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Home prices up, sales down slightly in January

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With the continuation of the tax credits for first time buyers and many current homeowners through April 2010, median homes prices increased for the fifth straight month in January, but fewer homes sold as compared to the first month of 2009.

That was the word this week from Amy Hamilton, public relations chair for the Eastern Middle Tennessee Association of Realtors, or EMTAR.

“As the housing market in Wilson County moves into 2010, we are continuing to see the effects of the struggling economy and the insecurities of the job market, which are affecting the number of home purchases,” she said.

January figures for Wilson County show a median sales price of $228,500, up $44,050 from December ’09. January also produced 61 closed residential homes that averaged 101 days on the market and 71 new homes that went under contract to close. Many homeowners are ready to make a move in 2010, Hamilton noted, with 343 new listings coming on the market, making the availability of homes for sale at 1,064.

“Our average days on the market is the highest it has been in some time coming in at 101. As homeowners get competitive in the market by doing necessary repairs and staging to attract buyers, become more educated to what price the market will support at this time and find incentives to help buyers, that number will decrease while our sales numbers will increase.”

Of the 61 homes that closed, Mt Juliet led the pack with 36 with a median sales price of $244,780, Lebanon came in second with 18 closed homes with a median sales price of $213,402, Watertown and Old Hickory had three closed homes each, followed by Lascassas with one, she said.

“Compared to one year ago, we closed five fewer homes but our median sale price rose by $62,000. Our number of new listings is down, which will help keep the prices up and the inventory down.” Hamilton said, adding “We are optimistic to see what opportunities 2010 have for the Wilson County housing market.

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