Nashville Tennessee Living

Franklin TN Real Estate 

Chestnut Bend First Half of 2011  Market Report

The Chestnut Bend neighborhood saw a slight decline in sales in the first half of 2011 compared to sales in the same period of 2010. In both years most of the sales occurred in the May-June time-frame, reminding us that those are traditionally the peak selling months for this type of home.

On closer look at the numbers, the actual prices are only down just under .5%. This chart does not show that the average size of the homes sold in 2010 were actually 8% larger than those that sold in 2011. When you calculate the square footage difference, you see that the prices have mostly remained steady.

Chestnut Bend has seen its share of the Foreclosure market, but the MLS listings of the past 2 years are not showing any of them.

If sales in Chestnut Bend continue in the second half of the year, the 3 homes that are currently active would be considered a balanced amount of inventory. There is currently one Sale Pending.

It's really hard to say that sales are down in Chestnut Bend when you only have 3-4 sales.

Franklin TN Real Estate in general was up 6% in this 6 month period, over the same period last year. Those are great numbers when you compare it to Nashville TN Real Estate, which was down almost 5%.

Franklin TN Real Estate 

River Landing  2011  Market Report

Sales have picked up in the River Landing subdivision this past year, doubling the prior years sales. The Chart below shows the number of sales for the past 12 months, broken down into 3 months, 6 months and 12. Based on these numbers it lets you see the amount of inventory available.

River Landing has seen below average sales the past 2.5 years. Sales started falling off in 2007 when they went from 37 in 2005, 30 in 2006 down to 12 in 2007. It only got worse at 10 sales in 2008 but only 4 sales in each of 2009 and 2010.

Of the Active Listings in River Landing 2 have contingencies on them and one is a short sale.

Most of River Landing was built by Drees and Beazer Homes starting in 2000 with most of the homes completed by 2006. Of the 8 homes sold in the past 12 Months, one was a foreclosure and one was a short sale. There are currently 6 homes Active on the market and one Pending sale.

The inventory closely reflects the absorption rate of the Franklin TN Real Estate market in general.

Franklin TN Real Estate 
Founders Pointe  2011  Market Report

Founders Pointe continues to beat the Middle Tennessee findings of lower sales and lower prices. The following chart shows that inventory is low and the neighborhood market is active. With school just around the corner, more and more families will be anxious to get into the neighborhood before school starts.

The months of inventory in this report do not reflect the 2 active listings that have contingent contracts on them or the 2 pending sales. It is likely that next months report will show even less inventory.

If you compare Founders Pointe numbers to the Franklin TN sales, you'll see a remarkable difference. There is a 6.9 month supply based on the past 3 months sales and a 9 month supply if you're looking at the 6 and 12 month sales.

The Franklin TN Real Estate also shows lower inventory that the general Middle Tennessee Real Estate market that makes up Nashville and the surrounding counties. Inventory in Middle TN is between 9 and 11 months.

If you live in Founders Pointe and are thinking of selling, this is definitely the time to get your home ready and on the market.

Franklin TN Real Estate -

Chestnut Bend  2011 Spring Market Report

Sales in Chestnut Bend are following closely to the same time period in 2010. There was one closing in the first Quarter of 2010 and the same in 2011.

The home in 2010 was listed for $415,000 and sold for $385,000. The Sales Price came in at $113/sqft.

The home in 2011 was listed for $399,900 and closed at $384,000. It Closed at $121/sqft. So the sales prices look the same but the actual Price per Square Foot increased by 7%.

Currently, in Chestnut Bend, there are 5 homes on the market with an average asking price of $465,660 or $131/sqfoot. There is one home pending at $465,000.

Chestnut Bend is tucked behind Franklin High School just off Hillsboro Road. It can also be accessed behind the CVS store at the corner of Hillsboro Road and Del Rio Pike.

The walking trails in the neighborhood actually come out in this location and wrap around by the river to where the outdoor market is often set up on the Weekends. One can actually walk to downtown Franklin from this neighborhood.

Franklin TN Real Estate - Founders Pointe  2011 Spring Market Report

Sales and Prices are holding steady, as always, in Founders Pointe. Though the closings went from 3 to 2 in the First quarter of 2010 and 2011 respectively, that could be due to any number of things. At the time of the calculation, there was One pending and that could have been the sale to balance the difference.

In Founders Pointe, the remarkable part is that, though the prices appear to have Gone Up, the Sales Price per Square Foot, barely moved! The average SPQF went from $110.35 to $110.53 up less than a tenth of a percent! We all still remember the times when the prices continued to go up and up and up. That is not our current reality.

We are still seeing falling prices in many communities in the Nashville Metropolitan area. They are falling much slower but Real Estate, in general, has yet to stabilize.

In Franklin, Sales are up almost 16% in the first quarter of 2011 over the same time period of 2010. Closings averaged 89/month. With the Active inventory at 1062 properties, that leaves a 12 month supply on the market. There are currently 158 pendings so hopefully this spring market with great rates will clear some of that out.

Franklin TN is one of the most popular subburbs in middle Tennessee.

The downtown area offers great restaurants, upscale shopping and one-of-a-kind boutiques. Rarely a month goes by and there isn't some festivity happening downtown. With free parking it's a great place to hang out.

The weekend Farmer's market at the Factory is always full of great food and music!

It's no wonder sales are up in Franklin TN!

Franklin TN Real Estate - Founders Pointe 2010 Market Report

Sales in Founders Pointe have always followed the beat of a different drummer! Sales in Franklin TN increased 20% from 2009 to 2010 where Nashville sales were down 9%.

Founders Pointe's numbers were up a whopping 82%. You just can't tell us that this isn't a well loved neighborhood!

Prices corrected a bit but not as much as in other areas.

See prior Founders Pointe Market Reports

Be sure and join the Founders Pointe Community page on Facebook!

Franklin TN Real Estate - River Landing 2010 Market Report

River Landing's sales were very similar to those of 2009. There were 4 closings in 2009 and again in 2010. The average size of the 4 properties went up from 4536 square feet to 4816 square feet.

The average sales price per square foot decreased from $123.40/sqft to $120.69/sqft. This doesn't mean that the prices have actually decreased. As the size of the home increased, the price/sqft often decreases as the cost to build larger is often less.

A Good example is the largest home that sold in 2009 was 5496 square feet and sold for $123.73/sqft. The largest home that sold in 2010 was 5401 and sold for $124.98/sqft. This indicates that prices and sales are holding steady in the River Landing Subdivision.

River Landing Average Days on the market decreased from 171 in 2009 to 108 in 2010. A good sign that homes moved somewhat better in 2010. On the down side, 2 of the 4 sales in 2010 were short sales, up from just 1 in 2009.

River Landing Market Reports from 2010 and before.

Franklin TN Real Estate - Chestnut Bend  2010  Market Report

Chestnut Bend has had an unusually high number of foreclosures. It's an upscale neighborhood with beautiful homes on beautiful lots and one has to wonder why the higher foreclosure rate. There aren't always easy answers to these questions. Sales, themselves are down, but the overall prices are up.

You'll notice that we've added a line on this report to show just true home sales.

The three sales for 2010 that were deleted were one add as a comparable only. That means that it was a private sale which caused the reduced price. The next was a foreclosure and the third was a Corporate Relocation. In Relocation houses, the company often slashes the price to get the home out of their inventory.

There were actually 12 sales in 2009 but we deleted the foreclosures, which closed in the mid 300s, to give you a more accurate look at what the market is really doing in Chestnut Bend.

Chestnut Bend currently has 4 homes on the market and one of them has an inspection contingency. That leaves 3 which is in line with the number of homes that sell each year.

Chestnut Bend has some of the nicest walking trails and bike trails of any community in Franklin.

How do Franklin TN home sales compare to those in Chestnut Bend?

Franklin Closed 1087 homes in 2009 and 1297 in 2010, up 20%. Asking Prices went from $359,133 in 2009 to $361,607 in 2010, up less than 1%. Sales Prices went from $345,000 to $351,900, up 2%.

Chestnut Bend Market Reports for 2010 and 2009

Don't forget to join the Chestnut Bend Community Page in Facebook

Franklin TN Real Estate - River Landing 2010 3rd Quarter Market Report

Two properties closed in the third quarter of 2010 compared to just one sale in the same time period of 2009. The year to date numbers are comparable with a total of 3 closings for the year in 2010 and 2 for the first 9 months of 2009.

The single fall quarter closing in 2009 was a 5643 square foot home on Gillette, selling for $650,000 or $115/square foot.

The two closings in this quarter of 2010 were smaller with one 4436 sqft selling for $541,000 and the other 5244 sqft closing at $609,000 the two averaged $119/sqft for the sales prices.

There are currently 3 homes on the market in River Landing. 2 of the three are listed as Short Sales and both have contingent contracts on them.

Franklin TN home sales, in general, were up 18.5% in the 3rd quarter of 2010 compared to the same period in 2009. The prices moved less than 1% which would probably be the margin of error anyway.

View previous River Landing Market Reports

Franklin TN Real Estate - Chestnut Bend prices starting to rebound!

The number of home sales is down in Chestnut Bend but the prices seem to be recovering. At first glance it appears that they are continuing to fall, but that's just not the case. This is the 3rd quarter sales report showing the figures as to how they compare with the same time period in 2009.

From this chart, it looks like not only are sales down, but prices as well. The two properties that sold do show a lower average price but one of the properties was a foreclosure and shouldn't be used to determine actual market data.

The other Chestnut Bend property sold for $480k or $132/square foot. The average price/square foot (sqft) in the same time period of 2009 was $124.45/sqft an increase of 6%.

Home Sales in Franklin TN were up 18.5% in the 3rd quarter 2010 over the same quarter in 2009. Prices were up 1%.