Median sales price for single-family home remains strong

BRENTWOOD, Tenn., May 9, 2016 --- Residential home sales in Williamson County increased significantly in April 2016 to set a home sales volume record for the month of April, according to the monthly market report released today by the Williamson County Association of REALTORS® (WCAR).  The total number of closed home sales for the month rose 19 percent to 474 compared to 398 in April 2015. 

Year-to-date closings in Williamson County are 1,527, representing a 13 percent increase over the 1,353 closings for the same period last year.

“April continued the trend upward in both strong sales and median sales price, which remains in alignment with the growth and interest in Williamson County from both a jobs and development perspective,” said David Logan, President of Williamson County Association of REALTORS®.  “As we move deeper into the residential selling season, the housing market in Williamson County should continue to gain momentum.”

“With the recent announcement of an anticipated $790 Million investment in the GM plant in Spring Hill and other key corporate growth and relocation news for Williamson County, the economy here will certainly support continued home building and home sales activity. We are fortunate to have the quality of Chamber of Commerce and elected leadership we do. Their efforts continue to make this community attractive to both major corporations and people that make them successful,” Logan said.

The median sales price for a single-family home increased slightly by 1.9 percent from the same period last year.  In April 2016, the median sales price for a single-family was $433,000, compared to $425,000 in 2015.

Total available residential inventory for a single-family home stood at 1,684 units at the end of April indicating inventory in Williamson County remains close to a four-month supply.  A six-month supply of inventory is considered to be a balanced market. 

“While listings have increased month over month in 2016, closings have also increased. Consequently, we are still facing an unbalanced market which is traditionally favorable for would-be sellers,” said Logan.  “With median sales prices remaining strong and inventory remaining tight, the market continues to provide sellers with favorable conditions and excellent values for their homes."

April 2016

Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

437

$433,000

1,684

592

67

Condos

37

$255,000

92

50

54

Total

474

--

1,776

642

--

Land

16

$160,000

401

26

138

April 2015

Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

371

$425,000

1,684

484

63

Condos

27

$216,500

90

32

51

Total

398

--

1,774

516

--

Land

34

$196,000

447

39

226

 

 

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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