Luxury Home Sales in Franklin TN for October 2012 | $1M-Plus Homes
- Properties currently active on the market: 95
- Single-family properties closed in October 2012: 5
- Average sales price: $1,250,849
- Average list price: $1,361,122
- Sales price to list price ratio: 91.9%
- Average days on the market: 79
- Sales currently pending: 5
- Franklin TN Luxury homes absorption rate: 19 months of inventory (a normal or steady market would be 5-7 months; anything under 5 months of inventory is considered a seller's market, above 7 months is considered a buyer's market).
Franklin TN Luxury Homes are in an extreme buyers' market. This is not surprising as the sales at this price point are moving very slowly.
The days on the market are low but the sales price to list price ratio suggests that the asking price of these luxury homes is still too high. Luxury home sales would have to experience a big jump in sales to move away from this buyers' market.
Sellers may want to wait this one out for awhile. However, if you're in the market to buy a Franklin TN luxury home, now may be a great time. There is lots of inventory in some of your favorite Franklin TN luxury neighborhoods including Avalon, Brandon Park Downs, The Brownstones, Deerfield, Echo Park, The Enclave at Carronbridge, Hidden River, Kinnard Springs, Laurelbrooke, Legends Ridge, Leipers Fork, Nestledown Farms, Stockett Creek and Westhaven.
Here's what the Luxury Home Sales in Franklin TN for October 2012 | $1M-Plus Homes looked like:
If you are looking to buy or sell a luxury home in Franklin TN, contact Tammie White of Franklin Homes Realty LLC at (615) 495-0752.
NOTE: The photo above is of an actual Franklin TN Luxury Home priced at $1M-Plus.