YEAR IN REVIEW: City's home market holds steady

By SUSAN LEATHERS
Brentwood Home Page
Though statistics for Brentwood single-family home sales this month won’t be released until early January, a review of 2011’s month-by-month statistics offers positive news for Brentwood buyers and sellers.

Seven out of 11 months saw an increase in total number of homes closed over the same month the previous year, while median prices increased five out of those 11 months. The average median price of single-family homes sold in the city between January and November was  $515,244.

“Locally, we are not seeing the fall out of the foreclosure boom that many parts of the country and even our state have experienced,” Tiffany Cheuvront of the Williamson County Association of Realtors stated earlier this month. “The good news is that as more businesses continue to come into our area and unemployment rates remain below the national average, we are optimistic that homeowners will find themselves in better financial shape through 2012.”

According to the National Association of Realtors, continued inventory declines in Williamson County and throughout the country are a healthy sign of a slow, but improving housing market and buyers taking advantage of the low interest rates and inventory on the market.

Next week, BHP real estate writer Amy Stumpfl will present a 2012 outlook on the local market, gleaned from interviews from some of the city’s leading Realtors and brokers as well as statistical information.

Here’s a month-by-month review of BHP’s coverage of home sales and median prices in 2011 as compared to 2010 with links to our archived stories. The median price – which means half of the homes sold for more and half less -- is considered a more realistic indicator than average home price, which can be skewed with one or two very high or very low sales.

January: Sales up; Median price: down

In January, 33 homes closed, up 30.3 percent from January 2010. Another sign of improvement comes with average days on the market, down 10 from the previous year. “Homes sales were up considerably from December 2010 and prices were down only slightly,” said Realtor Amy B. Wyatt, who provides Brentwood Home Page with its monthly sales statistics. At the time she said, “This is the one of the busiest December and January markets I’ve seen in my 17 years of real estate and it looks like February is continuing the trend, despite the weather.”  Click here.

February: Sales down; median price down

Wyatt’s prediction didn’t come true but city and county real estate professionals said there was no reason to push a panic button. In Brentwood, 29 single-family homes closed in February, down 12.1 percent over the previous year. The median price was $510,000, down from $550,778 while the average price was $616,379, down from $643,798. Click here.

March: Sales up; Median price down

Spring flowers weren’t the only thing blooming in Brentwood in March. Home closings were on the rise as well, with the market holding strong from the previous year. Closings were up 11.2 percent over March 2010. The average price was too, though the median dropped to $538,739 in 2011 from $567,000 in March 2010.  Click here.

April: Sales down; Median price up

Brentwood home sales dipped 19 percent in April over April 2010 but the good news was the average price increased by a significant 7 percent while the median price also increased, to $475,000 from $452,500. Click here.

May: Sales up; Median price up

Positive signals were sent in May, when the number of home sold rose 4.7 percent over May from the previous year. More encouraging news was the average and median prices increased to 4.7% and 7.9% respectively. On average, homes sold this month had been on the market 95 days. Click here.

The average median price for a Brentwood home sold in the first 11 months of 2011 was $515,244. This 4 bedroom 2.5 bath Highland View home is currently listed at $515,000.

June: Sales down; median price down

An early summer slump saw Brentwood’s closings decline 11.6 percent in June over June 2010, but that figure was brighter than the 16 percent decline reported for the entire region served by the Greater Nashville Association of Realtors. The median price for a Brentwood home sold in June was $480,970 while the average price was $568,347. That compares to $555,000 and $578,681, respectively, the previous year. Click here.

July: Sales up; Median price down

Home sales in Brentwood mirrored those in Williamson County and the Greater Nashville area overall in July by showing a significant increase over the previous year. Eighty-six homes closed, up 16.3 percent from July 2010.The median price, however, fell from $535,000 to $518,000. Click here.

August:  Sales up; Median price up

Good news was experienced on all fronts of the local real estate market in August, with both home sales and prices showing healthy increases while days on the market decreased. 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,” reported Wyatt, adding, “Average days on market declined a whopping 15 percent.” Williamson County and the Greater Nashville area also saw increases in the number of homes sold. Click here.

September: Sales up; Median price up

Big gains were seen in local and regional home sales, and for the first time in a long time, average and median prices saw improvements over the same period at year ago. In Brentwood, 54 homes closed in September, with an average price of $541,396. The median price for the month was $500,250. Click here.

October: Sales down; Median price down

“October typically is the beginning of the fall market; the time between when school starts and people start thinking about buying and selling again,” said Wyatt “October’s single digit drop in sales and price are most likely indicative of the lull we usually experience because of September’s slowdown in activity.” Click here.

November: Sales up; Median price Up

Christmas came early to the residential real estate community through Middle Tennessee. Sales, and in many cases prices, increased across the board. Brentwood saw 42 homes close last month at an average price of $669,733 and a median price of $589,974. Sixty-six home sales were pending, while the number of homes listed in the city in November was 386.Click here.