Your Real Estate: Inventory Still Low in Sumner

0

Screen Shot 2017-05-12 at 10.52.01 AM

by Hollie Deese

House hunters are still struggling to find just the right place as inventory remains down according to the most recent sales stats provided by the Sumner Association of Realtors.

Screen Shot 2017-05-12 at 10.51.54 AM“The supply is low for the third straight month,” says Oliver Barry, SAR president.

There were 773 residential homes on the market in March, which is up from 766 in February and 772 in January, but still way down from the 936 on the market at the same time last year. The lowest amount of inventory in all of 2016 was December, with 850 homes.

Another sign of the market’s strength is the shortened amount of time homes are sitting on the market. In March 2017, the average DOM was fifty-two days – down nearly 27 percent from the seventy-one days homes were on the market March 2016. Condos are on the market about half as long as they were last year too – lasting just an average of thirty-three days March 2017 versus sixty-three days during March 2016.

And for what is on the market people are willing to pay – to the tune of 15 percent more this year than over the same time last year. The median sales price in Sumner during the month of March was $260,000. Last year at the same time it was $225,450.

“There were more units sold, and higher average sale price,” he says.

With school about to be out and summer’s sales expected to rise, builders are working fast and furious to meet the demand in every part of the county, from White House to Westmoreland. And sellers are seeming to be increasing now too – there were 562 new listings posted for March 2017, up almost 52 percent from the 370 new listings posted in February.

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.

Share.
Untitled Document