Summer is here, and that means home sales in Sumner County will only continue to heat up as we head into prime shopping season. That means there is little relief in sight for people in the market to buy as prices continue to rise and inventory continues to shrink.
“It looks like more of the same,” says Oliver Barry, president of the Sumner Association of Realtors, of the spring sales stats. “More closings, higher median sale price. Less inventory at the end of the month.”
And Sumner will remain hot this summer as buyers who continue to get priced out of Nashville, especially after Davidson County’s recent property value increase of a record median 37 percent since 2013. Some neighborhoods increased by much, much more, like District 5’s East Nashville, whose value increased by an astonishing 93 percent.
Residential median home prices crept up $5,000 in April over March with nearly the same number of closings – 332 in April vs. 331 in March. However, homes were on the market nearly a full week less, lasting just forty-six days on the market on average in April.
Comparing prices in residential homes this year over last and there is no surprise that prices are higher, inventory is lower and days on the market have shortened considerable over the same time last year. In April 2016 the median sales price was $234,000, $31,000 less than April 2017. Days on the market were nearly twenty less this year, and inventory dropped by nearly 150 units in the same time period.
Condo prices and sales continue to be strong too leading into the summer. In April, there were twenty-four condo closings at a median price of $185,492. During the same time last year there were just eleven condo closings at a median price of $137,000. That means in one year condo prices increased by nearly 40 percent.
Even more telling perhaps though is time on the market. This April condos lasted just twenty-four days on average before selling. In 2016? A much longer ninety-one days.
New construction is certainly easing the strain, but builders are having a hard time keeping pace with demand too, everywhere from Gallatin to White House.
The Sumner Association of Realtors (SAR) represents nearly 500 members throughout Sumner and Macon counties. SAR is dedicated to serving their members in Middle Tennessee with the products and services they offer and to provide the resources needed for members to gain the professional edge in the real estate industry. For more information about SAR, visit sumnercountyrealtors.com.
The 2017 SAR officers are President Oliver Barry of Parks Realty, President Elect Steve Shrum of Keller Williams, First Vice President Wendy Suttle of Keller Williams and Secretary/Treasurer Ed Andrews of Exit Real Estate Solutions.