Dwindling inventory pushes prices to new high

BRENTWOOD, Tenn., July 7, 2016 --- Williamson County median sales price for a single-family home once again hit an all-time high in June 2016, according to the monthly market report released today by the Williamson County Association of REALTORS®.  The median sales price rose 12.7 percent to $459,000 in June 2016 from the same period last year.

The number of homes closed in June 2016 was 545, a decrease of 13 percent as compared with June 2015, when the number of closings was 624.

 “While there still is a pent-up demand for homes and attractive interest rates, the continued lack of inventory combined with rising prices, may result in a slowing of sales as we move through the summer months,” according to David Logan, President of the Williamson County Association of REALTORS®

“Much of the current unsold inventory is in a price range above $600,000, while the current pending and closed properties are at the $460,000 price range," added Logan.

Total available residential inventory stood at 1,742 units at the end of June 2016.

“While the numbers show a 3-month supply, approximately one-third of those are already under contract, thereby leaving only a 2-month supply for potential buyers to actually consider for purchase,” said Logan. “With all-time high prices and a record low inventory in Williamson County this creates a ‘perfect storm’ for sellers. Anyone considering selling their home should take advantage of these unusual market conditions.”

 

June 2015

Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

624

$407,000

1,807

628

61

Condos

43

$208,075

99

46

45

Total

667

--

1,917

674

--

Land

25

230,000

443

23

191

June 2016

Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

545

$459,000

1,742

649

62

Condos

49

$210,000

79

46

49

Total

594

--

1,821

695

--

Land

10

$245,000

400

16

197

 

 

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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