Williamson County Homes Sales Down as Market Reacts to Low Inventory

Williamson County Homes Sales Down as Market Reacts to Low Inventory

Dwindling inventory pushes prices to new high

BRENTWOOD, Tenn., July 7, 2016 --- Williamson County median sales price for a single-family home once again hit an all-time high in June 2016, according to the monthly market report released today by the Williamson County Association of REALTORS®.  The median sales price rose 12.7 percent to $459,000 in June 2016 from the same period last year.

The number of homes closed in June 2016 was 545, a decrease of 13 percent as compared with June 2015, when the number of closings was 624.

 “While there still is a pent-up demand for homes and attractive interest rates, the continued lack of inventory combined with rising prices, may result in a slowing of sales as we move through the summer months,” according to David Logan, President of the Williamson County Association of REALTORS®

“Much of the current unsold inventory is in a price range above $600,000, while the current pending and closed properties are at the $460,000 price range," added Logan.

Total available residential inventory stood at 1,742 units at the end of June 2016.

“While the numbers show a 3-month supply, approximately one-third of those are already under contract, thereby leaving only a 2-month supply for potential buyers to actually consider for purchase,” said Logan. “With all-time high prices and a record low inventory in Williamson County this creates a ‘perfect storm’ for sellers. Anyone considering selling their home should take advantage of these unusual market conditions.”

 

June 2015

Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

624

$407,000

1,807

628

61

Condos

43

$208,075

99

46

45

Total

667

--

1,917

674

--

Land

25

230,000

443

23

191

June 2016

Residential Sales Activity

 

Closings

Median

Inventory

Pending

DOM

Residential

545

$459,000

1,742

649

62

Condos

49

$210,000

79

46

49

Total

594

--

1,821

695

--

Land

10

$245,000

400

16

197

 

 

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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