Desirability of community keeps market active despite rise in median sales price

Williamson County’s housing market experienced record-high sales activity in July 2016, according to the monthly market report released today by the Williamson County Association of REALTORS®.  The total number of closed home sales for the month was 612, an increase of 1.3 percent from the same period last year.  This represents a new record-high total of home sales for the month of July, eclipsing the previous monthly high of 604 in July 2015.

The median sales price for a single-family home rose 9.1 percent to $452,706 in July 2016 from $415,000 for the same period last year.

Year-to-date home sales in Williamson County are 3,265, representing a 3.2 percent increase over the 3,164 closings for the same period last year. 

"With a thriving economy, active job market, strong school system and low crime rates, the desirability for homeownership in Williamson County remains extremely high," said David Logan, President of the Williamson County Association of REALTORS®. “Confidence in our community continues to draw buyers to Williamson County and that has kept our residential market very active despite higher median sales prices.”

“At the start of 2016’s third quarter, it is clear the real estate market in Williamson County is healthy and growing. The high number of pending sales is a solid indication the positive market trends should continue,” added Logan.

Total available residential inventory in Williamson County stood at 1,744 units at the end of July, indicating less than a three-months supply of available homes. A six-month supply is considered to be a balanced market.

For the month of July, available inventory declined for both single-family homes and condominiums.  Single-family home inventory declined 5.2 percent from 1,799 in 2015 to 1,705 listed homes in 2016, while condo inventory fell 26.6 percent from 94 in 2015 to 69 listings in 2016.

“Throughout the summer, we've seen a steady decline in inventory matched by consistent growth in prices as buyer demand for homes in Williamson County remains high," said Logan. “The level of available homes in our market has created a sense of urgency among some buyers, which has led to multiple offer situations that is benefitting sellers in the form of higher home values and steady price appreciation."

“REALTORS® would love to see more single family homes ranging from $200,000 to $300,000 develop in our community,” acknowledged Logan.  “For the first-time home buyer, families with young school-aged children and future residents with incomes in the $50,000 to $75,000 range, single-family homes are extremely necessary to continue to contribute to the vibrant community that is Williamson County.”

July 2016 Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

571

$452,706

1,705

594

55

Condos

41

$204,000

69

41

48

Total

612

-

1,774

635

-

Land

17

$150,000

412

21

226

July 2015 Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

566

$415,000

1,799

567

58

Condos

38

$221,000

94

44

43

Total

604

-

1,893

611

-

Land

22

$150,000

456

29

21

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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