Market Conditions - February 23, 2006 by Carla L. Davis
All across North America markets are cooling. For the most part the 20 to 40 percent appreciation rates of last year are gone. But many experts are reporting that this comes as a relief. Franklin, Tennessee, is an example of a market that is balanced at this time because of the cooling of the market. Contributing to the balance is an increase in inventory. One expert reported to Realty Times, "Inventory has increased compared to this time last year, and that's good news for our market. With continued high activity in home sales and an increase in inventory, it means there are plenty of options for buyers." Our experts also report that single family home sales in Franklin continue to be strong, with an average of more than 190 sales per month. The median residential price during January was $162,000 -- bringing some to speculate appreciation is near 12 percent. Across all price ranges, there is a 2.2 month supply of available homes to choose from. Franklin, named for the inventor and diplomat of the same name, is a small city located about 25 minutes south of Nashville. The city offers a wide variety of lifestyle choices for the 48,000+ residents, who enjoy an annual median household income of $56,000, median age of 33, and a school system rated amongst the best in the country. Seattle, Washington, is a city that boasts diversity in each of its many neighborhoods. And although there are slight signs of the market cooling, the seller's market continues as inventory remains low and interest rates remain fairly steady. Nearly all properties that are market priced are going very quickly, often with multiple offers as well as frequently ending up selling for over the asking price. This is a great time to sell. Active listings may be down for this area, but appreciation rates are still in the double digits. This is more good news for sellers -- that already aren't having to fight much competition in their markets. What else is contributing to this rapid increase in prices? Seattle is 57,000 jobs stronger this year -- and local real estate markets are affected strongly by local economies. | 
