March home sales in Williamson County pushed first quarter closings to the highest in a decade while median sales prices reached record highs during the first three months of 2017, according to the monthly market report released by the Williamson County Association of REALTORS®.
The 446 total home closings in Williamson County in March 2017 were on pace with the previous year, which were 448 in March 2016. The closings this year happened at a much faster pace, as the homes sold in March 2017 were on the market an average of 51 days, down significantly from an average of 67 days a year ago.
On a year-to-date basis, home sales are 4.2 percent ahead of last year’s pace. There were 1,098 total home closings in Williamson County in the first quarter compared to 1,053 for the same period in 2016.
The median sales price for a single-family home increased 5.8 percent to $459,013 in March 2017 versus $433,850 for the same period last year and topped the all-time record of $459,000 set in June 2016. March also marked 13 consecutive months the median sales price for a single-family home in Williamson County was above $400,000.
“We continue to see a dynamic housing market in Williamson County with homes moving at a quicker pace than a year ago, despite the ongoing strains on available inventory,” Lisa Wurth, President of WCAR, said. “What’s happening in the housing market is reflective of the vibrancy of Williamson County’s thriving economy, quality of life amenities, low crime rate and exceptional school systems.
Total available residential inventory in Williamson County stood at 1,507 units at the end of March 2017, indicating a three-month supply of available homes.
For the month of March, single-family home inventory declined 10 percent from 1,622 listings in 2016 to 1,450 in 2017. Condominium inventory decreased from 81 listings in 2016 to 57 in 2017, representing an 42 percent decrease.
“As we head deeper into the prime selling season and new buyers enter the market, we expect Williamson County’s housing market to remain very active,” said Wurth. “However, the extent of how fast sales increase depends on the amount of inventory that becomes available. Demand remains high and bodes well for sellers entering the market and seeking a good return on investment. Making sure a home is market-ready and priced correctly will directly impact its sale. Real estate professionals are trained to protect the interests of those they represent, and they will know whether properties are fairly priced.”