Demand for homes in the community remains strong this fall among buyers

Total residential closings in Williamson County rose 22.7 percent in October 2016, according to the monthly market report released today by the Williamson County Association of REALTORS® (WCAR).  The total number of closed home sales were 513 for the month compared to 418 in October 2015.

The median sales price for a single-family home rose 3.2 percent to $435,384 in October 2016, compared to $422,000 for the same period last year.  October marked the eighth consecutive month the median sales price for a single-family home surpassed $400,000.

Year-to-date total home sales in Williamson County are 4,829 an increase of 2.7 percent over the 4,703 closings for the same period last year.

“Home sales are continuing at a strong level in Williamson County because people place such a high value on home ownership, even with increasing prices and inventory challenges,” said David Logan, President of the Williamson County Association of REALTORS®. “Typically homes sales cool off in the fall, but the warmer weather we’ve experienced this year has made it easier and more comfortable for buyers to explore possible home purchase options.”

“The biggest challenge facing potential buyers remains the low levels of inventory available. There is no doubt that the strained supply of inventory is leading to the increase in prices, the quicker pace of sales and the increasingly competitive market among active home buyers, said Logan.

Total available residential inventory in Williamson County stood at 1,459 units at the end of October, indicating a slightly less than three-month supply of available homes. A six-month supply is considered a balanced market.

For the month of October, available inventory declined for both single-family homes and condominiums.  Single-family home inventory declined 19.7 percent from 1,721 in 2015 to 1,382 listed homes in 2016, while condominium inventory decreased 14.4 percent from 90 in 2015 to 77 listings in 2016.

October 2015

Home Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

379

$422,000

1,721

362

57

Condos

39

$196,175

90

35

64

Total

418

-

1,811

397

-

Land

18

$275,000

490

21

209

October 2016

Home Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

470

$435,384

1,382

455

51

Condos

43

$230,000

77

45

47

Total

513

-

1,459

500

-

Land

38

$174,900

422

46

110

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