November 10, 2016
Brentwood Home Page
by Zach Harmuth
Home sales increased by nearly a quarter in October compared to last year.
After falling in September, total residential closings in Williamson County rose 22.7 percent last month, according to the monthly market report released this week by the Williamson County Association of REALTORS® (WCAR). The total number of closed home sales were 513 for the month, compared to 418 in October 2015.
The median sales price for a single-family home rose 3.2 percent to $435,384 in October 2016, compared to $422,000 for the same period last year. October marked the eighth consecutive month the median sales price for a single-family home surpassed $400,000.
Year-to-date total home sales in Williamson County are 4,829, an increase of 2.7 percent over the 4,703 closings for the same period last year.
“Home sales are continuing at a strong level in Williamson County because people place such a high value on home ownership, even with increasing prices and inventory challenges,” said David Logan, president of the WCAR. “Typically, homes sales cool off in the fall, but the warmer weather we’ve experienced this year has made it easier and more comfortable for buyers to explore possible home purchase options.
“The biggest challenge facing potential buyers remains the low levels of inventory available. There is no doubt that the strained supply of inventory is leading to the increase in prices, the quicker pace of sales and the increasingly competitive market among active home buyers.”
Total available residential inventory in Williamson County stood at 1,459 units at the end of October, indicating a slightly less than three-month supply of available homes. A six-month supply is considered a balanced market.
For the month of October, available inventory declined for both single-family homes and condominiums. Single-family home inventory declined 19.7 percent from 1,721 in 2015 to 1,382 listed homes in 2016, while condominium inventory decreased 14.4 percent from 90 in 2015 to 77 listings in 2016.