Middle Tennessee Home Sales Report:  

CLOSINGS 2013

Month                  Rutherford          Williamson          Davidson             Wilson          

January                 242                       191                     452                       110

February               290                       227                     478                       118

March                   385                       337                     667                       194

April                     405                       383                      750                       195

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

November              308                       311                       574                       164

December              309                       316                       567                       174

TOTAL               3,757                   3,731                    7,169                     1,910

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

Home Sales Continue to Improve in April: 23% increase over last April!

April 2013 is 23% higher than April 2012.  April was  10% higher than March/last month. 

So far this year, we are 24% higher Year to Date than 2012, which was 25% higher than 2011,

so the upward trends continue.  Notice the comparisons to the 2006 peak as we are starting

to edge closer to the peak years.

Total Home Closings up 23% for April 2013 verses April 2012.

Total Home Closings up 24% for Year to Date totals.

Total Inventories are down 17% from April 2012 to April 2013.

Home Closings for April 2013 vs April 2012:

Rutherford closings up 14% with average closed prices up 13%.

Williamson closings up 31% with average closed prices down 5%. 

Davidson closings up 20% with average closed prices up 11%.

Wilson closings up 47%  with average closed prices up 4%.  

Total 4 Counties up 23%

Year to Date Closings 2013 vs 2012:

Rutherford up 26%

Williamson up 28%

Davidson up 20%

Wilson up 25%

Total 4 Counties up 24%

Home Closings from March 2013 to April 2013:

Rutherford closings are up 5%.

Williamson closings are up 14%.

Davidson closings are up 12%.

Wilson closings up are up 0%.

Total 4 Counties up 10%

Pendings for April 2013:

Rutherford pended 476 which is up 16% from last month.  

Williamson pended 487 which is up 9%.

Davidson pended 854 which is up 17%.

Wilson pended 216 which is up 12%.

The pendings show May will see increases in all the counties. 

Appraisals:

Appraisals continue to be an issue.  The issue is the inventory is so tight that quality/high

demand locations are bringing full prices/sometime more than full price and the appraisers

can’t use current data to support the prices.  It takes 30-45 days for most closings to occur

after the contract date.  Appraisers can only use closed comps so most of the data is several

months old which may not be the true comps of today’s market values.  Appraisals are

improving but still an issue we need to be aware of as prices continue to increase.

Condo Sales: All Four Counties

31% increase 2013 YTD compared to 2012 YTD Closings.

2013-  854 Closed YTD 

2012-  652 Closed YTD
April 2006(peak year) vs April 2013:

Closings for 2013 are only 12% less than 2006.

Prices for 2013 are only 6% less than 2006.

Inventory is 1% lower than 2006- wow!. 

We are a lot closer to the peak years that I thought we were.

It may take 1-2 more years to get there, but by 2014/15 we should be back to full strength.

Data from the latest National Association of Realtors(NAR) reports on National market:

-Existing Home sales volume is up 10.3% and prices are up 11.8% from a year ago.

-Inventories fell 16.8% from a year ago.

-Buyer traffic up 25% from a year ago.

-Days on Market fell from 91 days to 62 days.

-21% of Sales are Distressed Sales compared to 29% a year ago. (made up of 13% Foreclosures and 8% Short-sales).

-1^st Time Homebuyers were 30% of home sales vs 33% a year ago.  All Cash buyers were 30% vs 32%.  Investors were 19% vs 21%.

-30 Year conventional mortgage rate average is 3.57% vs 3.95% a year ago.
What a run our market has had the last two years.  Let’s hope it continues, but I would assume we may have

a couple seasonal hiccups along the way.  We are blessed to be in a great market like Middle Tennessee.  

Our diverse economy, local politicians and local business leaders working together to create more jobs,

and quality of life are just part of the reasons that we continue to improve and see a great future ahead.

We should continue to see a busy Spring/Summer ahead.  See you next month…

Thank you,
Steven

 
Steven Dotson

President

Red Realty

www.RedRealty.com

www.RedSavesGreen.com

Direct: 615.896.1400

©2013 Red Realty, LLC

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