Franklin Homes Market Report January 2012 – What is normally considered a very slow month for real estate wasn’t slow at all with 72 closing for the month. If you’ve been reading my updates, you probably know that the availability of Franklin homes has been declining for some time now to the point where it’s difficult to find a good home before it’s under contract. This is part of the normal real estate cycle, and in the past, builders come in and built new Franklin homes to meet the demand. I don’t believe that they can do that this time, because most of the builders went out of business in the last market decline. The ones that remain are very conservative, so I think that new home construction will lag behind demand for a long time.

• 72 Franklin homes sold in January
• the average sales price was $441,532 compared to $388,172 last year, an increase of 14 percent
• Days on market for sold homes is down to 89 days
• average size of homes sold was 3041 square feet
• 126 Franklin homes are currently pending sale plus another 82 under contract
• 636 Franklin homes are currently listed in the Nashville MLS as available for purchase
• the absorption rate for Franklin homes based on January sales is 8 months

The average price of Franklin homes is going up because most of the more affordable homes have been purchased and now buyers have choices of new construction homes that cost as much as ever and homes that not being sold under financial stress. Meaning that it’s much harder to find a deal than most people think. In fact it would be in your best interest to find the home you really like and buy it knowing that it will still be a fair price because of the appraisal process, and you are getting the deal on the mortgage side of the transcation. With interest rates sometimes below 4 percent, the affordability of Franklin homes has never been lower.

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