RED REPORT – MAY 2018 – Spring Selling Season Continues with 15% Increase from April to May
INCREASE of 0% Home Sales May 2018 vs May 2017 (annual monthly comparison)
INCREASE of 15% Home Sales May 2018 from April 2018 (one month change)
INCREASE of 1% Home Sales Year to Date Closings
2018 vs 2017 Total Inventories are up 4% for May 2018 verses May 2017.
YTD Closings up 1%, Prices 5% higher & Inventories 4% higher than a year ago…
Year to Date: Total 4 counties closings up 1% May 2018 vs May 2017 Closings are Same May 2018 vs May 2017 Closed Prices are up 5%
May sees a nice jump in Closings as Pendings start to level off for Summer
One month change from April 2018 to May 2018.
CLOSINGS
▪ Rutherford Closings up 9%
▪ Williamson Closings up 28%
▪ Davidson Closings up 15%
▪ Wilson Closings up 2%
▪ Total 4 Counties are up 15%
PENDINGS
▪ Rutherford Closings down 2%
▪ Williamson Closings down 5%
▪ Davidson Closings down 3%
▪ Wilson Closings up 4%
The Red Forecast – May 2018
We had a nice jump in closings from April to May, which is seasonal and normal for this time of year. We usually see an increase during Spring which levels off during the Summer and then a little bump in the Fall before sales slow down for the Winter. This varies when we have unusual events, but if everything else in the market is stable, the market will usually follow the seasons.
It looks like 2018 is going to look a lot like 2017 which looked a lot like 2016. I personally like the stable market without any surprises to throw off sales/prices in either direction. Inventory seems to continue to be low, but it seems to be slowly improving due to the new construction increases. The problem is new construction is not helping the lower end price points. The cost of development, materials and labor are just too expensive for builders to produce what we would consider starter homes or first time home buyer price ranges. That has pushed those buyers into apartments or condos, which is becoming the norm, until they can afford the higher price ranges.
We continue to be blessed to be in Middle Tennessee with a diverse and strong economy. Our market’s sales numbers are about 2-3% points higher than the National averages which has been typical as long as I can remember. Thank you local politicians and chamber of commerce staff for continuing to manage and maintain a strong economy and quality of life for us all to enjoy.
I hope everyone enjoys their busy Summer!
Steven
Steven Dotson
President
1574 Medical Center Parkway
Suite 202
Murfreesboro, TN 37129
Direct: 615-896-1400
Office: 615-896-2733
www.RedRealty.com
