July proved to be another strong month for Wilson County home sales, according to Amy Hamilton, public relations chair for the Eastern Middle Tennessee Association of Realtors based in Mt. Juliet.
Hamilton said the month ended with 226 residential single-family home sales. She said inventory has remained steady with a 4.4-month supply of homes available.
“As we've noted in prior reports, a supply less than six months constitutes a seller's market, which is much different than we've seen since fall 2007,” Hamilton said.
Mt Juliet ended July with 127 sales, continuing a strong new construction market trend.
“We are seeing the new construction sales continue to remain strong in the Providence area, however, they are beginning to balance out throughout many developments throughout the Mt Juliet community,” Hamilton said.
Of the 127 sales in Mt. Juliet, 36 were new construction. The median sales price of a new construction home was $293,875.
“[That’s] higher than we've seen in a long time,” Hamilton said. “The demand for new homes has made a turnaround, causing the prices to increase.”
Of the remaining 91 resales, 12 were foreclosures or short sales, which Hamilton described as “a nice decrease.” The median sales price of resale homes in Mt Juliet was $197,000 with a median price per square foot of $101.02 and 44.5 average days on the market, which Hamilton said was “lower than we've seen in recent times.” The average sell was 99 percent of list price.
Lebanon's July numbers ended with 82 total sales. Lebanon's new construction market is also spread throughout several developments and produced 19 of the total sales, according to Hamilton.
The median sales price for new construction in Lebanon was $230,000 with a median price per square foot of $107.55. Of the remaining 63 resales, 10 were foreclosures or short sales. The median sales price for resale homes in Lebanon was $180,000 with an average price per square foot of $92.73 and an average 69 days on the market. Homes averaged selling for 98 percent of asking price in July.
Old Hickory ended the month with nine total sales, none of which were foreclosures, short sales or new construction. The median sales price in Old Hickory was $183,000 with a median price per square foot of $93.75 and an average 65 days on the market. Average sales were 99 percent of list price.
Watertown wrapped up July with eight total sales, and one was a foreclosure, with no short sales and no new construction. The median sales price in Watertown was $150,800 with a median price per square foot of $76.28 and 83 median days on the market. Homes in Watertown averaged a sale of 91 percent of list price.
“As Wilson County continues to grow and as long as our economy continues to move in the right direction, there is only reason to believe that the strong market will continue,” Hamilton said. “It is definitely refreshing for sellers from the past six years and even a year ago.
The market in July 2012 produced 180 sales with a median sales price of $193,545 and 83 average days on the market.
“We won't come out of the housing crash overnight, yet the market is making leaps and bounds in the right direction,” Hamilton said.