Home Prices Set Monthly Record

Williamson County home sales maintained momentum in April with homes moving off the market at a significantly faster pace than a year ago, while the median sales price setting another monthly record high, according to the market report released by the Williamson County Association of REALTORS.

The 471 total home closings in Williamson County in April 2017 were on pace with the previous year’s 474 closings in April 2016. However, residential closings this year happened at a much faster pace with single-family homes selling on average in 49 days, which is down significantly from an average of 67 days a year ago.

On a year-to-date basis, home sales are 2.8 percent ahead of last year with 1,569 total home closings in Williamson County through April 2017 compared to 1,527 for the same period last year.

The median sales price for a single-family home increased 4.2 percent to $451,100 in April 2017 and broke the previous monthly record high of $433,000 set last year. April also marked 14 consecutive months the median sales price for a single-family home in Williamson County was above $400,000.

“As pointed out at the recent economic summit, Williamson County remains a highly desirable location – especially for potential buyers seeking to make their home here,” Lisa Wurth, President of the WCAR, said. “The challenge for buyers remains the declining inventory levels and the competition between each other for listings in the more affordable price range, while the good news for sellers is that most are seeing a nice return on investment of market-ready homes.”

April 2017

Residential Sales Activity

Closings Median Inventory Pending DOM
Residential 443 $451,100 1,561 536 49
Condos 28 $224,700 60 47 26
Total 471 1,621 583
Land 23 $150,000 450 30 125

 

April 2016

Residential Sales Activity

Closings Median Inventory Pending DOM
Residential 437 $433,000 1,684 592 67
Condos 37 $255,000 92 50 54
Total 474 1,776 642
Land 16 $160,000 401 26 138

Low inventory continues

Total available residential inventory in Williamson County at the end of April increased 7.6 percent to 1,621 homes, but is still 8.7 percent lower than the 1,776 homes available a year ago.

For the month of April, single-family home inventory declined 7.3 percent from 1,684 listings in 2016 to 1561 in 2017. Condominium inventory decreased from 92 listings in 2016 to 60 in 2017, representing a 35 percent decrease.

Since 2012, closings of single-family homes have increased 51 percent and the selling price has climbed nearly 30 percent higher. Meanwhile, available inventory has dwindled by 22 percent.

“Home sales in Williamson County have reached a solid pace month over month for some time now. There were 51 percent more single-family closings this year than April of 2012. The median price is up 29 percent over five years ago. But, we have 22 percent less inventory. The market is operating at a sustained higher overall level than five years ago which indicates a positive, healthy housing trend rather than major growth spikes that are not sustainable,” Wurth said.

“Even in a healthy market, challenges remain and the home-buying process might be a bit intimidating to would-be buyers. If you’re in the market to buy a new home, it’s important to equip yourself with the tools and information that will give you the most value from your purchase. With the assistance of a REALTOR, you can feel confident that you’ll be given the professional guidance that allows you to make the right decisions to find the home that’s right for you.”

 

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