Home sales so far are running just a little ahead of the same period in 2009, Land sales are currently at a better pace than last year, which was one of the worst years on record However, it is the sales of foreclosed land parcels that is helping the 2010 sales figures. Almost 1/2 of the land sales so far this year are foreclosures. Over 30% of the home sales so far are foreclosures. Price is the number ONE factor in selling your property. Prices are down from last year and so are sales. 2010 is here and we are anticipating a slow, but more paced recovery. No quick highs, but a steady growth. It sure seems like we have finally turned the corner and seen an uptick in sales. Lots of showings and new listings.
Franklin is a unique market in that we do not have the large industrial or commercial base to bring jobs to town. Our market here is highly dependent on the retiree and second home market. The primary sources of these buyers are from Florida and nearby Atlanta, Georgia. When they are down, we are down. We wanted to give you some statistics about our area to be aware of our market today. We will try to update this as much as possible. The first section is for homes only.
2007 Market (Total Year)
New listings.................................................4449
Sold listings..................................................487
Average Sales Price............................$181,656
2008 Market (Total Year)
New listings..................................................457
Sold listings..................................................326
Average Sales Price............................$180,083
2009 Market (Total Year)
New listings................................................911
Sold listings................................................320
Average Sales Price...........................$159,305
2010 Market (Through August 25, 2010)
New listings................................................5885
Sold listings.................................................134
Average Sales Price...........................$134,285
source: National Association of Realtors report and Navica MLS dated 8/25/2010.
Residential: As of today, there are 888 active home listings in Franklin
Home sales have slowed down, but that is quite normal for this time of the year. The median home price is down about 17% from the same period in 2009. 2009 ended up 6.5% down from 2008. Here are a few charts that explain graphically what is happening in the market.
Land - We now have 1038 land listings in Franklin, as of today.
Land sales are also slow, not only due to the time of the year, but also due to financing. It is difficult to get a loan on a land purchase. Most are bought cash or as part of a construction deal with a builder. The average price per acre is now $13,267. Here are a few charts that graphically show the land market.
Foreclosures?
According to the Macon County Court, we had 256 foreclosures during 2009. We all see the press talking about all the foreclosures out there in the current market. The news channel MSNBC says that 1 out of every 3 sales in the USA is a foreclosure. 2.5 million foreclosures now and according to Credit Suisse, another 8.1 million coming before 2012. One in every 276 homes in the US is now in foreclosure. We are starting to see more and more foreclosures and short sales in our market, and this means there can be some great buys out there. The foreclosure problem is not only due to the sub-prime mess, but also because so many ARMs are coming due and the folks are underwater and will let their homes go into foreclosure.
Contact me for more information on the market in Franklin. Just remember, God is in charge, not us.