Housing market remains active despite low inventory

Total home closings in Williamson County declined two percent in September 2016 in keeping with the fall’s expected slower sales pace, according to the monthly market report released today by the Williamson County Association of REALTORS® (WCAR).  The total number of closed home sales were 504 for the month compared to 513 in September 2015. 

The median sales price for a single-family home rose 10.7 percent to $441,355 in September 2016, compared to $398,553 for the same period last year.  September marked the seventh consecutive month the median sales price for a single-family home surpassed $400,000. 

Third quarter numbers for Williamson County home sales in 2016 declined 3.5 percent to 1,663 closings, compared to 1,724 closings for the third quarter of 2015.

Year-to-date total home sales in Williamson County are 4,316, an increase of one percent over the 4,285 closings for the same period last year.

“The residential real estate market is as active as available inventory allows,” said David Logan, President of the Williamson County Association of REALTORS®. “The demand for homes in Williamson County is extremely high. And, when properly prepared and correctly priced homes become available, the low days-on-market indicates that they are selling quickly.”

“According to the reported data through the third quarter of 2016, residential real estate transactions in Williamson County total more than $1.75 billion,” said Logan. “This significant investment in the community by home buyers demonstrates the value the real estate industry has on Williamson County’s continued growth.”

Total available residential inventory in Williamson County stood at 1,653 units at the end of September, indicating a three-month supply of available homes. A six-month supply is considered to be a balanced market.

For the month of September, available inventory declined for both single-family homes and condominiums.  Single-family home inventory declined 8.4 percent from 1,719 in 2015 to 1,574 listed homes in 2016, while condominium inventory decreased 19 percent from 97 in 2015 to 79 listings in 2016.

“The falling supply of inventory in the recent months has impacted the rapid pace of home sales the county experienced in the first half of the year,” said Logan. “With the expected decline in listings that is characteristic of the fourth quarter, we could continue to encounter an even more competitive market among active home buyers.”

“With continued shrinking inventory and rising home prices, the long standing problem of finding affordable work force housing persists in our community,” added Logan.  “For the first-time home buyer, families with young children and potential residents with incomes in the $50,000 to $75,000 range, the ability to live and work in Williamson County remains a challenge.”

September 2016 Home Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

475

$441,355

1,574

490

54

Condos

29

$251,000

79

35

51

Total

504

-

1,653

525

-

Land

16

$320,950

426

26

172

September 2015 Home Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

474

$398,553

1,719

491

55

Condos

39

$234,900

97

43

52

Total

513

-

1,816

534

-

Land

16

$207,652

481

18

184

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