Brentwood TN Real EstateMarket Report - Spring 2009
Sales of Homes in Brentwood TN were down 35% this spring while the prices decreased only 2%. This has been the norm throughout Middle Tennessee with the exception of price which has been anywhere from a 5% increase to 18% decrease. That being said, 2% is not a lot in this current economy.
The big news in Brentwood is the Inventory amount. In the first half of 2008, 275 homes sold. In the same time period of 2009, only 195 have sold.
There are currently 589 homes for sale. If you could use the 2008 numbers, there would be a 13 month supply. But since those numbers are no longer valid, the true supply should last us at least 18 months! An 18 month supply will only cause the prices to continue to decrease.
The numbers that are really scary are the prices. In 2008 the average sales price was $671,329. In the same time in 2009, the average sales price was $657,425. Not a terrible difference. The current Average ASKING price is $846,057. Hmmm I'm thinking the time on the market is going up.
With prices declining 2%, what are these sellers thinking? Up the price $200000 and they will buy it? This IS Brentwood after all. This Realtor doesn't think so.
Watch for updates on the Brentwood Real Estate Market.
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Connie Harvey is a full time Realtor with Prudential Woodmont Realty Group in Brentwood TN. She services both Buyers and Sellers with their Real Estate need in Nashville TN, Franklin TN, Brentwood TN and surrounding areas. She can be reached at 615-661-7800 x 1300 or HarveyC@realtracs.com.