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January home inventory lowest in recent years
Feb 14, 2013 3:50 pm
As quickly as the Wilson County housing market took a turn for the worse in 2007, it appears to be on the rebound to start 2013, according to figures released Wednesday by the East Middle Tennessee Association of Realtors.
EMTAR spokesperson Amy Hamilton said the current availability of residential single-family homes in Wilson County is at a record low 889 homes. She said that number includes existing homes, foreclosures, new construction and short sales.
According to Hamilton, 111 homes sold in Wilson County in January, the highest January since 2008. Of those, 111, 22 percent were foreclosures or short sales and 32 percent were new construction. The median sold price was $185,343 with 87 median days on the market.
Mt, Juliet ended January with 59 total sales or 53 percent of the total market, 19 percent of which were foreclosures or short sales and 42 percent were new construction. The median sales price of existing home re-sales was $170,000 with 76.5 median days on the market a$91.03 median sales price per square foot.
“Homes are selling on average for 98 percent of list price,” Hamilton said. “New construction is still strong in Mt. Juliet with a median sale price of $216,635 and a median price per square foot of $111.83.”
Lebanon ended January with 42 sales or 38 percent of the market. Twenty-six percent of Lebanon's market was foreclosures or short sales while 26 percent were new construction. The median sales price for existing homes in Lebanon was $154,500 with a $77.54 median price per square foot and 81 median days on the market.
“Homes are selling on average of 97 percent of list price [in Lebanon,]” Hamilton said. “New construction in Lebanon has a median sales price of $194,900 with a median price per square foot of $103.15.”
Watertown ended January with two sales, one of which was a foreclosure. The median sale price was $134,450 with median square footage of $97.54.
Old Hickory ended with four sales, one of which was a foreclosure. The median sales price was $182,500 with a median price per square foot of $88.68 and 90.5 average days on the market.
“Due to interest rates still remaining low and inventory decreasing, we are seeing quicker sales, multi-offer situations often and buyers having to make decisions quicker,” Hamilton said. “One thing that buyers need to remember is when they are looking in an area at price range, etc, so is someone else, and if they like a home, someone else probably will, too. The days of buyers taking a lot of time to make a decision making low offers as they could when the market was down is a thing of the past.”
Hamilton said 2013 appears to be shaping up to be a turn-around year for the real estate market in Wilson County.
“Now is a great time for sellers to get their homes on the market because the inventory is so low, and buyers are out in force buying before the possibility of an interest rate increase and [Federal Housing Authority] fee increase, which goes into effect April 1.”