The statistics for Williamson County are generally looking really good. Now, before you start thinking you can get 2006 prices again, let’s look at the 3 factors that show we are strengthening our market.
July 2011 was a significant jump from last year, which I have to say is a good thing. Although, we have to remember that in 2010 we had the first-time homebuyer credit to skew things down a bit last summer. So we watched August this year with hope that the numbers would stay high. And the numbers are still up 16.5% from 2010. That could still be some backlash from the tax credit in 2010, but they are still way up from 2009 too. I say that we are seeing some good movement. That is the first factor – the volume of homes selling in Williamson County is up.
The second factor is price. Everyone wants to know if the prices are up. The short answer is no. But volume has to increase before prices do anyway, so increased volume is terrific! The median prices are up a small bit from last year. And they are up a lot from 2009. What that really means though, is that the higher priced homes are selling a bit better. Interesting to me is that the Median Price in Spring Hill is about $276,000, Franklin’s is $350,000 and Brentwood is $511,000. Those are more in line with the median prices for the community and not a deflated value because only lower end houses are selling.
The 3rd factor is inventory. Inventory is actually down, thus creating a bit more interest and energy towards what is available. Fieldstone Farms, in Franklin, has only 2-3 months worth of inventory available. Those are seller’s market numbers. Westhaven had a tough summer though and has been offering a 5% incentive to homeowners through a credit, price decrease or upgrades. It looks like that move did get some buyers off the fence and into a contract. It seems to have diminished some now though. Good for them to move some inventory. Good for those buyers who got a better deal. In the end, houses need to sell and sometimes they still need a little boost. Sullivan Farms also 2 months of inventory. Interesting stuff!
There have been some good articles in the Tennessean about Spring Hill – a new Wal Mart and the GM plant looking to reopen:
More jobs continue to come into this area and people still really like living here. Lots of good news on the local homes front! Call me or email me if you want to know what is happening in your neighborhood.