Demand for condos and residential homes remains strong
Total residential home and condo sales – prices and overall transactions – were up significantly in Sumner County in November 2016 over the previous year, according to the monthly market report released by the Sumner Association of REALTORS (SAR). The total number of closed homes sales increased 26.5 percent this November with 305 total closings compared to the 241 closings in November 2015.
According to the report, the median sales price for a single-family home increased 18.6 percent to $255,021 in November 2016 compared to $214,900 for the same time last year. In fact, the median price for single-family homes in November is the highest it has ever been in Sumner County according to report figures going back to 2006.
Sales prices were also higher in November 2016 over the previous month’s $236,750 average median price, an increase of 7.7 percent.
And while closings were up nearly every month in 2016 over 2015, inventory in Sumner County was down every month in 2016 compared to the previous year. According to the report, November had overall inventory of single-family homes at 869, down nearly 18 percent from 1,059 in November 2015.
New listings jumped in that same time frame however, with 345 November 2016, up 18.5 percent from 291 in 2015.
Condo sales strong too
Ten condos sold this November over eight last year, but the median price jumped 35.5 percent from 2015 to 2016. This is part of a larger trend in Sumner County as condos become more in-demand to accommodate a growing work force from new factories like Beretta in Gallatin, which will employ more than 300 people once running at full operational speed.
The median price of condos also increased to $196,594 in November 2016 from the previous month’s $175,000, though median sales on condos have gone up and down every month in 2016, as high as $200,000 in September to as low as $134,950 in March.
Overall 155 condos sold in Sumner County in 2016 through November, with 152 condos sold in all of 2015. Condo inventory was down every month in 2016 over 2015, some months as much as 50 percent or more. Numbers for December 2016 home and condo sales were not yet available at press time.
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.