Each Month, I receive market statistics from the 2 Associations of REALTORS in my primary Service areas. I also do some statistical analysis of my own each month so as to see a more "micro" picture of what's happening with respect to home sales in Middle Tennessee.
I make these reports available to my entire sphere of influence including Clients, vendors, and local real estate professionals. (They are copied below this message)
Doing this each month offers a great feel for the trends and goes a long way when it comes to interpreting the experiences of Buyers and Sellers. This month, I see a substantial rise in the number of Pending Sales with (still) a significant decrease in number of closed sales.
I believe there are 2 factors at play here:
1. A high percentage of pending deals are not making it to the closing table
2. Deals are now taking longer to get to closing.
Because of increased lending underwriting requirements, appraisal issues, and the ridiculous volume of refinances lenders are handling, the loan processing is increasing probably loan closing timeframes beyond our "normal" 30 days to 45 days and beyond.
As always, I invite any discussion that emerges from this analysis - and often wonder how it translates to experiences folks are having in other markets around the nation.
Best,
b
twitter @barryowen
Barry Owen
Principal Real Estate Broker
Keller Williams Realty
30 Burton Hills Blvd
Nashville, TN - Green Hills
615-568-2123
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The data . . . Pulled by The Owen Group from Realtracs Multiple Listing Service
March 2008
|
Area |
Closed |
Avg Price |
Inventory |
New Listings |
Pending |
|
South Nashville – Area 1 |
159 |
185,926 |
|
372 |
151 |
|
West Nashville – Area 2 |
129 |
466,218 |
|
395 |
134 |
|
East Nashville – Area 6 |
104 |
153,224 |
|
288 |
117 |
|
East Nashville – Area 7 |
93 |
167,757 |
|
186 |
76 |
|
Sumner County – Area 9 |
196 |
199,468 |
|
505 |
213 |
|
Brentwood – Area 10 |
51 |
656,881 |
555 |
167 |
53 |
|
Franklin – Area 10 |
111 |
428,945 |
1087 |
352 |
114 |
February 2009
|
Area |
Closed |
Avg |
Inventory |
New |
Pending |
|
South Nashville – Area 1 |
105 |
175,379 |
1060 |
335 |
209 |
|
West Nashville – Area 2 |
81 |
427,302 |
1204 |
407 |
148 |
|
East Nashville – Area 6 |
62 |
128,381 |
773 |
282 |
127 |
|
East Nashville – Area 7 |
63 |
150,826 |
579 |
186 |
101 |
|
163 |
183,916 |
1789 |
450 |
301 |
|
|
Brentwood – Area 10 |
30 |
707,947 |
567 |
147 |
33 |
|
Franklin – Area 10 |
62 |
411,304 |
1142 |
331 |
77 |
MARCH HOME SALES CONSISTENT WITH
YEARLY TRENDS
|
There were 1,521 home closings reported for the month of March, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 31.7 percent decrease compared with 2,227 closings in March of 2008.
Numbers for the first quarter were 3,762 closings, down 34.6 percent from the 5,763 closings during the first quarter of 2008. “The seasonal increase in home sales over the past couple months is certainly a welcome sign, but our housing market has a long way to go to a full recovery. We’ve heard a lot of ‘good news’ lately concerning the market, but as March numbers show, we need to be sure we are making correct and meaningful comparisons when evaluating the data,” said GNAR President Mike Nichols. “Regardless, March home sales are consistent with, and maybe a little better than, the trend we’ve seen so far this year. And consistency and small improvements are good news. Many people are beginning to realize the combination of historically low interest rates, government incentives and available inventory makes this a very good time to consider purchasing a home.” A comparison of sales by category for March is:
A comparison of sales by category for the first quarter/year-to-date is:
There were 1,731 sales pending at the end of March, compared with 2,308 pending sales at this time last year. The average number of days on the market for a single-family home was 89 days. The median residential price for a single-family home during March was $158,000 and for a condominium it was $155,704. This compares with last year’s median residential and condominium prices of $178,388 and $160,573, respectively. Inventory at the end of March was 23,886, up slightly from 23,730 in March 2008. The current inventory of properties by category, compared to last year, is:
“We continue to have a strong, but stable inventory, and that is great news for buyers looking to take advantage of the ideal buying climate,” added Nichols. “With the busy spring home sales season, sellers should make sure their home is in the best possible condition and priced correctly. And calling on a Realtor is a great way to make sure you have done just that.” The Greater Nashville Association of Realtors® is one of Middle Tennessee's largest professional trade associations and serves as the primary voice for Nashville-area property owners and real estate professionals. REALTOR® is a registered trademark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. |
Williamson County Association of REALTORS® Announces March 2009 Housing Numbers
April 7, 2009 (Franklin, TN)—The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of March. There were 169 residential and condominium closings reported for the month, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to March of 2008, the residential home closings decreased 37 percent and the median prices for residential homes decreased by 4.7 percent. Days on the market (DOM) for residential homes increased by 8 days compared to March 2008. Condominium closings decreased by 43 percent. The median prices for condominiums decreased by 9 percent and days on the market also increased by 76 days compared to March 2008.
March 2009
|
Closings |
Median Price |
Average Price |
DOM |
|
|
Residential |
152 |
$ 357,500 |
$ 421,664 |
91 |
|
Condominium |
17 |
$ 190,000 |
$ 196,483 |
134 |
March 2008
|
|
Closings |
Median Price |
Average Price |
DOM |
|
Residential |
243 |
$ 375,000 |
$ 439,809 |
83 |
|
Condominium |
30 |
$ 209,404 |
$ 212,124 |
58 |
March 2007
|
|
Closings |
Median Price |
Average Price |
DOM |
|
Residential |
340 |
$ 380,000 |
$ 456,587 |
67 |
|
Condominium |
53 |
$ 181,990 |
$ 203,859 |
41 |
March 2006
|
|
Closings |
Median Price |
Average Price |
DOM |
|
Residential |
401 |
$ 327,402 |
$ 402,950 |
51 |
|
Condominium |
51 |
$ 137,000 |
$ 163,395 |
33 |
“Although closed transactions are up 10% from February to March, our increase has historically been more significant for this time period. REALTORS® in Williamson County are reporting that activity for showings and offers has increased in the past two weeks. April has brought a new low in interest rates and first time buyers are better informed as to the benefits of the Federal Government’s $8000 tax credit. We anticipate that this activity will result in increased closings in April, May and June,” said Diane Johnson, 2009 President of the Williamson County Association of REALTORS®.
The Williamson County Association of REALTORS® is the professional board of choice for the real estate industry in Williamson County. Established in 1962, the association provides professional development and support services for real estate professionals. The association has over 1,650 members and is headquartered in Franklin, Tn.
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