Sales volume of homes in Williamson County broke all preceding December records with 500 single-family residential and condominium closings, according to data from the Williamson County Association of REALTORS.
This represents a 25.6% increase over December 2014’s 398 closings.
For the entire 4th quarter, there were 1,266 closings, up 8.4% from the 1,168 closings in the 4th quarter of last year. Total closings for 2015 totaled 5,551, an increase of 11.7% over the 4968 closings in 2014.
“Who says you can’t sell your home in the winter? 500 people did!” wrote Marti Veto, executive vice president of the local real estate trade association, in announcing the statistics.
More than 35,000 residential and condominium transactions closed in the 9-county Middle Tennessee area during 2015. Approximately 16.8% of those closings occurred in Williamson County. Home sales in the county for 2015 were $2.2 billion of the 7.9 billion total dollar volume of residential transactions in the nine counties, or 27.8% of the sales volume for the region.
“The real estate market in Williamson County throughout 2015 was very active all year long. The significantly higher number of closings in December suggests there may have been a logjam of closings that didn’t happen in November due to new Consumer Financial Protection Bureau compliance guidelines that went into effect in October,” said David Logan, 2016 WCAR president, in a press release announcing the figures. “That might also explain why closings were down slightly in November.”
“Interestingly”, Logan said, “while gold, oil and the stock market showed a lackluster finish in December, residential real estate still proved to be a wise option for local investors.”
“The market is poised to continue its vibrant nature into 2016. Recent changes in mortgage interest rates have motivated some who might have been ‘sitting on the fence’ to initiate home purchases now, in case more rate increases happen.”
Median prices for Williamson County homes in December 2015 compared to the previous year were relatively unchanged at $416,615, a decrease of less than 1% from 2014’s median price of $417,005. With inventory at 1,623 and monthly closings at 500, there is just slightly over a three-month supply available. A six-month supply is more representative of a balanced market.
“Ending the year with an 11.7% increase is certainly good news for the real estate market and local economy,” Logan said. “Available inventory continues to be one of the key concerns for home sales. Properties that are priced correctly and in market-ready condition are continuing to be very attractive to buyers. The fact that Middle Tennessee in general and Williamson County in particular, are so popular nationally means that the real estate market is likely to sustain its momentum.”