with Sumner County Association of Realtors
Sales figures are in for the first month of 2017, and if you felt like the market was hot, now you know for sure – it was.
In January, there were 233 residential closings with an average price of $280,243 and sixty-six days on the market. Last year, in January 2016, there were just 176 closings at an average price of $236,447, with seventy-seven days on the market.
There were also 255 new pendings for January 2017, up from 196 at the same time last year. That’s an increase of 18.5% in price, 32% in closings and 30% in pendings.
Plots of land and rural farms also saw a boost at the start of this year compared with last. In January 2016, there were sixteen land, lot and farm sales with an average price of $91,090. This year there were twenty-five such sales in the first month, with an average price of $120,544. That is a 56.25% increase in activity, with a 32% bump in price.
Condo sales were up this January over last too, by a whopping 86%, but the average price was lower, $158,602 in 2017 versus $181,382 in 2016. Still, inventory was up overall with seventeen new condo pendings and twenty-eight new listings in January versus twelve each in 2016.
It’s a brisk sales start to the year in Sumner County, but there are some signs of cooling – while residential closings were up this January over last, the 233 number for the first month of 2017 was the lowest Sumner County has seen since February 2016, when sales were 223.
In fact, after that it was nine straight months of sales topping 300 until the latest numbers came in. But, the trend in Sumner has been for closings to steadily increase once winter is over, so come March it should be clear whether sales are slowing or the slight decline was merely typical of annual starts.
The Sumner Association of REALTORS represents nearly 500 members throughout Sumner and Macon counties. The SAR follows guidelines established by the National Association of REALTORS for governing its activities. Elected by the membership, the Officers and Directors serve as the decision-making body, providing leadership and guidance for SAR. The purpose of SAR is to provide an influential voice in real estate in the areas it may be serving a customer or client, to service the individual needs of members, to acknowledge members as its most important asset and to promote each of their communities as a most desirable place to live. Learn more at sumnercountyrealtors.com.