August 25-Here’s a summary of our current market conditions & some of the driving forces behind our local real estate market:
Current Market Conditions – July 2010
- 27.2% Decrease in July Home Sales Nationally* (Lowest since 1999)
- 22.6% Decrease in July home Sales in the Southern Region*
- 8.9% months supply of inventory*
- 8% Decrease in July Sales in Williamson County Compared to Last Year**
- 14% Increase the Median Sales Price Compared to Last Year**
- 33% of July Sales Nationally were Distressed Properties
- 21% Decrease in July Sales Year over Year***
- 11.5% Increase Year to date through July – Reported by GNAR***
- 2.5 % Increase in total housing inventory*
- 38% of July homes sales were first time home buyers
*Information from NAR (National Association of Realtors) President
**Information From WCAR (Williamson County Association of Realtors) President
***GNAR (Greater Nashville Association of Realtors)
Factors Impacting Today’s Market
- Number of Distressed properties
- Tennessee 2nd Highest bankruptcy rate Nationally-Administrative Office of the Court
- Inventory Levels Still High but Williamson County reports a Decrease
- Leasing Options Rising
- Mortgage fraud rose 17% in 2009-Wall Street Journal
- Unemployment Still High
- Interest Rates Remain Low-Lowest recorded by Freddie Mac-Wall Street Journal
- Eager Sellers
- Home Buyer Tax Credit expires
Oakwood Estates-Franklin
2007 2008 2009
Number of Sales 3 6 6
Average Price Per SF 126.79 94.84 108.86
Oakwood Estates Absorption Rate = 4.8 months of Supply
The rate at which a class of properties will be sold (absorbed by the Market). I look at a different neighborhood/community each month.
