McKays Mill A Year in Review: McKays Mill 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.

McKays Mill is located in Franklin, TN and has close to 1500 homes and has an olypic sized pool, a 5000 sqare foot community center and over 70 acres of open space with lots of trails, gazebos and picnic tables scattered around this beautiful community. Homeowners can enjoy the lakes, ponds and streams along the miles of multi-purpose pathways.

Currently as of January 4th, 2012 there are 11 homes listed as for sale:

Courtesy of Realtracs:

Active  19 Properties Found       Franklin TN Homes For Sale
  Square Feet Bedrooms Full Baths Half Baths List Price Sales Price Days on Market
MIN 2,161 2 2 1 $237,500 $0 0
AVG 3,346 3.74 2.58 1 $413,265 $0 40
MEDIAN 3,337 4 3 1 $400,000 $0 29
MAX 4,793 5 3 1 $600,000 $0 111

We can now break these numbers down to three averages: The chart shows that the 11 homes in McKays Mill Subdivision currently listed single family homes are listed for an average price of $413,265 with an average list price per square foot of $123.51 The average day's on market are currently at 40. 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 70 successful sales so this gives us a value of 5.83 homes sold a month as an average and reveals that we have just over three months of inventory in McKays Mill

As of January 4th, 2011 we have three homes that are listed as a pending sale.

Courtesy of Realtracs:

Pending  7 Properties Found         McKays Mill Homes For Sale
  Square Feet Bedrooms Full Baths Half Baths List Price Sales Price Days on Market
MIN 1,567 2 2 0 $218,900 $0 0
AVG 3,429 3.71 2.29 0.86 $419,888 $0 64
MEDIAN 3,720 4 2 1 $399,000 $0 108
MAX 4,408 5 3 1 $633,595 $0 182

We can now break these numbers down to three averages: The chart shows that McKays Mill homes currently listed as pending single family home sales are listed for an average price of $419,888 with an average list price per square foot of $122.45. The average day's on market are at 64. This shows us that the average list price of homes that are pending sale are listied at just over 1% higher than that of the homes for sale that have no offers at this point.

There were 70 properties that sold and closed in McKays Mill during the period of January 1st 2011 through December 31st 2011. 

Courtesy of Realtracs:

Closed  70 Properties Found  Franklin TN Homes
  Square Feet Bedrooms Full Baths Half Baths List Price Sales Price Days on Market
MIN 1,660 2 1 0 $229,000 $221,000 0
AVG 3,239 3.97 2.7 0.77 $377,924 $368,677 74
MEDIAN 3,204 4 3 1 $369,900 $362,500 59
MAX 5,559 6 5 1 $680,000 $633,726 513

We can now break these numbers down to four averages and a list price to sales price ratio: The chart shows that McKays Mill Subdivision sold properties from January 1st 2011 through December 31st 2011 were listed for an average price of $377,924, with an average list price per square foot of $114.77. The average day's on market for these sold properties were 74. The average price that properties actually sold for were $368,677. With this information we can see that the properties sold for 97.55% 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.

McKays Mill Closed Sales January 1st 2011 through June 30th 2011

Courtesy Of Realtracs:

Closed  35 Properties Found    January 1st Through June 30th 2011
  Square Feet Bedrooms Full Baths Half Baths List Price Sales Price Days on Market
MIN 2,032 2 2 0 $274,900 $265,000 0
AVG 3,265 4.03 2.66 0.83 $382,080 $372,092 70
MEDIAN 3,201 4 3 1 $350,000 $340,000 67
MAX 5,559 5 5 1 $680,000 $612,500 199

Courtesy of Realtracs:

Closed  35 Properties Found   July 1st Through December 31st 2011
  Square Feet Bedrooms Full Baths Half Baths List Price Sales Price Days on Market
MIN 1,660 2 1 0 $229,000 $221,000 0
AVG 3,213 3.91 2.74 0.71 $373,767 $365,263 77
MEDIAN 3,283 4 3 1 $369,900 $365,000 53
MAX 4,978 6 5 1 $618,095 $633,726 513

With this information show we can see that during the first six months of 2011, McKays Mill homes for sale had an average sales price of  $372,092 with an average sale price per square foot of  $113.69 with an average days on market of 70. The second six month period, July 1st 2100 through December 31st 2011 had an average sales price of $365,263 with an average sale price per sqare foot of $113.68 with an average days on market of 77. The pace of sales was exactly the same for the first six months as compared to the last six months of 2011.

This information is significant because it shows us that McKays Mill is experiencing a very stable market trend in the price that buyers are willing to pay with an average sales price per square foot virtually unchanged compared with the first six months of 2011! This is good news indeed!

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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