Last year was a record year in the Williamson County housing market.
The total number of homes closed in set an all-time record in 2016, according to the monthly market report released Monday by the Williamson County Association of REALTORS.
Total home closings in Williamson County for 2016 were 5,709. That’s an increase of 2.8 percent over the previous record of 5,551 closings in 2015.
December wrapped up 2016’s record-breaking year with a total of 481 home closings for the month. Although the total monthly home closings was 500 in 2015 (including condominiums), single-family home closings in the month of December set a new monthly record with 457 closings. The previous record was 456 set in December 2015.
Fourth quarter closings for Williamson County home sales in 2016 increased 10 percent to 1,393, compared to 1,266 closings for the fourth quarter of 2015.
“[The year] 2016 marked a record-breaking year for Williamson County’s real estate market,”Williamson County Association of REALTORS president Lisa Wurth said.
“The robust market – despite challenging inventory levels – saw the greatest number of homes sold in a year. Additionally, it provided a great return on investment for sellers as the median sales price rose to record breaking levels several times throughout the year.”
The median sales price for a single-family home also set a new monthly record in December 2016. It rose 8.2 percent to $450,706 versus $416,615 in 2015. December also marked the tenth consecutive month the median sales price for a single-family home surpassed $400,000.
“It can be easy to take for granted all of the work that goes into a successful closing. These new records represent hours of professional support from REALTORS®, along with mortgage bankers, title attorneys, appraisers, inspectors and others involved in this complicated process,” Wurth said.
Total available residential inventory in Williamson County stood at 1,369 units at the end of December 2016, indicating a less than three-month supply of available homes.
For the month of December, single-family home inventory declined 17 percent from 1,563 in 2015 to 1,298 listed homes in 2016. Condominium inventory increased from 60 listings in 2015 to 71 listings in 2016, representing an 18 percent increase.
“As we head into 2017, the residential real estate market is primed to continue contributing to the success of the community,” Wurth said.
“While the lack of available inventory continues to be a limiting factor, the strong schools, continued job growth and ample attractive lifestyle activities Williamson County offers show no signs of diminishing, all of which should continue the positive momentum of the housing market.”
