Wilson home sales dip a bit in October

Wilson County residential home sales dipped a bit in October, down from the year’s highest selling month in September, but remained consistent with market improvements.

According to figures from the Eastern Middle Tennessee Association of Realtors and the Greater Tennessee Association of Realtors, there were 168 residential home closings in October, down from 182 in October.

In October, homes sold in Wilson County had a median price of $194,625 with 195 homes pending and 951 homes in inventory.

There were 10 closings on condominiums in Wilson County during October with a median price of $163,000. There were 14 condos pending with an inventory of 41 and an average 76 days on the market.

There were 2,312 home closings reported in October in the Nashville area that includes Wilson County, according to figures provided by the Greater Nashville Association of Realtors.  October closings were up 33.8 percent from the 1,728 closings reported for the same period last year.

Year-to-date closings through October are 21,752, a 26-percent increase from the 17,259 closings reported through October 2011. The total closings year-to-date in 2012 exceeded the 20,624 total closing for all of last year, with two full months remaining.

“Home sales for nine of the 10 months in 2012 have been up more than 20 percent compared to last year,” said GNAR President Kendra Cooke. “For the seventh month in a row, Middle Tennessee area closings are more than 2,000. What is especially encouraging is that the number of pending sales is also staying well above previous levels, meaning the pipeline of closings continues to flow. Closings are up in every category with the exception of multi-family homes.  Median prices are up significantly for both single-family homes and condominiums, which is very welcoming news.”

There were 2,367 sales pending at the end of the month, compared with 1,742 pending sales at this time last year. The average number of days on the market for a single-family home was 83 days.

The median residential price for a single-family home during October was $175,100, and for a condominium it was $157,900.  This compares with last year’s median residential and condominium prices of $162,000 and $139,515, respectively.

Inventory at the end of October was 17,217, compared to 20,165 in October 2011.  “Inventory is much lower than it was a year ago, and it is continuing to reduce. Total supply is now less than eight months overall, and less than six months for single-family homes,” said Cooke. “Few people consider this a good time to put their home on the market, due to holiday schedules and other factors. However, for those seriously considering the sale of their home, it is helpful to understand there is good reason to act soon. The seasonal trend is generally for fewer closings from November through February, but buyers who are looking during those months, and especially around the holidays, are very focused, serious buyers.

“And, with the election finally behind us, it is possible that those waiting on the outcome will begin to act. If you do plan to put your home on the market, be sure it is market ready and properly priced. Your Realtor can help you address those, and other issues, to make your home attractive to today’s buyers.”