RED REPORT – DECEMBER 2018
Middle TN Home Sales Report – December 2018 Issue
9% December 2018 vs December 2017 (annual monthly comparison)
0% December 2018 from November 2018 (one month change)
2% Year to Date Closings – 2018 vs 2017
Total Inventories are up 17% for December 2018 verses December 2017.
Year to Date: Total 4 counties closings down 2% December 2018 vs December 2017 Closings down 9%
December 2018 vs December 2017 Closed Prices are up 5%
One month change from November 2018 to December 2018.
- Rutherford Closings down 13%
- Williamson Closings up 14%
- Davidson Closings down 2%
- Wilson Closings up 17%
- Total 4 Counties are even
- Rutherford Pendings down 12%
- Williamson Pendings down 18%
- Davidson Pendings down 14%
- Wilson Pendings down 7%
December 2006 vs December 2018 YTD
- 2018 Closings 4% higher than 2006 and 2% lower than 2017.
- 2018 Average Closed Prices are 61% higher at $410,408 & 5% higher than 2017.
- 2018 Inventories are 14% lower than 2006 & 17% higher than 2017.
The Red Forecast
2018 was an interesting year to watch. The year started off strong compared to last year, leveled off mid-year and then pulled back a little more than usual the last few months of the year to give us yearly totals just shy of last year. Prices continued to rise throughout the whole year whether sales were up or down. I would expect 2019 to be similar to 2018 with sales leveling off while prices continuing to rise modestly.
Overall, I think 2018 was a great year. Sales have leveled off to a healthy level, Prices have increased at a more moderate level and Inventories have increased to healthier levels. I would see the current market as a more stable healthy market that makes it a more level playing field for all sides (buyers & sellers). The recession was obviously more beneficial to the buyers and then the market flipped quickly to became more beneficial to sellers. It will be interesting to see how we adjust to a more level steady market. I personally think its good to have a more level market for a period of time. It takes some of the guessing out of the timing trying to figure out if you are going to miss a big swing in the market, so buyers/sellers can just buy/sell homes because they want to and not because they are trying to time the market.
I hope everyone had a great Christmas and ready for a great year ahead of us.
Happy New Year!!