August 24, 2017

Franklin July 2017 sales show 16.2% appreciation

PrintJuly 2017 sales stats are here and wow do they buck the trend we’ve seen recently!  Here’s what we know about home prices in Franklin, TN:

  • Sales of Single family residences in Franklin were up slightly to 241 (vs. 232 in July 2016 and 245 in July 2015)
  • The average home sold was 3,114 sq ft (vs. 3,084 sq ft in 2016 and 3,278 in July 2015).
  • Average sales price was $613,838 in 2016, significantly up from $523,194 in 2016 and  $529,719 in 2015 (a 17.3% year over year increase)
  • Adjusting to a square foot basis, sales prices increased 16.2% to $197.12 per sq ft from $169.65 per sq ft in 2016 and $161.60 in 2015.
  • Appreciation over the last 3 months comes in at 11.8%.

What’s going on here you might wonder?  Why did the numbers jump last month so dramatically?  Thankfully I have a “good” answer for you!

In the last 12 months only 2 homes have sold for more than $3,000,000 in Franklin – they BOTH closed in July 2017.  This adds quite a kink to the numbers!

If I remove these 2 sales totaling $10,595,000 our numbers look as follows:

  • The average home sold was 3,073 sq ft (not 3,114).
  • Average sales price was $574,645 (Not $613,838, nor a 17.3% increase – but still a 9.8% year over year increase)
  • Adjusting to a square foot basis, sales prices increased 10.2% to $187.00 per sq ft from $169.65 per sq ft in 2016 and $161.60 in 2015.
  • Appreciation over the last 3 months still comes in at 6.0%.

Each month I stress that adjusting sales prices is all important and this month’s numbers demonstrate that more than ever – did your Franklin home really appreciate at 17.3%, 16.2%, 10.2% or 9.8%?   No matter which metric we look at, July’s sales represented a shift from the pattern we have seen in previous months but there’s only one way to know exactly what your home is worth – by performing an analysis that is specific to your home – not the whole town.

That’s why I like to think I excel as a real estate agent and add real value to my clients by knowing the Franklin real estate market like the back of my hand.  You’re welcome to get accurate and up to date information at my website, the creatively named SimonHartland.com, comment on this post, email or call me safe in the knowledge that you’ll be getting the RIGHT information from a Franklin real estate expert.

I always welcome your feedback, call me at (615) 579-7909, email or like my Facebook page to be kept up with future blog entries and Franklin coming soon real estate listings.

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