Factors suggest excellent conditions for would-be sellers

BRENTWOOD, Tenn., April 7, 2016 --- Residential home sales in Williamson County rose 5.4 percent in March 2016 to the strongest in a decade, according to the monthly market report released today by the Williamson County Association of REALTORS®(WCAR).  The total number of closed home sales were 448 compared to 425 in March 2015.

First quarter numbers for residential home sales in 2016 were up 10.3 percent to 1,053 closings compared to 955 closings for the first quarter of 2015.

“While the spring typically kicks off the robust selling season for residential real estate, the aggressive sales activity in March is the strongest we’ve seen since 2006,” said David Logan, President of the Board for Williamson County Association of REALTORS®. “The latest residential real estate activity confirms that Williamson County remains one of the most desirable communities in the state among homebuyers.”

The median sales price for a single-family home rose 5.9 percent from the same period last year.  In March 2016, the median sales price for a single-family home was $433,850, compared to $409,691 in 2015. 

Total available residential inventory in Williamson County stood at 1,703 units at the end of March indicating a further tightening on the available supply of homes.  The increased sales pace, combined with a continued tight supply of homes available for sale indicates Williamson County has close to a four-month supply of inventory.  A six-month supply is considered to be a balanced market.

"The strong home sales coupled with the tightening of inventory would suggest it’s an excellent time to put a home on the market,” said Logan.  “The fact that home closings almost doubled from last month confirms that Williamson County continues to be an attractive community for homebuyers.”

March 2016

Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

427

$433,850

1,622

467

67

Condos

21

$225,000

81

26

57

Total

448

-

1,703

496

-

Land

27

$220,000

395

24

233

March 2015

Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

403

$409,691

1,558

509

67

Condos

22

$206,000

78

29

104

Total

425

-

1,636

538

-

Land

20

$205,000

463

32

276

First Quarter 2016 Residential Sales Activity

 

2016

2015

Residential Sales

998

885

Condominium Sales

55

70

Total

1,053

955

Land Sales

60

60

 

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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