Friday, May 8, 2009

Are Nashville area home values down 7% or up 5%? Yes.

In looking at the ‘average sale price’ for Franklin home values over the last five years, you’ll find the headline above to be right on the money. For example, these figures from our popular Fieldstone Farms neighborhood at Hillsboro Road in the Grassland Middle School zone:
Average Sales Price in…

2005 $217,292 - 193 homes sold
2006 $332,455 - 171 homes sold
2007 $325,343 - 158 homes sold
2008 $313,238 - 122 homes sold
2009* $291,184*- 31* homes contracted or having sold so far (*a LOT to happen in the next 3-4 months)

Down 7% so far this year, which should improve in the next 60 days, 12 homes are getting ready to close and showings are picking up now; you should see momentum over the coming summer months. In terms of your money, if you purchased in ‘05 or before (~80% of the neighborhood) you’ve edged up a slow five percent in that time (condo averages in Franklin have been hit by 11% so far this winter, but show a 14% gain since 2005). The market is actually moving better now than this past winter.

As it stands today, there are 6.3 months of homes available in Fieldstone Farms. That represents (roughly) the same amount of buyers and sellers, so the values look likely to stay steady or slightly better this summer. Hopefully this information protects you as a homeowner, or as a homebuyer, and you can adjust your strategies according to what is actually happening. A much better method than traditional ‘gut feel’ or hearsay.

Would you like to discuss this, and more dollar-specific strategies, for your home - or - in the neighborhoods you are looking to buy?


Anonymous said...

That's neat Kevin. Very well put together.

Anonymous said...

I like the site. It has a lot of nice features and tid bits of info. I also like the video tours of the featured homes. We'll have to check it out on a regular basis.