Leading Conversations on Property Vacancy, Abandonment
Brentwood, Tennessee – There were 474 single family homes sold in Williamson County in September, an increase of 11.8% over last year’s 424 mark, according to data from the Williamson County Association of REALTORS® (WCAR).
The 1,607 closings in the third quarter were up 12.7% compared to 1,426 homes sold in the same period last year.
The year-to-date numbers look remarkably similar. The 3,988 closings in the first nine months of 2015 were 12.6% higher than the 3,541 closings during the same time in 2014.
“The market’s performance this year is very encouraging,” said Chip Kerr, WCAR board president. “We are selling more homes for higher prices than we ever have before.”
To add some perspective, the highest recorded number of homes sold from January to September of any year was 3,821 in 2006. That is 4.4% lower than the same period this year.
In 2006, there was only one month out of that year with a median price above $400,000. This year the market has seen eight months above that mark.
Median price for September 2015 was $398,553, a mark 3.3% higher than last year’s $385,750. This was the first month since December 2014 median price was below $400,000. The decrease in median price is actually good news for consumers.
“This is an excellent time for consumers to get out and buy a home,” said Kerr. “Demand in the second and third quarters of the year is always higher than in the fourth quarter. Consumers should find less competition during the next couple of months and more opportunity to land one of the great homes on the market.”
Another factor that will affect real estate in the fourth quarter is the implementation of new rules from the Consumer Financial Protection Bureau (CFPB) on October 3, 2015. Lenders, REALTORS® and title attorneys are working to ensure the process is as smooth as possible. However, clients looking to sell or purchase a home should prepare for closings to take 10-14 days longer based on the new regulations.
To educate consumers on these changes, and to help decrease potential delays in closings, the National Association of REALTORS® and the CFPB developed an online toolkit as part of the “Know Before You Owe” campaign. The toolkit, available at www.consumerfinance.gov/owning-a-home, helps households determine how much they can afford to borrow, compare loan packages and prepare for the closing table.