WCAR Helping Protect Homeowners, Prices Rise in November

Novemer 2017
Press Releases

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

2017 has been a great year for Williamson County home prices, which have stayed consistently high through November. The current median sales price jumped slightly to $479,900 from last month’s small decline. This represents a 3.3% increase from October and is the second highest price year to date. July 2017 was still the highest at $489,900. Arrington, Brentwood and College Grove still lead the pack with Arrington’s median price being the highest at $669,026. Closings were also up this month at 407 units compared to 385 homes closed in October and 376 this month last year.

While prices continue to rise, the Williamson County Association of REALTORS® (WCAR) role is to uphold the REALTOR® Code of Ethics, which establishes professionalism within our REALTOR® community. However, WCAR also works closely with the National Association of REALTORS® (NAR) to help educate homeowners about federal issues like the current tax reform passed by the Senate this month. “WCAR has been working closely with NAR’s Calls For Action to help keep important items in our tax code that will help protect the large investment and equity Williamson County residents have in their homes,” says Matt Daniel, president of the Williamson County Association of REALTORS®. With our REALTOR® member engagement, WCAR has helped positively influence tax reform in key areas. Per NAR, both the House and Senate have agreed to maintain deductibility of state and local property taxes up to $10,000 and will maintain section 1031 tax deferred exchanges in their form for real estate investment. As the House and Senate work to finalize the new tax code, WCAR and NAR are still pushing to strengthen the code in areas of Mortgage Interest Deduction and Capital Gains Exemption. “While the House and Senate work to finalize the new tax code, WCAR and its REALTOR® members will continue the push to help strengthen the new bill to protect consumers and homeowners,” adds Daniel.

Finally, inventory remains low relative to demand with single-family residential home inventory totaling 1,304—a drop from last month’s active inventory of 1,379. Days on market are almost identical to last month with 35 days for residential single-family homes, 26 for condos and 119 days for land, lots and farms. Per REALTOR.com, after three years of a crushing shortage of homes for sale, the REALTOR.com economics team is predicting that the shortfall will finally ease up in the second half of 2018. WCAR will be monitoring inventory levels as we head into the new year.

November 2017 Residential Sales Activity
	Closings	Median	Inventory	Under Contract	DOM
Residential	407	$479,900	1,304	1,137	35
Condos	26	$269,000	47	89	26
Total	433	-	1,351	1,226	-
Land	21	$275,000	396	80	119

November 2016 Residential Sales Activity
	Closings	Median	Inventory	Under Contract	DOM
Residential	376	$444,950	1,224	1,136	31
Condos	33	$220,671	63	77	16
Total	409	-	1,287	1,213	-
Land	25	$240,174	398	70	141

# # #

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.