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

The cool air this week is a surprise and is letting us know fall is right around the corner. There aren’t too many surprises in the August residential single-family home numbers for Williamson County. August median home sales remained steady but dropped slightly to $469,400 from its record high last month of $489,900. $469,400 is still strong and marks the 6th consecutive month residential median sales price has exceeded $450,000. One new number that did stand out is the jump in median sales price for condominiums (condos). The median sales price for condos in August grew 15.2% to $250,900 from $217,000 in July.

There are many reasons condo living is a popular choice for those making Williamson County home. “It’s a great fit for baby boomers who want a relatively maintenance free lifestyle in their retirement years,” says Lisa Wurth, President of the Williamson County Association of REALTORS®.  On the opposite spectrum to boomers are millennials who have started to make the jump from renting to home-ownership. According to Inman News, a leading real estate news source for REALTORS®, “The home-ownership rate for millennials increased a full percentage point, 34.3 percent to 35.3 percent, between the first and second quarter of 2017. They are the only generation to witness an increase in their homeownership rate from last quarter.”  “Condo living really is a maintenance free way of life for many different demographics,” Wurth reiterates.

Overall, single-family residential home inventory, including condominiums, inched up to 1,492 homes compared to 1,484 in July. This number beats last month as the most available homes per month this year. Although this is positive news, inventory is still low compared to the growth Williamson County is experiencing along with demand for housing.

August  2017

Residential Sales Activity

 

Closings

Median

Inventory

Under Contract

DOM

Residential

552

$469,400

1,444

1,228

32

Condos

32

$250,900

48

97

25

Total

584

-

1,492

 

-

Land

17

$225,000

406

95

105

August 2016

Residential Sales Activity

 

Closings

Median

Inventory

Under Contract

DOM

Residential

539

$445,000

1,323

1,280

33

Condos

27

$240,000

55

70

33

Total

566

-

1,378

 

-

Land

15

$240,000

407

52

175

With approximately 2,500 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.

#     #     #

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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