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Interest attracts homebuyers in April

Jared Felkins jfelkins@lebanondemocrat.com • Dec 15, 2015 at 1:57 PM

As the weather get warmer, so does the real estate market in Wilson County, according to Amy Hamilton, Eastern Middle Tennessee Association of Realtors public relations chair.

Hamilton said the market produced quicker sales for sellers, buyers and sellers having to deal with multiple offers, and a shortage of homes for sale in many price ranges in April.

She said as summer approaches, interest rates remain around 3 percent and lower, and buyers are anxious not to miss the opportunity of homeownership before prices continue to increase.

“Now is a prime time for sellers to get their house on the market,” Hamilton said. “Pricing is in the market and having it in great condition is still key to selling. So sellers, get your house ready and get it on the market.”

According to Hamilton, April ended with 195 homes sold in Wilson County. That number is 62 more than the same time last year and up 83 from 2011.

“For one of the first times in a long time, Lebanon out sold Mt Juliet in number of home sales,” Hamilton said.

Lebanon ended April with 94 residential homes sole. Of those 94, 32 of those were new construction and 11 were foreclosures and-or short sales. Of the re-sale homes, the median sales price was $182,500 with a $90.17 average price per square foot and 63 median days on the market. Homes sold for close to 97 percent of list price. The median sale price for new construction was $227,785 or $104.06 per square foot.

Mt Juliet ended April with 78 total residential homes sold, with seven foreclosures and-or short sales and 32 new construction sales. The median sales price in Mt Juliet of resale homes was $237,298 with a $97.08 median price per square foot and 61 median days on the market. Homes average selling right at list price. The new construction market held strong with a median sale price of $279,065 and a median price per square foot of $115.99.

Watertown ended April with nine sales, three of which were foreclosures and-or short sales. The median sales price in Watertown was $148,000 with an $85.42 median price per square foot. Hamilton said Watertown numbers were a solid improvement compared to past months.

Old Hickory wrapped up April with 15 sales, four of which were distressed sales. The median sales price in Old Hickory was $170,000 with a $90.29 median price per square foot .

“Overall we are seeing a significant increase in buyers who see that the market has shifted toward a seller's market again, and they understand that the longer they wait, the more they'll pay,” Hamilton said. “With less than five months of inventory in the entire county, we are back into a seller's market with buyers having to put their best foot forward. The days of throwing out low offers for good properties that aren't a distress sale are a thing of the past. 

“As we continue through the summer months, we expect to continue to see an increase in sales, as well as an increase in prices. They are beginning to increase and it will be a gradual, slow, steady increase that will help improve our economy and lift spirits.”

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