November 27, 2018
Franklin October 2018 sales show 1.2% appreciation
Do you hear that thump? Did the market just hit the ceiling and top out? Read on!
As of the time of writing there are 553 Active real estate listings in Franklin. I’ve calculated October 2018’s sales stats and they paint this very interesting picture of real estate values in Franklin.
- Sales of Single family residences in Franklin were UP 7.9% in October 2018 to 191 (vs. 177 in 2017 189 in 2016 and 180 in October 2015).
- The average home sold was 3,121 sq ft (vs. 3,182 in October 2017).
- Average sales price was $612,080 DOWN from $616,850 in 2017, a 0.77% DECREASE year over year.
- Adjusting to a square foot basis sales prices INCREASED 1.2% to $196.12 per sq ft from $193.86 in 2017 ($175.58 in 2016 and $162.71 in October 2015).
- Over the last 3 months we registered 0.1% APPRECIATION.
- Over the last 12 months we averaged 6.3% APPRECIATION.
- 26.7% of all sales were new construction
So what happened here? We often find after a month of high appreciation (last month’s 11.4% for example) that there is a lull the following month, however the drop from 11.4% to 1.2% is the most significant spread/downward shift since July to August of 2014 (a 10.4% change). What makes this different is the environment we are operating in today of (still historically low, but slowly) increasing interest rates.
Again, let me state that I see no evidence to suggest we are set to have a precipitous decline in home prices, simply that ongoing appreciation at a rate above inflation is no longer going to be the norm – like every idiot, I’m entitled to my opinion! You know I’ll be watching this situation develop each and every month!
If you’d like listing information on homes that is accurate and up to date visit my website SimonHartland.com. Just like those other websites you can create a profile and save your favorite listings there and feel good that you are getting the RIGHT information from a Franklin real estate expert.
Simon Hartland, REALTOR, TN License #273237
Direct: 615 579-7909
EXP Realty – TN License #: 262943
3200 West End Avenue Suite 500
Nashville, TN 37203