|Housing inventory continues to drop for the 4th month in a row|
|Wednesday, October 17, 2012|
As the housing inventory continues to drop, housing sales increase.
In May, Wilson County had a seven-month supply of homes on the market. “As we roll into the fall season, we begin with 5.6 months of inventory on the market, putting us right in line with becoming a ‘seller's’ market, which we haven't seen since mid 2007,” said Amy Hamilton, chair of the Public Relations Committee of the Eastern Middle Tennessee Association of Realtors, or EMTAR.
“As has been predicted all year, we are transitioning into a different market as interest rates stay at all time lows, buyer's are realizing that the housing market has hit its bottom for now, and the inventory is selling when priced right,” she noted.
Hamilton said September closed out with 182 total closed residential homes in Wilson County, an increase from September 2011 by 51 sales and stable since June.
Mt. Juliet closed out September with 113 of the 182 sales or 62 percent of the total. She said 36 percent of Mt. Juliet's sales are new construction while 19 percent are in the foreclosure or short sale status leaving only 45 percent being traditional re-sales. The median sales price of existing resale homes in Mt. Juliet in September is $179,950 with a median days on the market of 58 and median price per square foot of $92.15. New home sales in Mt. Juliet have a median sales price of $235,915 with a median price per square foot of $118.66.
Lebanon ended the month with a total of 57 residential home sales, 18 percent of which were foreclosure and/or short sales and 28 percent of new construction. Lebanon's market consists of 72 percent of traditional re-sale homes, quite a bit more than Mt. Juliet. Lebanon's median sale price of existing re-sale homes was $156,000 with a median days on the market of 83.5 and median price per square footage of $87.71. The median sale price of new construction in Lebanon is $179,900 with a median price per square foot of $101.33.
Old Hickory ended September with five closed homes, two of which are foreclosures. The median sale price was $174,000, with 112 days on the market and a median price per square foot of $88.41.
Watertown's September numbers were improved as well with seven total closed sales, two of which were foreclosures or/short sales. The median sale price in Watertown was $118,228 with a median price per square foot of $78.06.