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June 9, 2008 (Franklin, TN)—The Williamson County Association of REALTORS® announces the sale of homes statistics for Williamson County, Tn. for the month of May. There were 346 residential and condominium closings reported for the month, according to figures provided by RealTracs® Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to May of 2007, the residential home closings decreased 26 percent and the median prices for residential homes remained the same, with less than a one percent change. Days on the market (DOM) for residential homes increased by 24 days as compared to May 2007. Condominium closings decreased by 60 percent. The median prices for condominiums decreased by 20 percent and days on the market decreased by 17 days compared to May 2007.
May 2008
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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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321
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$ 370,000
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$ 440,864
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85
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Condominium
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25
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$ 196,000
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$ 209,772
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86
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May 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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434
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$ 371,338
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$ 481,385
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61
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Condominium
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60
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$ 244,490
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$ 241,554
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69
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May 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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462
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$ 335,000
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$ 417,075
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49
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Condominium
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68
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$ 147,900
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$ 186,172
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45
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"The trend in residential single family closings of around 30% below 2007 continues. With the rising oil prices, rising interest rates, and general attitude of apprehension in the market; it is expected that the remainder of the summer will trend at somewhere around 30% of the 2007 numbers as well; with June numbers increasing and then tapering off at the end of the season,” said Kathie Moore, 2008 President of the Williamson County Association of REALTORS®.
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