The Red Report
August 2012 Home Sales Report:
(Now Includes Land/Commercial/Condo YTD closings- see at end of report)
CLOSINGS 2012
Month Rutherford Williamson Davidson Wilson
January 183 167 396 90
February 222 189 413 107
March 288 242 526 162
April 354 292 627 133
May 358 375 706 158
June 365 384 705 197
July 375 407 687 180
August 390 395 693 197
CLOSINGS 2011
Month Rutherford Williamson Davidson Wilson
January 169 140 302 92
February 152 150 329 85
March 259 245 427 133
April 251 209 467 112
May 278 305 518 138
June 263 316 596 134
July 290 337 521 158
August 289 274 572 158
September 261 244 527 131
October 259 232 468 144
November 238 201 425 129
December 231 264 508 143
TOTAL 2,940 2,917 5,660 1,575
Middle Tennessee Home Sales End the Summer Selling Season Very Strong!
Home Sales stay up 26% Year To Date with a 30% increase for August ’12 vs August ’11.
We usually see a seasonal decrease in the sales volume this time of year, but this year has been different. We have seen
improvements almost every month in every area. Based on the pendings leveling off for the first time this year, we should
expect a modest seasonal decrease between now and the end of the year, but we should continue to see strong YTD numbers.
Total Home Closings up 30% for August 2012 verses August 2011.
Total Year to Date Home Closings are up 26%.
Total Inventories are down 18% from August 2011 to August 2012.
Home Closings for August 2012 vs August 2011:
Rutherford closings up 35% with average closed prices up 10%.
Williamson closings up 44% with average closed prices down 2%.
Davidson closings up 21% with average closed prices up 1%.
Wilson closings up 25% with average closed prices up1%.
Prices are looking much better overall as some price ranges and areas are doing very well.
Prices would be recovering much quicker if fair appraisals were being done by local experienced appraisers.
We are seeing some improvements in appraisals. Banks are starting to manage their appraiser pool a little better,
but several banks/mortgage companies still have a long way to go.
Home Closings from July 2012 to August 2012:
Rutherford closings up 4%
Williamson closings down 3%
Davidson closings up 1%
Wilson closings up 9% (Wilson tends to jump up/down more than the other counties. I would assume it’s because of the lower volume.)
Pendings for August 2012:
Rutherford pended 381 which is down 7% from last month.
Williamson pended 410 which is down 10%.
Davidson pended 741 which is level.
Wilson pended 179 which is down 16%. (again Wilson tends to jump up/down more than the other counties due to lower volume.)
These pending numbers show we are about to see the seasonal decreases we have been talking about all year.
It’s coming a little later than usual which is great.
Appraisals:
I cut this section down but I wanted to leave it in the report until we see drastic improvements. The supply and demand
of home sales warrant higher prices yet appraisals are keeping the prices lower than they should be. Buyers are willing
to pay higher prices for a quality home in their desired location, but appraisals are still coming in below contract prices.
Most of the banks are working on their appraisal pools(those on a rotation), but some are slow to make the necessary
changes. Banks must have quality, local and experienced appraisers on their rotation list!
Attention Buyers and Sellers: Please make sure the bank/mortgage company that is being used on your deal doesn’t
have a reputation for having issues with canceled/delayed closings because of appraisal issues.
Ask your Realtor because he/she will know which banks are closing or killing deals.
Commercial/Land Sales: All Four Counties-
Commercial YTD sales volume has gone up 54%- from $22.7million to $35million.
Land YTD sales volume has gone up 55%- from $55million to $85million.
Condo Sales: All Four Counties
32% increase 2012 YTD compared to 2011 YTD Closings.
2012- 1793 Closed YTD
2011- 1363 Closed YTD
I want to say thanks to the Murfreesboro Post for asking me to write a column on the market once a month.
So be looking for The Red Report around the second Sunday of the month in the Murfreesboro Post or online
at www.murfreesboropost.com . You can also sign up to get the full Red Report on our website at www.RedRealty.com .
I hope everyone is enjoying watching the market improvements as much as I am. It’s been a long time of a depressed
real-estate market, so it’s nice to be able to breathe again as we turn the corner and head back up.
Sales volume up, inventories down, and prices starting to improve! See you next month…
Thanks,
Steven
Steven Dotson
President
Red Realty
Direct: 615.896.1400
©2012 Red Realty, LLC
