Category: Red News

MURFREESBORO — Rutherford County home sales increased 10 percent in 2015 over the previous year, according to the Red Report.

“It has been nearly a decade since our real estate market has seen this much activity and positive growth,” said Denise Creswell, president of the Greater Nashville Association of Realtors.

The GNAR region, which includes Davidson and eight surrounding counties, ended the year with 36,873 units closed, according to data from the association.

“Staying on a sustainable growth track, coupled with continued good reports on the economy and job market should make this year another successful and favorable one for both current and potential homeowners,” Creswell said.

Middle Tennessee real estate ended on a high note with sales in Rutherford County up 23 percent in December over November, according to the Red Report. Davidson County sales were up 38 percent.

The GNAR coverage area had 3,194 closings during the month of December, which is a 12.5 percent increase from the 2,838 closings reported for the same period in 2014.

Fourth quarter closings are 8,621 for Greater Nashville. That total is a 3.5 percent increase from the 8,327 closings during the fourth quarter of 2014.

Final numbers for 2015 show 36,873 homes sold in the region. Compared to the 33,269 closings in 2014, the final closing numbers are up 10.8 percent.

“The large 33 percent bump up from November to December could be attributed to the ‘Know Before You Owe’ initiative that pushed many November closings into December as everyone had a learning curve adjusting to the new regulations and timelines,” said Steven Dotson, president of Red Realty and issuer of the Red Report.

The robust home sales and lack of supply in 2015 also pushed home prices back to pre-recession levels in most of the midstate, Dotson said.

In Rutherford County, average sold price was up by 15 percent in 2015. Davidson County as a whole saw a similar bump with closed prices increasing 10 percent. Wilson County  sold prices only increased 1 percent, and Williamson County prices actually fell 3 percent from 2014 to 2015.

In the GNAR area, the median price for both residential properties and condominiums increased during December.

For a single-family home it was $242,945, and for a condominium it was $194,183. This compares with last year’s median residential and condominium prices of $213,500 and $172,999, respectively.

The four-county region saw an increase in list versus closed price from 98 percent in 2014 to 98.61 percent in 2015, Dotson said.

While the area’s persistent lack of supply forced up prices, low inventories might also depress sales in 2016, Dotson said.

“If we can increase inventories, I feel 2016 could be higher than 2015. If we don’t increase inventories, then I see 2016 being close to 2015,” he said.

Data indicates that buyers are waiting on the sidelines for homes to come on the market, Dotson said.

“With prices increasing and days on market shrinking, it tells us there is demand that we don’t have the supply for,” Dotson said.

And the rising prices make investing in developing more lots worthwhile.

“So the near term looks pretty good to me for a healthy real-estate market to continue in Middle Tennessee,” Dotson said.

Contact Michelle Willard at 615-278-5164, on Twitter @MichWillard or Rutherford County Business News on Facebook.

 

2015 YTD Closings 10% Higher than 2014, but November Closings 8% Lower than Last November…

DOWN 8% November 2015 vs November 2014 (annual monthly comparison)
DOWN 20% November 2015 from October 2015 (one month change)
UP 10% Year to Date Closings- 2015 vs 2014
Total Inventories are down 10% for November 2015 verses November 2014.

 

Year to Date Prices and Closings continue higher than last year…

Year to Date: Total 4 counties closings up 10%.

November 2015 vs November 2014 Closings down 8%.

Screen Shot 2015-09-10 at 10.17.33 AM

Rutherford Closings  DOWN 1%

Average Closed Prices UP 9%

Average Sales Price – $211,325

Screen Shot 2015-09-10 at 10.19.33 AM

Williamson Closings DOWN 11%

Average Closed Prices UP 2%

Average Sales Price – $456,046

Davidson Closings DOWN 4%

Average Closed Prices UP 11%

Average Sales Price – $298,158

Screen Shot 2015-09-10 at 10.20.15 AM

Wilson Closings DOWN 25%

Average Closed Prices UP 2%

Average Sales Price – $263,066

 

CLOSINGS

  • Rutherford Closings down 21%
  • Williamson Closings down 16%
  • Davidson Closings down 24%
  • Wilson Closings down 13%
  • Total 4 Counties are down 20%.

PENDED

Pendings appear to be showing the season changes we expect

  • Rutherford pended 371 which is down 18%
  • Williamson pended 357 which is down 2%
  • Davidson pended 775 which is down 11%
  • Wilson pended 199 which is down 1%

Back in time…

November 2006 vs November 2015 YTD

  • 2015 Closings are 7% lower
  • 2015 Closed Prices are 23% higher at $311,306 & 8% higher than 2014.
  • 2015 Inventory is 21% lower at 6,130
  • Days on Market for 2015 are 56 Days vs 59 Days in 2006. 2014 was 67 Days.
  • Closed Prices for 2015 are 98.62% of List Prices, 2006 was 100.56% & 2014 was 98.01%

Download a full PDF version here ==> RedReport-pdf-11-15

2015 YTD Closings 12% Higher than 2014, October Closings 1% Lower than Last October & 13% lower than September.

DOWN 1% October 2015 vs October 2014 (annual monthly comparison)
DOWN 13% October 2015 from September 2015 (one month change)
UP 12% Year to Date Closings- 2015 vs 2014
Total Inventories are down 10% for October 2015 verses October 2014.

 

Year to Date Prices and Closings continue higher than last year…

Year to Date: Total 4 counties closings up 12%.

October 2015 vs October 2014 Closings down 1%.

Screen Shot 2015-09-10 at 10.17.33 AM

Rutherford Closings  UP 12%

Average Closed Prices UP 8%

Average Sales Price – $208,125

Screen Shot 2015-09-10 at 10.19.33 AM

Williamson Closings UP 12%

Average Closed Prices UP 8%

Average Sales Price – $478,977

Davidson Closings UP 12%

Average Closed Prices UP 6%

Average Sales Price – $289,392

Screen Shot 2015-09-10 at 10.20.15 AM

Wilson Closings UP 11%

Average Closed Prices UP 4%

Average Sales Price – $261,735

 

CLOSINGS

  • Rutherford Closings down 13%
  • Williamson Closings down 19%
  • Davidson Closings down 5%
  • Wilson Closings down 27%
  • Total 4 Counties are down 13%.

PENDED

Pendings appear to be showing the season changes we expect for Fall

  • Rutherford pended 450 which is down 9%
  • Williamson pended 363 which is down 27%
  • Davidson pended 868 which is down 3%
  • Wilson pended 198 which is down 22%

Back in time…

October 2006 vs October 2015 YTD

  • 2015 Closings are 6% lower
  • 2015 Closed Prices are 23% higher at $311,306
  • 2015 Inventory is 20% lower at 6,123
  • Days on Market for 2015 are 56 Days vs 59 Days in 2006. 2014 was 67 Days.
  • Closed Prices for 2015 are 98.62% of List Prices, 2006 was 100.75% & 2014 was 97.98%

Download a full PDF version here ==> RedReport-pdf-10-15

September Closings 8% Higher than Last September, 11% lower than August & 2015 YTD Closings 13% Higher than 2014.

Screen Shot 2015-09-10 at 10.17.11 AM

UP 8% September 2015 vs September 2014 (annual monthly comparison)
DOWN 11% September 2015 from August 2015 (one month change)
UP 13% Year to Date Closings- 2015 vs 2014
Total Inventories are down 10% for September 2015 verses September 2014.

 

Closings & Prices continue on an upward trend compared to last year…

Year to Date: Total 4 counties closings up 13%.

September 2015 vs September 2014 Closings up 8%.

Screen Shot 2015-09-10 at 10.17.33 AM

Rutherford Closings  UP 13%

Average Closed Prices UP 10%

Average Sales Price – $214,367

Screen Shot 2015-09-10 at 10.19.33 AM

Williamson Closings UP 11%

Average Closed Prices UP 1%

Average Sales Price – $450,472

Screen Shot 2015-09-10 at 10.20.05 AM

Davidson Closings UP 0%

Average Closed Prices UP 19%

Average Sales Price – $307,823

Screen Shot 2015-09-10 at 10.20.15 AM

 

Wilson Closings UP 25%

Average Closed Prices UP 6%

Average Sales Price – $267,753

 

CLOSINGS

  • Rutherford Closings down 10%
  • Williamson Closings down 17%
  • Davidson Closings down 10%
  • Wilson Closings down 5%
  • Total 4 Counties are down 11%.

PENDED

Pendings appear to be showing the season changes we expect for Fall

  • Rutherford pended 495 which is down 9%
  • Williamson pended 494 which is down 8%
  • Davidson pended 896 which is down 12%
  • Wilson pended 253 which is down 13%

Back in time…

September 2006 vs September 2015 YTD

  • 2015 Closings are 6% lower
  • 2015 Closed Prices are 24% higher at $311,893
  • 2015 Inventory is 19% lower at 6,110
  • Days on Market for 2015 are 56 Days vs 59 Days in 2006. 2014 was 68 Days.
  • Closed Prices for 2015 are 98.59% of List Prices, 2006 was 100.96% & 2014 was 97.96%

Download a PDF version here ==> RedReport-pdf-8-15

July Closings 1% Lower than June, 15% Higher than Last July & 2015 Year to Date Closings 13% Higher than 2014.

Screen Shot 2015-09-10 at 11.03.21 AM

UP 15% July 2015 vs July 2014 (annual monthly comparison)
UP 1% July 2015 from June 2015 (one month change)
UP 13% Year to Date Closings- 2015 vs 2014
Total Inventories are down 14% for July 2015 verses July 2014.

 

Closings continue on an upward trend…

Year to Date: Total 4 counties closings up 13%.

July 2015 vs July 2014 Closings up 15%.

Screen Shot 2015-09-10 at 11.10.46 AM

Rutherford Closings  UP 33%

Average Closed Prices UP 7%

Average Sales Price – $214,502

Screen Shot 2015-09-10 at 11.10.58 AM

Williamson Closings UP 8%

Average Closed Prices UP 2%

Average Sales Price – $487,516

Screen Shot 2015-09-10 at 11.13.11 AM

Davidson Closings UP 13%

Average Closed Prices UP 16%

Average Sales Price – $309,445

Screen Shot 2015-09-10 at 11.13.27 AM

 

Wilson Closings UP 6%

Average Closed Prices UP 1%

Average Sales Price – $258,147

 

CLOSINGS

  • Rutherford Closings up 14%
  • Williamson Closings down 10%
  • Davidson Closings down 4%
  • Wilson Closings up 1%
  • Total 4 Counties are down 1%.

PENDED

Pendings are mixed among counties

  • Rutherford pended 611 which is up 6%
  • Williamson pended 568 which is down 9%
  • Davidson pended 1,047 which is even
  • Wilson pended 278 which is up 5%

Back in time…

July 2006 vs July 2015 YTD

  • 2015 Closings are 9% lower
  • 2015 Closed Prices are 24% higher at $311,190
  • 2015 Inventory is 17% lower at 6,032
  • Days on Market for 2015 are 58 Days vs 60 Days in 2006. 2014 was 68 Days.

Download a PDF version here ==> RedReport-pdf-7-15

June Closings 8% Higher than May, 16% Higher than Last June & 2015 Year to Date Closings 13% Higher than 2014.

Screen Shot 2015-09-10 at 11.35.54 AM

UP 16% June 2015 vs June 2014 (annual monthly comparison)
UP 8% June 2015 from May 2015 (one month change)
UP 13% Year to Date Closings- 2015 vs 2014
Total Inventories are down 15% for June 2015 verses June 2014.

 

Closings continue on an upward trend…

Year to Date: Total 4 counties closings up 13%.

Screen Shot 2015-09-10 at 11.36.06 AM

Rutherford Closings  UP 8%

Average Closed Prices UP 7%

Average Sales Price – $210,923

Screen Shot 2015-09-10 at 11.36.16 AM

Williamson Closings UP 19%

Average Closed Prices UP 1%

Average Sales Price – $472,440

Screen Shot 2015-09-10 at 11.36.28 AM

Davidson Closings UP 21%

Average Closed Prices UP 5%

Average Sales Price – $307,588

Screen Shot 2015-09-10 at 11.36.40 AM

Wilson Closings UP 5%

Average Closed Prices UP 6%

Average Sales Price – $251,961

 

CLOSINGS

  • Rutherford Closings up 0%
  • Williamson Closings up 25%
  • Davidson Closings up 5%
  • Wilson Closings up 3%
  • Total 4 Counties are up 8%.

PENDED

Pendings show the market may be leveling off for Fall after a great Summer season

  • Rutherford pended 579 which is down 3%
  • Williamson pended 627 which is up 3%
  • Davidson pended 1,043 which is down 6%
  • Wilson pended 266 which is down 7%

Back in time…

June 2006 vs June 2015 YTD

  • 2015 Closings are 10% lower
  • 2015 Closed Prices are 24% higher
  • 2015 Inventory is 17% lower at 5,941
  • Days on Market for 2015 are 60 Days vs 61 Days in 2006. 2014 was 69 Days.

Download a PDF version here ==> June Report

MURFREESBORO –

Spring selling season is reaching full speed, according to the Red Report.

“Spring home selling season is still here and appears to be continuing into May,” said Steven Dotson, president of Red Realty and issuer of the Red Report.

While data from National Association of Realtors show a 4.6 month supply of homes on the market, Dotson said Rutherford County is only showing a two-month to three-month supply.

“Rutherford is at 1,133 (units), which is 26 percent lower than last year this same time,” Dotson said, adding it was still low in 2014.

The Red Report shows total inventories were down 13 percent for April across the four-county area compared to the previous year.

Dotson said the lack of quality inventory can be traced to a lack of places to build.

“Lots for new homes are also an issue as the supply is being depleted much faster than they are being developed,” Dotson said.

Many of the lots left open by the Great Recession have been built on and developers are snatching up the remaining lots on a daily basis, according to records from the Rutherford County register of deeds office.

Those records also show about five houses are being completed daily across Rutherford County, but that supply is being quickly outstripped by demand. And the demand is going to grow along with the job market, Dotson said.

“If I haven’t said it before or someone hasn’t said it: ‘The switch has been turned on, and we are now in a seller’s market,'” Dotson said.

Lawrence Yun, NAR chief economist, said demand, along with sales, is picking up across the nation.

“Demand appears to be stronger in several parts of the country, especially in metro areas that have seen solid job gains and firmer economic growth over the past year,” he said about the number of pending sales posted in March, which turned into closed sales in April.

He said the increased activity is a good sign, but a better sign is that traditional buyers seem to be replacing investors in many markets.

“It indicates this year’s activity is being driven by more long-term homeowners,” Yun said.

The Red Report shows both cash sales and sales of distressed homes are both down for a year ago, Dotson said.

Overall closed home sales increased 2 percent from March and 7 percent over 2014 in April across Rutherford, Wilson, Williamson and Davidson counties, according to the monthly Red Report.

In Rutherford County, closings held steady from 2014, but the average home sales price increased 5 percent over last year to $201,158, the monthly real estate data tracker shows.

In William County, sales only increased 1 percent in April over 2014’s numbers while both Davidson and Wilson counties saw marked increases of 12 percent and 10 percent, respectively.

Sale prices are also on the rise in the midstate. Williamson and Wilson counties saw double-digit increases in April. Rutherford and Davidson only increased 5 percent over last year.

Month over month, closings increased 5 percent in Rutherford County, 5 percent in Davidson County and 2 percent in Wilson County, while sales dropped 8 percent in Williamson County, according to the report.

The number of pending sales, which is a forward indicator, suggest sales may be leveling off for the season.

The number of pending sales in Williamson, Wilson and Davidson counties only increased slightly from March while Rutherford County saw no increase at all.