Chestnut Bend A Year in Review: Chestnut Bend had an active year in 2011 for Real Estate Sales and I want to cover and go over them so that we can all have a good understanding of the market conditions in the community.

Chestnut Bend is located in Franklin, TN and has 168 homes and has a community pool, scenic common grounds along with a four mile walk way along the Harpeth River and community pond. There is easy access to the downtown Franklin Recreation Center and the community has a lot of great activities throughout the year for families of all ages to enjoy. Chestnut Bend even has a "Man Cave" that has been featured on TV and in the news paper that is fun for all.

Currently as of January 5th, 2012 there are two homes listed as for sale:

Courtesy of Realtracs:

Active  2 Properties Found      Franklin Tn Homes For Sale
  Square Feet Bedrooms Full Baths Half Baths List Price Sales Price Days on Market
MIN 3,974 4 3 1 $489,900 $0 80
AVG 4,076 4 3 1 $494,400 $0 99
MEDIAN 4,077 4 3 1 $494,400 $0 100
MAX 4,179 4 3 1 $498,900 $0 119

 

We can now break these numbers down to three averages: The chart shows that the 2 homes in Chestnut Bend Subdivision currently listed single family homes are listed for an average price of $494,400 with an average list price per square foot of $121.30 The average day's on market are currently at 99. The median number's are a reflection of half of the homes higher and half of the homes being lower in each category. This will tell me how many months of inventory we have in relation to how many sold in 2011. In 2011 we had 7 successful sales so this gives us a value of .58 homes sold a month as an average and reveals that we have just over three months of inventory in Chestnut Bend.

As of January 5th, 2011 we have one home that is listed as a pending sale.

Courtesy of Realtracs:

Pending  1 Properties Found      Franklin TN Real Estate Listings
  Square Feet Bedrooms Full Baths Half Baths List Price Sales Price Days on Market
MIN 3,414 4 3 1 $449,000 $0 294
AVG 3,414 4 3 1 $449,000 $0 294
MEDIAN 3,414 4 3 1 $449,000 $0 294
MAX 3,414 4 3 1 $449,000 $0 294

 

We can now break these numbers down to three averages: The chart shows that Chestnut Bend homes currently listed as pending single family home sales are listed for an average price of $449,000 with an average list price per square foot of $131.52. The average day's on market are at 294. This shows us that the average list price of homes that are pending sale are listied at just over 10% lower than that of the homes for sale that have no offers at this point.

There were 7 properties that sold and closed in Chestnut Bend during the period of January 1st 2011 through December 31st 2011. 

Courtesy of Realtracs:

Closed  7 Properties Found     Franklin TN Listings
  Square Feet Bedrooms Full Baths Half Baths List Price Sales Price Days on Market
MIN 2,448 3 2 0 $344,900 $334,000 72
AVG 3,386 3.86 2.86 0.71 $438,185 $425,414 103
MEDIAN 3,546 4 3 1 $469,000 $458,000 92
MAX 3,803 4 4 1 $488,700 $479,900 158

 

We can now break these numbers down to four averages and a list price to sales price ratio: The chart shows that Chestnut Bend Subdivision sold properties from January 1st 2011 through December 31st 2011 were listed for an average price of $438,185, with an average list price per square foot of $129.41. The average day's on market for these sold properties were 103. The average price that properties actually sold for were $425,414. With this information we can see that the properties sold for 97% of the asking price. The median number's are a reflection of half of the homes higher and half of the homes being lower in each category.

Another great piece of information to understand is how the neighborhood is trending: The first six months compared with the last six months of 2011.

Chestnut Bend Closed Sales January 1st 2011 through June 30th 2011

Courtesy Of Realtracs:

Closed  3 Properties Found        January 1st 2011 Trough June 31st 2011
  Square Feet Bedrooms Full Baths Half Baths List Price Sales Price Days on Market
MIN 2,448 3 2 0 $344,900 $334,000 72
AVG 3,136 3.67 2.33 0.67 $411,166 $398,333 123
MEDIAN 3,158 4 2 1 $399,900 $384,000 140
MAX 3,803 4 3 1 $488,700 $477,000 158

Coutesey Of Realtracs:

Closed  4 Properties Found     July 1st Through December 31st 2011
  Square Feet Bedrooms Full Baths Half Baths List Price Sales Price Days on Market
MIN 3,403 4 3 0 $414,999 $385,000 72
AVG 3,574 4 3.25 0.75 $458,449 $445,725 88
MEDIAN 3,563 4 3 1 $469,450 $459,000 89
MAX 3,768 4 4 1 $479,900 $479,900 103

 

With this information we can see that during the first six months of 2011, Chestnut Bend homes for sale had an average sales price of  $398,333 with an average sale price per square foot of  $127.02 with an average days on market of 123. The second six month period, July 1st 2100 through December 31st 2011 had an average sales price of $445,725 with an average sale price per sqare foot of $124.71 with an average days on market of 88. The pace of sales was slightly lower for the first six months as compared to the last six months of 2011.

This information is significant because it shows us that Chestnut Bend is experiencing a very stable market trend in the price that buyers are willing to pay, although average sales price per square foot was slightly lower compared with the first six months, the homes that sold were larger during the second half of the year, which will normally yield a lower price per square foot. Overall, the information shows that the community has a small number of sales and is very stable and that people like living in Chestnut Bend!

Read More Informational Blogs About Franklin TN Happenings & Real Estate

Now is the time to be in the market, whether you are selling or buying, the deals are here and for sellers, this is a great time to attract buyers. The rates for buyers are at historic lows and there is demand in our market. If you are a seller, you don't want to wait until interest rates go back up pushing more buyers out of the market.

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