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City's average home price $607K in August

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City's average home price $607K in August | Amy b. wyatt, WCAR, GNAR, brentwood tn news, real estate, brentwood home page

Home sales, prices up, and they're going faster too
Brentwood Home Page staff reports
Good news was experienced on all fronts of the local real estate market last month, with both home sales and prices showing healthy increases while days on the market decreased.

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In Brentwood, the number of homes closed in August improved 11.9% from the previous year. “More encouraging news is the average and median prices increased 9% and 1% respectively,” said Brentwood Realtor Amy B. Wyatt, who provides Brentwood Home Page with its monthly real estate stats for the city. “Average days on market declined a whopping 15 percent,” she added.

Williamson County and the Greater Nashville area also saw increases in the number of homes sold last month.

In Brentwood, the average price of the 59 homes closed last month was $607,002 while the median price was $511,000. A year ago, the average price was $555,063 and the median was $505,250. The median represents the point in which half of the homes sold for more and half sold for less.

“Of the currently listed 428 homes in Brentwood, 12% are under contract," Wyatt said, pointing out another positive sign. And of those, 18.3 percent are not resales, indicating a rebound in new construction.

“With Brentwood schools being nationally ranked, and considered by most experts to be the best in Tennessee, Brentwood is considered by many the place to buy for those seeking stability and good re-sale opportunities,” Wyatt said. “Plus, it’s just one of the best communities in the Nashville area to live.”

Six condos sold in August, up from three in August 2010.

The Williamson County Association of Realtors released countywide numbers last week. While the number of residential closings was down 18 percent compared to July, they were still up 16.5 percent compared to August 2010.

“This is the first month in a while that we have seen the number of homes sold drop, however we are experiencing an increase compared to the same period of August 2010,” said Tiffany Cheuvront, WCAR’s executive vice president. “One interesting statistic is that Farms and Land are seeing increases to the median sales price and units sold compared to the same period in 2010. The good news in an ever-changing market is that the interest rates are remaining low and there is plenty of inventory, so now is a great time to enter the housing market in Williamson County.” 

The county’s average home price last month was $410,735 and the median price was $349,900. Franklin’s average price was $392,690 and its median price was $350,025.

Regionally, 2,047 home closed in August, according to figures provided by the Greater Nashville Association of Realtors.  This figure represents a 28.4 percent increase from the 1,594 closings reported for the same period last year. 

“There was an increase in closings in all categories during the month of August – a continued sign the market is stable and showing some encouraging signs,” said GNAR president Alice Walker. “For the second consecutive month, pending sales have increased, condo prices are up and single-family home prices are consistent.

“The comparison of closings to last year continues to support a distorted view of the market.  In the first half of this year, we were comparing to months where the tax credit was in place in 2010.  That drew many buyers into the market sooner than they planned, but left fewer buyers in the market once the tax credit expired.

“So what we are really seeing now is a stable market that looks stronger when compared to the weaker market that followed the expiration of the tax credit last year.” 

 There were 2,055 sales pending at the end of August, compared with 1,716 pending sales at this time last year.  The average number of days on the market for a single-family home was 90 days.

The median residential price for a single-family home regionally during August was $171,900, and for a condominium it was $152,000.  This compares with last year’s median residential and condominium prices of $174,500 and $141,890, respectively.

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