Leading Conversations on Property Vacancy, Abandonment
August 2020
Williamson County’s housing market shows strong demand among buyers amid shrinking inventory, which together drove home prices to record levels for August, according to the to the monthly market report released today by the Williamson County Association of REALTORS®. Residential sales fell 9.9 percent in August while the median sales price rose 6.5 percent for the same period last year.
The number of home closings in August 2016 were 547, versus 607 in August 2015.
The median sales price for a single-family was $441,990 in August 2016, which represents a new record amount for the month of August surpassing the previous record of $415,000 set in August 2015.
Year-to-date home sales in Williamson County are 3,812, an increase of one percent over the 3,772 closings for the same period last year.
|
August 2016 Residential Sales Activity |
|||||
|
|
Closings |
Median |
Inventory |
Pending |
DOM |
|
Residential |
521 |
$441,990 |
1,613 |
518 |
55 |
|
Condos |
26 |
$240,000 |
73 |
30 |
58 |
|
Total |
547 |
-- |
1,686 |
548 |
-- |
|
Land |
15 |
$240,000 |
420 |
20 |
203 |
|
August 2015 Residential Sales Activity |
|||||
|
|
Closings |
Median |
Inventory |
Pending |
DOM |
|
Residential |
567 |
$415,000 |
1,763 |
535 |
57 |
|
Condos |
40 |
$206,500 |
96 |
46 |
52 |
|
Total |
607 |
-- |
1,859 |
581 |
-- |
|
Land |
27 |
295,000 |
464 |
23 |
178 |
“The real estate market in Williamson County mirrors the activity nationally and in other competitive markets according to the most recent national and regional housing market data,” said David Logan, President of the Williamson County Association of REALTORS®. “The slowing of sales in our area follows the trends experienced nationwide and was anticipated due to the reduction in inventory and rising prices.”
Total available residential inventory in Williamson County stood at 1,686 units at the end of August, indicating a three-month supply of available homes. A six-month supply is considered to be a balanced market.
For the month of August, available inventory declined for both single-family homes and condominiums. Single-family home inventory declined 8.5 percent from 1,763 in 2015 to 1,613 listed homes in 2016, while condo inventory fell 24 percent from 96 in 2015 to 73 listings in 2016.
“The reality of the market is that it is a good time for would-be sellers to list their home, but the conditions also make it difficult for would-be buyers because the low inventory keeps prices at a premium. Even in Williamson County’s affluent market, a buyer wanting to move to another home in our community is finding it challenging,” said Logan.
“During the last five years, the Williamson County residential market has seen an increase in activity. However, we’ve experienced a decrease in inventory, coupled with a steady increase in median sales price,” added Logan.
In 2011, there were 27 percent more single-family homes and condos on the market than there are today. Total home closings are nearing double the number of closings compared to five years ago. The median sales price for a single-family home and condo has increased by $92,990 and $40,000, respectively, in the same five-year period.
|
5-Year Residential Inventory Numbers |
|||
|
|
Single-Family |
Condo |
Total |
|
2011 |
2,148 |
160 |
2,308 |
|
2012 |
1,916 |
130 |
2,046 |
|
2013 |
1,707 |
100 |
1,807 |
|
2014 |
1,807 |
84 |
1,891 |
|
2015 |
1,763 |
96 |
1,859 |
|
2016 |
1,613 |
73 |
1,686 |
|
5-Year Residential Sales Closings |
|||
|
|
Single-Family |
Condo |
Total |
|
2011 |
275 |
21 |
296 |
|
2012 |
396 |
34 |
430 |
|
2013 |
442 |
41 |
483 |
|
2014 |
478 |
31 |
509 |
|
2015 |
567 |
40 |
607 |
|
2016 |
521 |
26 |
547 |
|
5-Year Residential Median Sales Price |
||
|
|
Single-Family |
Condo |
|
2011 |
$349,000 |
$200,000 |
|
2012 |
$339,450 |
$196,916 |
|
2013 |
$389,950 |
$206,925 |
|
2014 |
$380,000 |
$207,000 |
|
2015 |
$415,000 |
$206,500 |
|
2016 |
$441,990 |
$240,000 |
Note: Annual inventory, closings and median sales price figures are from August of each year.
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.
July 2020
