007
Homes Closed 91
Average list price $693,687
Average sales price $683,559
Average DOM 67

Compared to JUNE 2006
Homes closed 105
Average list price $643,773
Average sales price $638,646
Average DOM 55

These figures do show that the market slightly favors the buyer. The seller concessions are just a little higher than compared to 2006. But, the average price of homes has significantly increased. The number of homes being closed is almost the same, and the DOM is very close.

[Maryann Verdi-Gallagher]

I believe a lot of people are moving up and into new homes, thus their homes are going on the market. At the same time there are several new homes and he builders are making their inventory very attactive. I will say that you can definately pay less than the asking price on many resale homes.

[Mike in TN]

Originally Posted by wellkids

If anyone would like specific stats for another area, just let me know and I will be glad to pull the figures as soon as possible.

If you wouldn't mind, can you post some stats for Murfreesboro/Rutherford County. I'm not sure if they are seperate listings, but I'm also interested in the Christiana listings.

Thanks for any help.

[bnewman]

Hi there...I'm a Realtor here in Nashville and I specialize in Williamson County, which is where both Brentwood and Franklin are located. According to Realtracs (our realtor website/MLS), here are the stats for June:

Average # Homes on the market: 2,362
Average List price: $603,391
# New Listings in June: 929
# Pending Listings in June: 458
Average list price of pending home: $437,996
Average contract price of pending home: $459,372
Contract Price/List Price: 98.4%
Average Days on the Market: 67

As you can see, homes are selling very close to list price in Williamson County, and for an average of nearly $460,000. The market here is strong, but there is more inventory than this time last year.

Originally Posted by UKOK

Hi all. I've been watching the RE market in the Nashville vicinity (mostly Brentwood and Franklin) and I’ve noticed a huge jump in inventory over the last few months:

The inventory levels seem to be at historic highs. For single family homes from 2/17/07 to 7/12/07 the numbers have increased like this:

Brentwood: 420 to 599
Franklin: 623 to 1009


I wondered what the local thoughts are on the housing market. Do you still see things ticking along, or are you seeing for-sale / reduced signs everywhere? It's hard to get a handle on it long distance.

Thanks!

[UKOK]

Thank you all for the info.

[gigi1966]

do you have a mls number to your home? or link? thanks

[akm4]

dude, that was from last year!