February residential sales were consistent with the unusually cold weather experienced in January and February and put a “freeze” on the upswing of sales the market was producing.
February ended with 105 total home sales in Wilson County, down 58 from January. The combined median sales price of all sold homes, including all existing home sales, as well as new construction was $211,000, also down from January by almost $48,000.
The new homes available on the market county wide was up by 10 from January to 350, and new homes under contract was up, as well, to 183, showing a rebound that should show up in future reports, according to Eastern Middle Tennessee Association of Realtors president Amy Hamilton.
“If history holds true, we’ll see a nice increase across the board with sales in March,” Hamilton said. “As spring time arrives and the weather, hopefully, gets warmer, we’ll see an increase in activity with more homes going on the market and more buyers in the market. Together, this will create a surge in home sales and will continue to keep the housing market moving in a positive direction. Interest rates are still very low, so homes are still as affordable as renting in most situations.”
Mt. Juliet ended February with 60 sold homes. Only four of those were short sales or foreclosures while 21 were new construction. The median sales price for existing home sales in Mt. Juliet was $197,500 with a $106.61 average price per square foot and 59 median days on the market. Homes in Mt. Juliet sold for an average of 98 percent of asking price.
The new construction market continued to be strong, Hamilton said. Mt. Juliet’s 21 new home sales in February ended with a median sale price of $318,305 with a median price per square foot of $124.19 and median square footage of 2,535 with three bedrooms and a two-car garage.
Lebanon wrapped up the month with 40 total sales, two of which were foreclosures or short sales, and nine were new construction. The existing home sales median sales price was $163,500 with a median price per square foot of $98.09 and 104 days on the market.
Homes in Lebanon sold on average for 99 percent of list price. New construction homes in Lebanon had a median sale price of $276,000 with a median price per square foot of $114.64. New construction homes in Lebanon had an average of 2,788 square feet and four bedrooms.
Watertown ended February with four sales, one of which was a foreclosure and no new construction. The median sales price in Watertown was $140,050 with a median price per square foot of $80.03 and 89.5 days on the market. Homes sold for an average 93 percent of asking price.
Old Hickory had one sale in February. It was an existing home resale and sold for $222,000 for $107.77 per square foot and was on the market for 31 days.
“Our county continues to see growth in all sectors of business, industry and development and as we continue to work together as a community, we’ll continue to attract the business and people that will help us all be proud of our county and continue to prove that Wilson County is the place to be,” Hamilton said.