Leading Conversations on Property Vacancy, Abandonment
August 2020
December 2017 has been a great month for Williamson County home prices, which have stayed consistently high through the year. The current median sales price increased to $497,639. This makes December the highest price increase to date. Brentwood, Arrington, and College Grove are still on top of the pack, but Brentwood took the lead with a median price of $847,750. Closings were also up again this month at 451 units compared to 407 homes closed in November.
For the 2018 forecast Realtor.com® partnered with Builders Digital Experience (BDX) to deliver its unique housing economic insights to the builder community, releasing a special edition of its 2018 Housing Forecast on January 9th at The NAHB International Builders' Show®. This forecast highlights a growing economy and positive demographic trends, creating opportunities in the housing market despite the affordability challenges buyers will face from rising prices and mortgage rates.
Key takeaways for builders in 2018 include:
1. Entry-level home construction a huge opportunity – Entry-level homes will continue to see price gains due to the larger number of buyers who can afford them and more limited homes available for sale in this price range.
2. Millennials anticipated to gain market share in all home price segments – With the largest cohort of millennials expected to turn 30 in 2020, their homeownership market share is expected to increase. As they age into peak family forming years, their top housing priorities will shift from proximity to urban life to more space and quality schools.
3.Southern markets predicted to lead in sales growth – Strong economies and healthy building levels will help drive Southern markets to beat the national average home sales growth. Builders who can adapt to regulatory hurdles in more challenging Western markets will find that prices still outperform national average growth in this region.
4.The tax bill is a game changer – With the passing of the Tax Cuts and Jobs Act, the wealth and income effect of tax cuts will likely stimulate demand and increased production in the short term, but could lead to fewer sales and impact prices negatively over time in markets with higher prices and property taxes. Be wary of economic capacity constraints as inflation will kick in and the Fed will more aggressively increment interest rate increases.
December 2017
|
|
Closings |
Median |
Days on |
Active |
Under |
|
Residential |
451 |
$497,639 |
34 |
1,232 |
992 |
|
Condos |
34 |
$230,000 |
23 |
46 |
78 |
|
Total |
485 |
- |
- |
1,278 |
1,070 |
|
Land |
14 |
$293,750 |
153 |
383 |
81 |
December 2016 Comparison
|
|
Closings |
Median |
Days on Market |
Active |
Under Contract |
|
|
Residential |
460 |
$449,678 |
32 |
1,112 |
1,024 |
|
|
Condos |
24 |
$272,700 |
33 |
64 |
63 |
|
|
Total |
484 |
- |
- |
1,176 |
1,087 |
|
|
Land |
33 |
$210,000 |
125 |
381 |
70 |
|
Special Note- Definitions of Statistics:
* Closings-Listed properties that have closed in the month.
* Averaged Closed Price-The average price of listed properties that have closed in a month.
* Median Closed Price- The median price of listed properties that have closed in a 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.
* Total Inventory– The total number of properties that are listed but not closed.
* Active Inventory– The total number of listed properties that are under contract and have note closed.
* Under Contract Inventory– The total number of listed properties that are under contract and have not closed.
* New Listing– Properties listed for sale within the month.
* New Under Contract**- Listings that have a Biding Contact Date within the month with the statuses of Under Contract Showing, Under Contract-Not Showing and Closed.
**This statistic is now calculated using Binding Contract Date and previously reported as “New Pending”
July 2020
