I don’t know if 2012 is the year for you to make a move, but I see a promising trend in the local real estate market! Is it real, and is it sustainable? Only time will tell. Read on for details.
In 2011, the number of closings increased 3.7 % from 2010, and the average closing price increased as well.
|Number of Closings||5660||5457||5979||6774||9015||10,536||10,481|
|Average Closing Price||$207,015||$203,976||$199,111||$220,669||$229,160||$215,220||$200,264|
|Ratio of CP to LP %||95.8||96||96.1||97.2||98||98.8||98.8|
|Average Days on Market||87||83||79||74||63||59||62|
For the second year, the number of closings is up.
The average closing price has jumped around the past two years, and is down from 2010.
|Number of Closings||2917||2703||2367||2697||3947||4896||4812|
|Average Closing Price||$398,242||$411,435||$407,615||$432,345||$454,730||$426,065||$361,780|
|Ratio of CP to LP %||96.1||95.1||95.2||97.1||98.3||99.8||99.8|
|Average Days on Market||93||95||94||82||65||49||57|
What Does It Mean?
The numbers are heading in the right direction. For example, beginning in 2006, the number of closings steadily declined in Davidson County. In 2011, the trend reversed.
The same is true in Williamson. The number of closings declined from a high in 2006 and finally turned around in 2010.
What Does It Mean For Buyers And Sellers?
As I have said before, if you have the cash, credit, job security, financing, and housing flexibility, it is a good time to buy. No, I don’t know if we’ve hit bottom. Although the trends indicate a turnaround, there are other factors such as inventory and the overall economy which influence the market as well.
Rather than speculate, do your homework and determine if this is the right time for YOU to buy.
If you bought at the top of the market, you may want to stay put.
But remember the axiom, sell low, buy low. This may be the opportunity to acquire a bigger/better/different home.