The Red Report
October 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
September 289 324 604 182
October 316 329 671 166
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
Strange Turn of Events:
Closings went up from September to October giving Middle Tennessee another Year to Date boost!
The market usually has a seasonal adjustment period where closings start decreasing in the Fall and continue to decrease
through the end of the year. For some reason October jumped back up improving the YTD numbers even more.
Home Sales now up 27% Year To Date with a 34% increase for October ’12 vs October ’11.
We predicted to see a steady decrease for the remainder of the year due to the expected seasonal drops, so this is big news.
Total Home Closings up 34% for October 2012 verses October 2011.
Total Year to Date Home Closings are up 27%.
Total Inventories are down 17% from October 2011 to October 2012.
Home Closings for October 2012 vs October 2011:
Rutherford closings up 22% with average closed prices up 1%.
Williamson closings up 42% with average closed prices up 8%.
Davidson closings up 43% with average closed prices up 18%.
Wilson closings up 15% with average closed prices up 6%.
Closings and prices are improving and appraisals are finally starting to improve as well.
Home Closings from September 2012 to October 2012:
Rutherford closings up 9%
Williamson closings up 2%
Davidson closings up 10%
Wilson closings down 9%
The increases are odd this time of year but great news. I have no idea what caused this jump back up, but it’s great news!
Pendings for October 2012:
Rutherford pended 358 which is up 3% from last month.
Williamson pended 364 which is up 13%.
Davidson pended 693 which is up 4%.
Wilson pended 196 which is no change.
These pending numbers show we will finish the year very strong.
Appraisals:
I don’t want to get ahead of myself, but it appears the appraisal issues are improving. Either the appraisers are
getting better or the public is staying away from the bad appraisers. Either way, let’s continue to do what we are
doing to hire good appraisers that are local and know their comps. Please continue to ask your realtor who the
best mortgage brokers are that don’t have appraisal issues.
Commercial/Land Sales: All Four Counties-
Commercial YTD sales volume is up 27%- from $31.9 million to $40.6 million.
Land YTD sales volume is up 53%- from $68.3million to $104.6million.
Condo Sales: All Four Counties
33% increase 2012 YTD compared to 2011 YTD Closings.
2012- 2,267 Closed YTD
2011- 1,707 Closed YTD
Interesting Data from the latest National Association of Realtors(NAR) reports:
-24% of Sales are Distressed Sales compared to 40% in 2011. made up of 13% Foreclosures and 11% Shortsales.
1st Time Homebuyers are 32% of all purchases.
Cash buyers are 28% of all purchases.
-NAR’s Median Sales Price has increased 11.3% nationally.
-NAR also stated that Job Creation and Rising Rents will cause increased prices and sales volume.
-The national average interest rate for a 30 year fixed rate mortgage is a record low 3.47% compared to
4.11% this same time last year.
Wow, was I surprised when I saw October closings were higher than September and a staggering 34% higher than
October of last year. I was bracing myself for a much slower winter, so to see increased closings and pendings
is a huge breath of fresh air as we can for sure say that 2012 will be the turn around year in our real-estate market.
I hope everyone is getting excited about the Thanksgiving and Christmas season. We have so much to be thankful
for here in Middle Tennessee. When you look around other areas of the US and the world, we are very fortunate.
I’ll see everyone next month… Happy Thanksgiving!!
Thanks,
Steven
Steven Dotson
President
Red Realty
Direct: 615.896.1400
©2012 Red Realty, LLC
