In 2011, Wilson County as a whole produced 1,563 residential sales, an increase of 2 percent over 2010 and 8percent over 2009. Also, median home prices rose in 2011 by 6 percent to $185,197.75.

“Buyers are starting to feel more confident in purchasing a home, believing that prices may not get any better, and interest rates may not stay this historically low,” said Amy Hamilton, public relations chair for EMTAR.

December proved to be the third-best sales month of last year with 146 sales countywide. Lebanon led those December sales numbers with 68 sales, and 16 of those were new homes. According to data from EMTAR, the median new home sales price in Lebanon was $223,450.

Mt. Juliet had 60 residential sales in December, and Hamilton said 49 percent of their market, or 29 homes, were new homes. Mt. Juliet’s median sales price for a new home was $226,738, only slightly higher than that in Lebanon.

“The housing market is continuing to show signs of improvement for everyone,” Hamilton said. “Wilson County is a strong area for housing. We are resilient and we will continue to be a prosperous area as the economy turns around.”

Closely tied with home sales is the number of single-family home building permits pulled in Wilson County. Hamilton said construction has been down overall since 2007, but indicated when those numbers start to improve the market and economy will show signs of improvement as well.

“New construction permits is a significant number to watch,” she said. “As they increase, it will show an increased demand.”

Lebanon and Mt. Juliet have experienced an up-and-down trend of single-family home construction since 2009. Construction has been heaviest in Mt. Juliet in 2011 with 347 permits pulled and 186 from July to December. Lebanon had 120 permits last year with 65 in the past six months. Both municipalities had better years in 2010 with 360 permits in Mt. Juliet and 132 in Lebanon.

“Mt. Juliet’s numbers come mainly from the Providence area,” Hamilton said, adding the shopping center has driven home starts in that area.

In 2009, Lebanon had 121 permits pulled and 68 in the past six months while Mt. Juliet had 217 total and 142 from July to December.

Outside the municipalities, Wilson County reported 155 single-family home building permits were pulled in 2011 and 82 from July to December. That was an increase from 150 in 2010 and a decrease from 175 in 2009 according to the county building inspection office.

“Unfortunately when our economy took the initial hit in 2007 and 2008, we had many great local builders who couldn’t withstand the downturn in the market and are no longer in the business,” Hamilton said.

She pointed out that most construction of single-family homes in Wilson County is being done by larger builder groups that are also building in other areas of Tennessee and nationally.

In December, foreclosures impacted sales in Lebanon and Mt. Juliet with 31 percent of Lebanon’s home sales being either foreclosures or short sales, homes on the verge of foreclosure.

Mt. Juliet’s market was influenced by 12 foreclosures or short sales, making the resale price of a home in Mt. Juliet to $183,500. Lebanon’s resale median price in December was $128,000.

Hamilton said locally, foreclosures in 2011 were down 30 percent, but noted that decline is due to banks taking longer to go through the foreclosure process, not because there are fewer foreclosed homes.

With low interest rates and low prices, Hamilton said the market is great for buyers. If buyers continue to take advantage of historic lows in both interest rates and prices, she said the market will improve for sellers due to supply and demand.

“Our December numbers of inventory are better than they have been since mid-2010, which if it continues to decrease, will begin to push housing prices up,” she said.

by Patrick Hall