JULY/August 2011

National:

1.3% Increase In July Pending Home Sales*

4.0% Decrease in July Single Family Home
Sales*

21.5% Increase in Single Family Homes Sales Year-to-Date*

1.7% Decrease in Inventory Nationally
with 9.4 months of supply at current pace* (Up from 9.2 months in June)

4.4% Decrease in Median home Price from
July 2010*

29% of July Sales were Distressed
Properties*

32% of July homes sales were first
time home buyers*

18% of July Homes Sales were bought
by Investors* (Down 1% From June 2011)

50% of Homes Sales were Repeat
Buyers*

29% of Transactions for July were all
Cash*

0.7% Decrease in July New Home Sales over
June as reported by the U.S. Census Bureau News (Year-to-Date 6.8% Increase from July 2010)

1 in Every 570 Housing Units received
a Foreclosure filing in August 2011

18% Contract Failures Due to low
appraisals & qualification issues in August 2011

Regional:

4.8% Decrease in July pending Home Sales
in the South*

9.5 % Increase Year-to-Date in Pending Homes Sales in the South*

1.6% Decrease in July Existing Homes
Sales in the South*

19. 5% Increase in Existing Homes Sales Year-to-Date in the South*

2.2% Decrease in the median Sales Price
Year-to-Date in the South*

Greater Nashville:

4.6% Decrease in August Sales Year-to-Date***

28.4% Increase in August Homes Sales (All Categories) from August 2010***

10 months of Inventory as of
August***

1 in every 1,179 housing units
received a Foreclosure filing in Tennessee-August 2011

Williamson County:

18% Decrease in August Single Family
Homes Sales from July 2011**

16.5% Increase in August Single Family Homes Sales from August 2010**

*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

Lack of Job Growth & Unemployment Still High

Debt Ceiling Debate & Consumer Price Index

Number of Distressed Properties pulling prices down

Inventory Levels Still High but both Associations report a
Decrease

Leasing Rates Rising

Attractive Affordable Conditions for Buyers

Interest Rates Remain Low

Eager Sellers

Contract Failures, Tight Credit, Changing Lending
Practices, Low Appraisals

NASHVILLE, Tenn. (June 9, 2011) – There were 1,945 home closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®.  This represents a 14.3 percent decrease from the 2,270 closings reported for May 2010.

     Year-to-date closings are 7,600.  That total is down 11.7 percent from the 8,607 closings reported through the same period last year.  

     “In these times, having just short of 2,000 closings in a month, with over 2,000 sales pending, is positive news,” said GNAR President Alice Walker. “We know last year’s numbers were inflated due to the 2010 home-buyer tax credits, but with home sales up 9 percent from May 2009, the trend is consistent with prior months and generally encouraging. Many Realtors experienced good traffic during the June 4 and 5 Nationwide Open House, reaffirming the interest of potential buyers and the inherent value of becoming a homeowner in Middle Tennessee. Still, the softness of the job market appears to be keeping potential buyers in a very cautious posture.

A comparison of sales by category for May is:
 
                                                 
                                     MAY 2010        MAY 2011 
CLOSINGS                  2,270               1,945 
Residential                   1,918               1,595 
Condominium               250                  209 
Multi-Family                  12                    16 
Farms/Lands/Lots        90                    125

     There were 2,023 sales pending at the end of the month, compared with 2,124 pending sales at this time last year. The average number of days on the market for a single-family home was 93 days.

     The median residential price in May was $165,900 for a single-family home and $143,000 for a condominium.  This compares with last year’s median residential and condominium prices $167,700 and $151,825, respectively.  

     Inventory at the end of May was 22,514, down from the 24,007 reported in May of 2010. The current inventory of properties by category, compared to last year is:

                             MAY 2010        MAY 2011       

INVENTORY               24,007              22,514 
Residential                  14,779              14,210 
Condominium              2,519               2,083 
Multi-Family                 439                   360 
Farms/Land/Lots         6,270               5,861 

     “Inventory is down from last year, but – as expected – up from last month,” added Walker. “the late spring and summer housing market activity always prompts an increase in the number of homes available. With little change in median home prices, housing options remain strong and prices are stable. The process of purchasing a home has become much more complicated. Options like short sales and foreclosures create both opportunity and risk. Professional counsel from a Realtor is always valuable, but especially so during these changing times.”

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners.  REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

To access full home sales information, including historical data, click here.

December 2010 Current Market Conditions                                                                                                

• 12.3% Increase In December Home Sales Nationally* (But 2.6% below December 2009)
• 4.2% Decline in Inventory Nationally with 8.1months of supply at current    pace* (Down from 9.5 months in November)
• 10.10% Increase in December home Sales in the Southern Region*
• 8.37% Increase in December Sales in Williamson County Compared to Last Year**
• 15% increase the Median Sales Price Compared to Last Year**
• 0.7% Decrease in the median Sales Price for the South*
• 36% of December Sales Nationally were Distressed Properties*
• 32.8% Decrease in November Sales Year over Year***
• 4.2% Decrease in Sales Year to date Through November***
• 33% of December homes sales were first time home buyers*
• 20% of December Homes Sales were bought by Investors* (Up 19% From November) 

*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 

• Nashville, TN Ranked #5 in “America’s Most Affordable Cities-Forbes.com 10.28.10
• Number of Distressed properties
• Tennessee 2^nd Highest bankruptcy rate Nationally (Administrative Office of the Court)
• Inventory Levels Still High but Williamson County reports a Decrease
• Leasing Options Rising
• Attractive Affordable Conditions for Buyers
• Mortgage fraud rose 17% in 2009 (Wall Street Journal)
• Unemployment Still High (approx. 6.6% in Williamson Co.)
• Interest Rates Remain Low-Lowest reported by Freddie Mac
• Eager Sellers
• New Foreclosures soared 31.2% in Q3 (Investor’s Business Daily-12/30/10)

Cool Springs East-Franklin, Tennessee

                                                                2007      2008      2009    2010

Number of Sales                                    16           12                15           11

Average Price Per Sq. Ft.                $148       $143         $126       $126 

Cool Springs East Absorption Rate = 3.70  months of Supply 

The rate at which a class of properties will be sold (absorbed by the Market) 

Visit my website @ www.janisjmartin.com 

9175 Carothers Parkway, Suite 110 ~ Franklin, TN 37067

 615-478-6906 cell ~ 615-778-1818 office ~ 615-778-8898 fax

Each office independently owned and operated. ~ Licensed to sell Real Estate in the State of Tennessee. ~ Information believed accurate but not guaranteed.

Current Market Conditions for November  2010

• 2.2% decrease as of October from September Home Sales Nationally*
• 25.9% Decrease in October 2010 vs. October 2009*
• 24.0% Increase in October home Sales in the Southern Region*
• 3.4% Decrease in Total Inventory with 10.5 months supply*
• 14.8% Decrease in November Sales in Williamson County Compared to Last Year**
• 15% increase the Median Sales Price Compared to Last Year** (up from July)
• 0.7% Decrease in the median Sales Price for the South*
• 34% of October Sales Nationally were Distressed Properties* (up from July)
• 32.8% Decrease in November Sales Year over Year***
• 4.2% Decrease in Sales Year to date Through November***
• 32% of October homes sales were first time home buyers*
• 19% of October Homes Sales were bought by Investors*
• 19% of Sales in October were Foreclosures (Reported by Realtytimes)

*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 

• Nashville, TN Ranked #5 in “America’s Most Affordable Cities-Forbes.com 10.28.10
• Number of Distressed properties
• Tennessee 2^nd Highest bankruptcy rate Nationally (Administrative Office of the Court)
• Inventory Levels Still High but Williamson County reports a Decrease
• Leasing Options Rising
• Attractive Affordable Conditions for Buyers
• Mortgage fraud rose 17% in 2009 (Wall Street Journal)
• Unemployment Still High (approx. 6.6% in Williamson Co.)
• Interest Rates Remain Low-Lowest reported by Freddie Mac
• Eager Sellers
• New Foreclosures soared 31.2% in Q3 (Investor’s Business Daily-12/30/10)

Courtside @ Southern Woods 

                                                                2007                   2008                   2009

Number of Sales                                  24                            13                           23

Average Price Per Sq. Ft.            147.91               143.30                  132.80

Courtside Absorption Rate = 6.29  months of Supply 

The rate at which a class of properties will be sold (absorbed by the Market) 

Visit my website @ www.janisjmartin.com

9175 Carothers Parkway, Suite 110 ~ Franklin, TN 37067

 615-478-6906 cell ~ 615-778-1818 office ~ 615-778-8898 fax

Each office independently owned and operated. ~ Licensed to sell Real Estate in the State of Tennessee. ~ Information believed accurate but not guaranteed.  

August  2010

• 7.6% Increase in August Home Sales Nationally*
• 5.2% Increase in July home Sales in the Southern Region*
• 11.6% months supply of inventory* (up from July)
• 9% Increase in August Sales in Williamson County Compared to Last Year**
• 15% increase the Median Sales Price Compared to Last Year** (up from July)
• 1.5% Decrease in the median Sales Price for the South*
• 34% of August Sales Nationally were Distressed Properties (up from July)
• 22.8% Decrease in August Sales Year over Year***
• 6.2% Increase in Sales Year to date Through August***
• 0.6% Decrease in total housing inventory* (down from July)
• 31% of August homes sales were first time home buyers (down from July)
• 4% Increase in Foreclosures in August-Reported by Realtytimes

 *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 2^nd 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 reported by Freddie Mac
• Eager Sellers
• Foreclosures are affecting home values

 Wildwood Estates – Brentwood, TN

                                                        2007                      2008                      2009

Number of Sales                                 7                                  4                             1

Average Price perSF                                                163.15                 162.48                   171.07   

 Wildwood Estates Absorption Rate = 11.76  Months of Supply

 The rate at which a class of properties will be sold (absorbed by the 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 2^nd 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.

February Homes Sales: Continue to tease us…but we’ll take all the positive news we can get.  According to  GNAR (Greater Nashville Association of Realtors) we had the 5th consecutive month of increase in home sales in February! Here are the details…..  

There were 1,308 home closings in Greater Nashville during February, representing a 3.2 percent increase from the 1,267 closings reported during February of 2009. The number of pending sales also continues to rise with 1,614 sales pending at the end of this February compared to 1,452 in February of last year. 

The median residential price in February was $159,900 for a single-family home and $149,950 for a condominium. That compares with median prices of $160,000 for residential and $151,120 for condominiums in February of last year.

Inventory is up to 23,159 compared with 23,122 in February of 2009.

The extension and expansion of the Homebuyer Tax Credit is helping to move inventory. Don’t forget that this program expires at the end of April. That means you need to have a binding contract to purchase by this time. You’ll have until July 1, 2010 to close. If you need more details just give me a call or send me an email. I have a handy fact sheet.

Happy Spring!

Here are the factors that really don’t matter when setting your list price, but you really want them too!

Don’t Matter:

• The opinions of friends and neighbors. (Be careful here…love your neighbors but listen to your agent!)
• The original cost. (Price is determined by today’s market.)
• Any investments you’ve made in improvements. (This will take some additional explaining as some improvements can make a difference. More on this later.)
• Cost to build your home today.
• Emotional attachment.

The focus should be on the following factors. An agent that is a “Residential Specialist” and has seasoned research skills will focus on these elements. 

Matters:

• The amount of competition in your price category and area.
• How quickly you need to sell. (Your personal reasons do make a difference.)
• Current financing options for buyers: interest rates, availability of money. (There have been a number of recent changes in lending in additions to the Homebuyer Tax Credit.)
• The sale price of sold homes in the past 3-6 months in your area.
• The condition and location of your home compared to similar homes in the area.

 Remember, the value of the home is set by the buyer. The price is the #1 factor that will determine which homes a buyer will look at!

Call or email me if you have questions. Talk to you soon!

janis@janisjmartin.com

Look for this symbol of experience & excellence.