Home sales in January 2012 produced only two less sales than January 2011 and 29 more than January 2010 so the market is still remaining strong and should only go up from here, said Amy Hamilton, public relations chair for the Eastern Middle Tennessee Association of Realtors.
Traditionally, Januarys home sales are the lowest of the 12-month period due to the holiday season, she added.
As interest rates continue to remain at an all time low, home prices continue to reflect prices of 8-10 years ago in most areas, and consumer confidence continues to grow, we will continue to see an increase in home sales as buyers take advantage of this rare opportunity, Hamilton said.
Information from Realtracs of Middle Tennessee Multiple Listing Service showed there were 90 sold residential homes in Wilson County in January and 124 homes were put under contract in January for closing at a future time, Hamilton said.
Of the 90 homes sold, Mt Juliet ended January with 60 of those sales. Of those 60, she noted that 26 were new construction sales (43 percent), 14 were foreclosures or short sales (23 percent), and 34 were traditional resale homes (57 percent). The median sales price of existing home sales in Mt Juliet is $169,625 with a median sales price per square foot of $90.51. Existing homes are selling for an average of 96 percent of list price.
Lebanon produced 25 residential home sales in January with a median sales price of $179,999 and a median price per square foot of $77.98. Of the 25 sales, nine were foreclosures or short sales (36 percent) and four were new construction (16 percent). The remaining 12 were traditional resale homes (48 percent).
Watertown had four sales in January, three of which were foreclosures or short sales with a median sales price of $82,250. Old Hickory ended with one sale.
Of our market in January, 29 percent were foreclosure of short sale, 33 percent were new construction, and 38 percent were traditional resale homes.
As you can see, it is crucial for homeowners to make sure their home is priced with what the market will support and the condition is the best it can be to be able to compete with the other strong factors of the market, Hamilton added.