Home sales remain steady, prices strong

BRENTWOOD, Tenn., June 7, 2016 --- The Williamson County housing market remains hot with activity during the second quarter of 2016.  Home sales remained steady and median sales price for a single-family home continued at record highs in May 2016, according to the monthly market report released today by the Williamson County Association of REALTORS®.  

Homes sales remained steady for the month of May with a total of 532 closings versus 541 closings in May 2015, which was a slight decline of 1.6 percent.

The median sales price rose 5.6 percent to $433,000 in May 2016 from $409,999 during the same period last year.

Year-to-date closings through May 2016 in Williamson County were 2,059, representing an 8.7 percent increase over the 1,894 closings for the same period last year.

“Williamson County’s residential real estate market remains dynamic as we enter the summer selling season,” said David Logan, President of the Williamson County Association of REALTORS®.  “The strong growth in sales price is yet another indicator of the desirability of the community among active buyers in the market. It is also very apparent that, if there was more inventory available, the number of closings would also be much higher.”

“As more businesses establish and expand their operations in Williamson County coupled with the continued strength of the public and private school systems, we anticipate the residential real estate market to continue to flourish,” said Logan. 

Total available residential inventory stood at 1,827 units at the end of May 2016 indicating inventory in Williamson County remains tight at a three-and-a-half month’s supply.  A six-month supply of inventory is considered to be a balanced market.

“Although Williamson County is still facing a less than sufficient supply of inventory, listings have continued to increase month over month in 2016,” said Logan.  “And while we expect to see seasonal gains in inventory levels, the demand for moderately priced housing that accommodates the community’s workforce continues to be a need.” 

“Congressman Marsha Blackburn, who was our guest speaker at last week’s WCAR annual membership luncheon, addressed several of the issues important to REALTORS, including tax reform, private flood insurance options and more affordable options for homeownership,” continued Logan. “We are very pleased that Congressman Blackburn along with our other elected officials representing Williamson County understand and are responsive to the concerns of the real estate community."

May 2015

Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

501

$409,999

1,817

610

62

Condos

40

$213,488

100

48

46

Total

541

--

1,917

658

--

Land

20

$166,500

439

21

150

May 2016

Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

489

$433,000

1,744

593

64

Condos

43

$233,000

83

53

41

Total

532

--

1,827

646

--

Land

32

$256,500

408

31

143

 

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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