Traditionally a slow month, in May the housing market in the county still reached record price highs.
May home sales in Williamson County remained solid in what could be described as a “challenging” market, according to Lisa Wurth, 2017 President of the Williamson County Association of REALTORS® (WCAR).
While home sales remain on par with last year, median closed prices reached record highs during the first five months of 2017, and inventory continues to decrease, according to the monthly market report released by WCAR.
There were 555 total home closings in Williamson County in May 2017, including 517 single-family residences and 38 condominiums. That compares with 553 total closings, of which 509 were single-family and 44 condos in May 2016. The closings this year happened at a slightly faster pace, as the homes sold in May 2017 were on the market an average of 32 days, down from the average of 40 days a year ago.
On a year-to-date basis, home sales have increased 2.1 percent over last year. There were 2,124 total home closings in Williamson County through May of 2017 compared to 2,080 for the same period in 2016.
The median closed price for a single-family home increased slightly more than 10 percent to $474,733 in May 2017 versus $430,905 for the same period last year, exceeding the all-time record of $459,000 set in June 2016. May also marked 15 consecutive months the median closed price for a single-family home in Williamson County was above $400,000.
“The housing market in Williamson County is challenging right now, because it is so active,” said Wurth. “The demand for homes is very high and the options are very limited. Homes are selling quickly, as evidenced by the days-on-market for May was only 32, compared with 40 in May of last year. The accolades for Williamson County continue to attract both families and major companies. The fact that the Northside McEwen 200,000 sq. ft. of Class A office space and the upcoming Crescent Communities projects in Cools Springs are actively progressing means more people are likely headed to our community. Finding good home options will become increasingly challenging. Builders are busy, but we still have quite a bit of ground to make up.”
May total active inventory in Williamson County stood at 1,361 units, 4 percent less than the 1,418 homes available during May of 2016.
For the month of May, single-family home active inventory decreased 4.2 percent from 1,363 in 2016 to 1,306 listed homes in 2017. Condominium active inventory remained the same, 55 homes in May of both years.
There are currently 1,537 properties under contract in Williamson County (formerly “pendings”). Of that total, 1,431 are single-family residences and 106 are condos. At this same time in 2016, there were 1,402 properties under contract, with 1,312 of them being single-family residences and 90 condos.
“There is a consistent downward trend on the available inventory in Williamson County,” said Wurth. “The significant trend is even more obvious when using a longer-term perspective. For example, there are 40 percent fewer homes available in Williamson County today than there were 5 years ago. As complex and challenging as the real estate market is right now, the value of using a REALTOR – a real estate professional – to help with the purchase, sale or leasing of property is even more significant.”