December wraps up robust year for residential real estate market

Total number of homes closed in Williamson County set an all-time record in 2016, according to the monthly market report released today by the Williamson County Association of REALTORS® (WCAR).  Total home closings in Williamson County for 2016 were 5,709, an increase of 2.8 percent over the previous record of 5,551 closings in 2015.

December wrapped up 2016’s record-breaking year with a total of 481 home closings for the month.  Although the total monthly home closings were 500 in 2015, single-family home closings in the month of December set a new monthly record with 457 closings.  The previous record was 456 set in December 2015.

Fourth quarter closings for Williamson County home sales in 2016 increased 10 percent to 1,393 closings, compared to 1,266 closings for the fourth quarter of 2015.

“2016 marked a record breaking year for Williamson County’s real estate market,” said Lisa Wurth, President of the Williamson County Association of REALTORS®.  “The robust market, despite challenging inventory levels, saw the greatest number of homes sold in a year.  Additionally, it provided a great return on investment for sellers as the median sales price rose to record breaking levels several times throughout the year.”

The median sales price for a single-family home also set a new monthly record in December 2016.  It rose 8.2 percent to $450,706 versus $416,615 in 2015.  December also marked the tenth consecutive month the median sales price for a single-family home surpassed $400,000. 

“It can be easy to take for granted all of the work that goes into a successful closing.  These new records represent hours of professional support from REALTORS®, along with mortgage bankers, title attorneys, appraisers, inspectors and others involved in this complicated process,” added Wurth.

December 2016

Home Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

457

$450,706

1,298

348

47

Condos

24

$272,700

71

23

49

Total

481

-

1,369

371

-

Land

31

$204,500

406

33

123

 

 

December 2015

Home Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

454

$416,615

1,563

356

60

Condos

44

$235,700

60

31

56

Total

500

-

1,623

387

-

Land

23

$217,500

444

24

109

 

Fourth Quarter Home Sales Activity

 

2016

2015

Residential Sales

1,293

1,156

Condominium Sales

100

110

Total

1,393

1,266

Land Sales

93

58

Total available residential inventory in Williamson County stood at 1,369 units at the end of December 2016, indicating a less than three-month supply of available homes.

For the month of December, single-family home inventory declined 17 percent from 1,563 in 2015 to 1,298 listed homes in 2016. Condominium inventory increased from 60 listings in 2015 to 71 listings in 2016, representing an 18 percent increase.

“As we head into 2017, the residential real estate market is primed to continue contributing to the success of the community.  While the lack of available inventory continues to be a limiting factor, the strong schools, continued job growth and ample attractive lifestyle activities Williamson County offers show no signs of diminishing, all of which should continue the positive momentum of the housing market,” said Wurth. 

With more than 2,400 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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