The Red Report- October 2012

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

www.RedRealty.com

www.RedSavesGreen.com

Direct: 615.896.1400

 

©2012 Red Realty, LLC