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VOL. 37 | NO. 24 | Friday, June 14, 2013

Sales, demand up; Inventory problem remains

By Bill Lewis

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Midstate real estate trends for May 2013

May 2013 real estate trends for Davidson, Williamson, Rutherford and Wilson counties, as compiled by Chandler Reports.

Davidson County by Price Range

Davidson County by Zip Code

Williamson County by Price Range

Williamson County by Zip Code

Rutherford County by Price Range

Rutherford County by Zip Code

Wilson County by Price Range

Wilson County by Zip Code

Too many buyers, not enough houses.

That’s how Realtors describe the Nashville region’s housing market, where many sellers are enjoying multiple offers and eager – or perhaps desperate – buyers are willing to pay more than the list price.

“A lot of it has to do with supply and demand,” says Josh Anderson, owner of the Anderson Group Real Estate, Keller Williams Realty.

Home sales grew by double-digit amounts across the region in May. Prices, which for years were down as a result of the recession, also went up.

“We’re seeing a lot of buyers trying to get very few houses,” says Crye-Leike Realtor Sarah Milligan.

Last year at this time there were more than 12,000 homes for sale across the region. By last month that number had declined to 10,414, according to the Greater Nashville Association of Realtors (GNAR).

Some sellers are waiting for prices to go up further before putting their homes on the market, which leaves buyers scrambling for the reduced number of houses that are for sale, says Milligan.

GNAR President Price Lechleiter agrees.

“While median prices are increasing, they are not yet at the level some sellers want or need in order to sell, so inventory is limited. That means the market-ready, properly-priced properties that do come on the market are very popular and are selling quickly,” he says.

Throughout the region there were more than 3,000 closings last month. That had not occurred since August 2007. Another 3,000 sales are pending, says Lechleiter.

Sales were particularly strong last month in Williamson County. There were 576 closings in May, a 31.8 percent increase over May 2012, when there were 437 sales. The average price was $385,687, a 4.1 percent increase over last year’s $370,601, according to a market survey by Chandler Reports.

In the 37064 zip code of Franklin, sales were up 45 percent and the average price was up more than 12 percent. There were 161 sales last month for an average of $359,986. A year ago there were 111 sales for an average price of $319,970.

Sales surged in Nolensville, located south of Old Hickory Boulevard near the point where Williamson, Davidson and Rutherford counties come together. Sales were up more than 42 percent and the average price was up more than 19 percent last month. There were 37 sales in this fast growing town for an average of $386,332. In May 2012 there were 26 closings for an average price of $322,900, according to Chandler Reports.

In Davidson County, sales were up 17 percent and the average price was up 3.6 percent in May. There were 1,336 sales last month for an average price of $219,387. A year ago there were 1,142 sales for an average of $211,686.

The neighborhoods in the 37208 zip code around Germantown were especially hot. Sales in these neighborhoods close to downtown were up almost 79 percent and the average price was up 29.1 percent. Last month there were 34 sales in the area for an average price of $109,285. Last year there were 19 sales for an average of $84,684, according to Chandler Reports.

On the east side, sales in Old Hickory were up more than 60 percent and the average price was up 65.2 percent. Last month there were 45 closings for an average price of $220,229. A year ago there were 28 sales for an average of $133,315.

Wilson Group Realtor Sue Glore, who is particularly active in Wilson County and eastern Davidson County, said the real estate market has recovered from the recession.

“It’s a seller’s market. We have a shortage,” she says. “If you have a home that is ready to sell and priced right, you’ll get multiple offers. It’s hard to get there before it’s gone.”

In Wilson County, sales were up nearly 38 percent and the average price was up more than 5 percent. Last month, 277 homes changed hands for an average price of $210,456. In May 2012, there were 201 sales for an average price of $200,007.

In Mt. Juliet, closings were up more than 26 percent and the average price was up nearly 13 percent. Last month there were 144 sales for an average price of $242,574. In May 2012 there were 114 closings for an average of $214,941.

With the recession disappearing in the rear view mirror, consumers are more willing to buy big-ticket items like cars and houses, says Glore.

“When the public finally felt more comfortable with the economy, it turned around. It happened overnight. We had no warning it was happening,” she says.

In Rutherford County, sales were up about 10 percent and the average price was up nearly 6 percent. Last month there were 546 closings for an average price of $161,448. A year ago there were 496 sales for an average of $152,641, according to Chandler Reports.

In La Vergne, sales were up more than 10 percent and the average price was up more than 22 percent. Last month there were 75 closings in this small city on the Davidson County line. The average price was $113,676. A year ago there were 68 sales for an average price of $92,919.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0