(SPECIAL NOTE: Please see information at the end of this news release for updated definitions of terms used)

The warm fall temps we’ve been experiencing in Williamson County have finally cooled down closer to the norm. This month, residential single-family home closings in Williamson County have also cooled slightly to 385 units sold. This represents a 21% decrease from 488 closings in September and 479 closings this time last year. However, median sales prices remain high as inventory stays low. October median residential home sales rose slightly to $463,900 from a September price of $452,520. This represents a 2.5% increase from September and a rise of 6.6% from this time in 2016. Land has also risen in median sales price to $322,400 in October compared to $254,900 last month. However, there were only 16 land closings this month compared to 28 in September. Even though overall closings are down, low inventory remains the catalyst for rising prices.

In addition to informing Williamson County residents of housing stats, WCAR has a “#Trending Now” presentation every month on different community topics from transportation to county park planning. Every talk is open to the public and provides valuable knowledge about this growing community. Last month’s “#Trending Now” was presented by Edsel Charles, owner of Market Graphics Research Group, which provides new home market research information for builders, developers, banks and city governments. Edsel’s presentation addressed the low inventory dilemma. “His presentation stated that inventory could continue to be low until 2020,” says Lisa Wurth, president of the Williamson County Association of REALTORS®. Higher prices are also due to Williamson County new home construction impact fees passed by the County Commission in late 2016. As a result, developers pass these fees on to the consumer. “The combination of high demand for homes, low inventory and costs being passed on by developers will keep prices at record highs,” adds Wurth.

Single-family residential inventory for the month of October totaled 1,379, which was a drop from last month’s active inventory of 1,418. Inventory, however, is up year over year by 9% from 1,249 in October of 2016, but still not where we need to be with the demand from home buyers. Days on market remain consistent with 35 days for residential single-family homes, 27 for condos and 108 days for land, lots and farms. Though inventory is down this month, the numbers remain consistent with the market activity usually seen going into the winter months.

 

October 2017

Residential Sales Activity

 

Closings

Median

Inventory

Under Contract

DOM

Residential

385

$463,900

1,379

1,117

35

Condos

39

$251,900

53

96

27

Total

424

-

1,432

 

-

Land

16

$322,400

396

83

108

October 2016

Residential Sales Activity

 

Closings

Median

Inventory

Under Contract

DOM

Residential

479

$433,500

1,249

1,179

34

Condos

43

$230,000

63

76

31

Total

522

-

1,285

 

-

Land

38

$174,900

412

70

102

 

#     #     #

RealTracs, Inc., the Regional Multiple Listing Service through which market statistics are assembled and provided, recently adjusted its statistical reporting in order to more accurately reflect market activity. Effective immediately, WCAR reports will be based on the following terms and definitions: 

  • Closings - listed properties that have closed in the month
  • Median Closed Price - the median price of listed properties that have closed in the month
  • Days on Market - the average number of days from the first date available for showing to the Binding Contract Date (of an offer to purchase) for listed properties within a month
  • Under Contract Inventory (formerly pendings) - the total number of properties that are listed, are under contract and have not closed
  • Active Inventory - the total number of listed properties being marketed that are not under contract

Adjustments to historic statistical data have been for all of 2016 and 2017. 

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