December 20, 2018
Franklin November 2018 sales show 10.3% appreciation
Another month demonstrating our return to a more balanced market….
- Sales of Single family residences in Franklin were DOWN 26.6% in November 2018 to 149 (vs. 203 in 2017, 168 in 2016 and 154 in October 2015). I had to look all the way back to 2013 to find a slower November.
- The average home sold was 3,067 sq ft (vs. 3,046 in November 2017).
- Average sales price was $616,155, UP from $554,573 in 2017, an 11.1% INCREASE year over year.
- Adjusting to a square foot basis sales prices INCREASED 10.3% to $200.90 per sq ft from $182.07 in 2017 ($178.35 in 2016 and $163.78 in October 2015).
- Over the last 3 months we registered 1.0% APPRECIATION.
- Over the last 12 months we averaged 7.0% APPRECIATION.
- 20.0% of all sales were new construction
So what happened here? Quite the drop off in sales volume in November without much of an explanation – the usual culprit of weather wasn’t an issue and while we did have a midterm election sales were rock steady in October (159), November (159) and December (158) of 2014 suggesting it wasn’t a factor that year. A quick check of mortgage rates suggests that while rates have gone up – the amount is less than 0.5% and really less than 0.25% compared to October 2018. Nothing traumatic has occurred in our local economy (in fact if anything, only good things have happened) to explain a sudden drop off in demand and in every year since 2014 the only months with less than 150 sales have consistently been January and February of each year.
To me this is simply another indicator that we are topping out – prices are stabilizing and market balance is returning. I suspect that when I run them, December’s numbers will likely confirm this.
Understanding the market is the key to enable you to make good decisions, if you’d like to know more about what going on I always welcome your feedback. You can comment on this post, call me (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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Simon Hartland, REALTOR, TN License #273237
Direct: 615 579-7909
EXP Realty – TN License #: 262943
3200 West End Avenue Suite 500
Nashville, TN 37203