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What is going on in this market?

The number one question I am asked everywhere I go these days is, “Are you loving this market?” Well, honestly, it’s a little crazy. Everyone loves a good economy and rising home prices. However, the market is crazier than I have ever seen it. As I was reviewing the monthly stats today, from June 2016 and the first half of the year, I almost couldn’t believe it. There are some communities where average sales price was over 100% of the list price, and may communities and price points with less than one month’s supply of inventory. Usually, in a good market, we are looking at Sales Price to List Price in the 95% range and 4 months supply of inventory. So, yes good news for sellers looking to turn a high sales price in little time. But, very bad news for buyers looking for affordable housing. Often, buyers are having to put in 5-6 offers before they get an offer accepted. This is a market where you must be working with an agent that understands the market and how to navigate it well.

So, what do those numbers look like? Davidson, Williamson, Rutherford, Sumner, Wilson, Maury, and Robertson Counties all had increased Average Sale Prices June YTD, compared to the same time frame in 2015, as did the Median Prices. Davidson reports a 12.9% increase for Average Sale Price, and 17.8% increase in the Median Price for 2016 YTD vs 2015 for the same time period. 2016 June YTD Unit Sales vs 2015 also saw increases across the board with Sumner and Maury having increases at 12.2% and 17.8% respectively. June 2016 unit sales vs. June 2015 unit sales were down 11% in Williamson County. The months of available inventory to show had very small increases in in all but Sumner and Robertson. There is so little inventory, that owner’s wanting a quick sale should put their homes on the market now! New construction sales increased as a percent of total Single Family Homes sold in June compared to May, except for Wilson & Maury with small decreases. Williamson is still the highest market at 33.5%.

Looking specifically at Williamson County, Median Sales prices saw an increase of 12.7% to $459,000 in June 2016 from $407,000 in June 2015. Total inventory at the end of June 2016 stood at 1821 residential units, indicating less than a 3 month total supply. Brentwood is averaging 4 months of inventory, Franklin is looking at 2.7 months inventory in general, with 1.8 months inventory in the 37067 zip code; Nolensville is at 2 months; Thompsons Station at 1.9 months, Spring Hill at 1.8 months; Fairview at 1.4 months; College Grove at 5.2 months; Arrington at 7.6 months. If you look at the under $400,000 price point, most areas in Williamson County are looking at less than 1 month of supply.

Single Family Homes- Williamson County Cities

City———-   Closed—-  Median Price——  Inventory—-   Pending—- DOM

Arrington           7              $627,599                 41                  9             136

Brentwood        83            $725,307                 359                91            59

Col. Grove         4             $676,146                 60                  9              56

Fairview           28            $253,732                  51                  29            66

Franklin          245           $563,209                  685                275          60

Nolensville      47             $470,279                 162                 82           61

Spring Hill       74            $322,072                  190                101          62

Thom. Sta.      52           $440,898                   135                148          64

 

Single Family Homes- Other Counties

County—–     Closed—–     Med. Price

Davidson         1060              $459,000

Rutherford        594               $211,400

Wilson              245              $257,000

Maury              173               $194,000

Sumner           363               $238,500

All in all, the market growth looks to continue to expand. The “biggest barrier” in today’s market is simply the lack of inventory. If you are looking to sell your house, now is certainly the time. And, if you are looking to “upsize”, again still a great time. Interest rates remain at historic lows, and the “upper price market” is not accelerating quiet as rapidly as the lower price points, so you can take advantage of the perfect storm.

If you would like more specific market data or to find a value for your home, please email us at mistywoodford@gmail.com.

 

 

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