Home Sales were UP over 10.5% for the year in Davidson and Williamson Counties.
In both counties the number of closings was up over 10.5% from last year. In Davidson County, there were almost 10,000 home sales in 2015. The average sales price increased to $297,511 in Davidson and $473,875 in Williamson from $267,359 and $457,620 respectively.
HOME SALES SEVEN YEARS AGO
Number of Home Sales
For a little perspective, compare this to 2008. In the year of the doldrums, in Davidson County, sales dropped a dramatic 33% from the prior year to 6,774. Williamson County experienced an even more precipitous drop in the number of closings, 46% fewer closings than 2007.
When you compare inventory or the supply of homes for sale the contrast is equally stark.
In December of 2008, there were 3,258 homes for sale in Davidson County under $500,000. The remaining months in inventory was 11.1. In December of this year, there were only 1,535 homes for sale in that price range, and inventory was a mere 2.3 months or well below the five to six month benchmark for a balanced market.
The same holds true in Williamson County. The supply of homes under $500,000 was over nine months in December of 2008 and barely thirty days this past December.
SO WHAT NEXT?
Despite the slight uptick in interest rates, Nashville home sales aren’t likely to change much in the next six months.
However, the supply of homes priced over $500,000 has been inching up in Davidson County as has the average days on market. For example, in Area 2, the average days on market in December for homes priced under $500,000 was 59; over $500,000 it was 72.