First time home buyers and investors continue to dominate the market as seller continue to lower their asking price to stay competitive with the changing market. Buyers will start jumping into the market to take advantage of these lower home prices.
December 2010 Current Market Conditions
- 12.3% Increase In December Home Sales Nationally* (But 2.6% below December 2009)
- 4.2% Decline in Inventory Nationally with 8.1months of supply at current pace* (Down from 9.5 months in November)
- 10.10% Increase in December home Sales in the Southern Region*
- 8.37% Increase in December Sales in Williamson County Compared to Last Year**
- 15% increase the Median Sales Price Compared to Last Year**
- 0.7% Decrease in the median Sales Price for the South*
- 36% of December Sales Nationally were Distressed Properties*
- 32.8% Decrease in November Sales Year over Year***
- 4.2% Decrease in Sales Year to date Through November***
- 33% of December homes sales were first time home buyers*
- 20% of December Homes Sales were bought by Investors* (Up 19% From November)
*Information from NAR (National Association of Realtors) President
**Information From WCAR (Williamson County Association of Realtors) President
***GNAR (Greater Nashville Association of Realtors)
Factors Impacting Today’s Market
- Nashville, TN Ranked #5 in “America’s Most Affordable Cities-Forbes.com 10.28.10
- Number of Distressed properties
- Tennessee 2nd Highest bankruptcy rate Nationally (Administrative Office of the Court)
- Inventory Levels Still High but Williamson County reports a Decrease
- Leasing Options Rising
- Attractive Affordable Conditions for Buyers
- Mortgage fraud rose 17% in 2009 (Wall Street Journal)
- Unemployment Still High (approx. 6.6% in Williamson Co.)
- Interest Rates Remain Low-Lowest reported by Freddie Mac
- Eager Sellers
- New Foreclosures soared 31.2% in Q3 (Investor’s Business Daily-12/30/10)
Cool Springs East-Franklin, Tennessee
2007 2008 2009 2010
Number of Sales 16 12 15 11
Average Price Per Sq. Ft. $148 $143 $126 $126
Cool Springs East Absorption Rate = 3.70 months of Supply
The rate at which a class of properties will be sold (absorbed by the Market)
Visit my website @ www.janisjmartin.com
9175 Carothers Parkway, Suite 110 ~ Franklin, TN 37067
615-478-6906 cell ~ 615-778-1818 office ~ 615-778-8898 fax
Each office independently owned and operated. ~ Licensed to sell Real Estate in the State of Tennessee. ~ Information believed accurate but not guaranteed.
