Thursday, April 11, 2013

Currently the inventory of homes offered for sale based on current list prices is as follows:



Sales Rate for High Priced Homes in Middle Tennessee






2011




2012




Number of Listings 4/4/2013




Current Months of Inventory based on 2012 Sales




$1,000,000




$1,099,999




31




33




29




10.5




$1,100,000




$1,199,999




25




31




38




14.7




$1,200,000




$1,299,999




25




33




39




14.2




$1,300,000




$1,399,999




14




21




24




13.7




$1,400,000




$1,499,999




14




13




28




25.8




$1,500,000




$1,599,999




10




13




19




17.5




$1,600,000




$1,699,999




0




8




17




25.5




$1,700,000




$1,799,999




4




6




14




28.0




$1,800,000




$1,899,999




3




4




6




18.0




$1,900,000




$1,999,999




5




2




12




72.0




$2,000,000




$2,499,999




8




14




26




22.3




$2,500,000




$2,999,999




10




9




25




33.3




$3,000,000




$3,999,999




3




3




19




76.0




$4,000,000




and Up




0




4




16




48.0




Based on listings sold in MLS on sites of less than 20 acres - Study area includes Davidson, Williamson, Cheatham, Robertson, Sumner, Wilson and Rutherford Counties.



This study indicates that currently there is a minimum of 1.46 years worth of inventory in each price range over $1,500,000, with 6.3 years worth in the 3 to 4 million dollar range.

Additionally, we examined sales of homes with final list prices from $1,500,000 to $2,900,000, that sold from January 1, 2011 to April 9, 2013, on lots of 20 acres or less.  In 2011 the average total marketing time from original listing to accepted contract was 456 days, in 2012 the average was 301 days, and through the first quarter of 2013 the average was 627 days. Half year comparisons also showed declining marketing times, with the first half of 2011 showing an average of 504 days, second half of 2011 - 429 days, first half of 2012 - 330 days, and the second half of 2012 - 276 days.

Not surprisingly with a decrease in the average marketing time there was a corresponding increase in average original list price to sales price ratio. In 2011 it averaged 80.45% and in 2012 it had increased to 83.19%. Noting that year to date marketing times in 2013 are higher, and the original list price to sales price ratio has declined to 79.18%.
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