Home sales fall in August amid shrinking inventory

Williamson County’s housing market shows strong demand among buyers amid shrinking inventory, which together drove home prices to record levels for August, according to the to the monthly market report released today by the Williamson County Association of REALTORS®.  Residential sales fell 9.9 percent in August while the median sales price rose 6.5 percent for the same period last year.

The number of home closings in August 2016 were 547, versus 607 in August 2015. 

The median sales price for a single-family was $441,990 in August 2016, which represents a new record amount for the month of August surpassing the previous record of $415,000 set in August 2015.

Year-to-date home sales in Williamson County are 3,812, an increase of one percent over the 3,772 closings for the same period last year.

August 2016

Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

521

$441,990

1,613

518

55

Condos

26

$240,000

73

30

58

Total

547

--

1,686

548

--

Land

15

$240,000

420

20

203

August 2015

Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

567

$415,000

1,763

535

57

Condos

40

$206,500

96

46

52

Total

607

--

1,859

581

--

Land

27

295,000

464

23

178

“The real estate market in Williamson County mirrors the activity nationally and in other competitive markets according to the most recent national and regional housing market data,” said David Logan, President of the Williamson County Association of REALTORS®. “The slowing of sales in our area follows the trends experienced nationwide and was anticipated due to the reduction in inventory and rising prices.”

Total available residential inventory in Williamson County stood at 1,686 units at the end of August, indicating a three-month supply of available homes. A six-month supply is considered to be a balanced market.

For the month of August, available inventory declined for both single-family homes and condominiums.  Single-family home inventory declined 8.5 percent from 1,763 in 2015 to 1,613 listed homes in 2016, while condo inventory fell 24 percent from 96 in 2015 to 73 listings in 2016.

“The reality of the market is that it is a good time for would-be sellers to list their home, but the conditions also make it difficult for would-be buyers because the low inventory keeps prices at a premium.  Even in Williamson County’s affluent market, a buyer wanting to move to another home in our community is finding it challenging,” said Logan.

“During the last five years, the Williamson County residential market has seen an increase in activity.  However, we’ve experienced a decrease in inventory, coupled with a steady increase in median sales price,” added Logan.

In 2011, there were 27 percent more single-family homes and condos on the market than there are today. Total home closings are nearing double the number of closings compared to five years ago. The median sales price for a single-family home and condo has increased by $92,990 and $40,000, respectively, in the same five-year period.

5-Year Residential Inventory Numbers

 

Single-Family

Condo

Total

2011

2,148

160

2,308

2012

1,916

130

2,046

2013

1,707

100

1,807

2014

1,807

84

1,891

2015

1,763

96

1,859

2016

1,613

73

1,686

5-Year Residential Sales Closings

 

Single-Family

Condo

Total

2011

275

21

296

2012

396

34

430

2013

442

41

483

2014

478

31

509

2015

567

40

607

2016

521

26

547

5-Year Residential Median Sales Price

 

Single-Family

Condo

2011

$349,000

$200,000

2012

$339,450

$196,916

2013

$389,950

$206,925

2014

$380,000

$207,000

2015

$415,000

$206,500

2016

$441,990

$240,000

Note:  Annual inventory, closings and median sales price figures are from August of each year.

With 2,200 members, the Williamson County Association of REALTORS® provides support and services for area real estate professionals and is the leading voice in the community for its members, as well as residential and commercial property owners. REALTOR® is a registered trademark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.

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