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January 7, 2008 (Franklin, TN)—The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of December 2007. There were 305 residential and condominium closings reported for the month of December, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to December of 2006, the single family residential closings decreased 30 percent and the median price decreased by 2 percent. Compared to 2005, the median home prices have increased by 20 percent. Condominiums closings have increased by 2 percent and the median price increased by 5 percent. Compared to 2005, the median price for condominiums has increased 37 percent. The average days on the market (DOM) for residential homes have increased by 21 days and condominiums have increased by 2 days. Days on the market have been consistent since the onset of 2007, with the days ranging from 58 – 72 days. Median prices have remained consistent since January 2007, ranging from $365,000 to $391,200. The median is a typical market price where half of the homes sold for more and half sold for less.
December 2007
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Closings
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Median Price
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Average Price
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DOM
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Residential
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247
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$ 385,757
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$ 471,523
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74
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Condominium
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58
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$ 198,732
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$ 217,309
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51
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December 2006
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Closings
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Median Price
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Average Price
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DOM
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Residential
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356
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$ 394,900
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$ 456,445
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53
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Condominium
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57
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$ 190,000
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$ 213,643
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49
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December 2005
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Closings
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Median Price
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Average Price
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DOM
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Residential
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450
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$ 320,704
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$ 414,290
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50
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Condominium
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46
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$ 144,950
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$ 180,452
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31
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"As expected the real estate market in Williamson County remained consistent with the other months of the fourth quarter producing approximately 250 residential closings each month. Real estate continues to be a strong investment in our area despite the seasonal slowdown that is consistent with the fourth quarter of every year. Nationally 2007 is the fifth best year for real estate since the National Association of REALTORS® began keeping records; more than 100 years ago. We expect 2008 to remain consistent with 2007 with an increased volume of transactions towards the middle of the year.” said Kathie Moore, 2008 President of the Williamson County Association of REALTORS®.
The Williamson County Association of REALTORS® is the professional trade organization servicing the real estate industry in Williamson County. Established in 1962, the association provides professional development and support services for real estate professionals. The association has over 1,750 members and is headquartered in Franklin, Tn.
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