Mt. Juliet is leading the month with a total of 58 closed residential homes. The median sales price of existing homes is $203,250 with a median price per sq ft of $88.02, 93.5 Days on the market, and homes are selling at an average of 97 percent of list price. Of the 58 closed homes, 18 of those are new. The new homes have a median sales price of $283,950, a median price per square foot of $112.82 and are selling for an average of 100 percent of asking price.
For the first time in months, Providence only made up 33 percent of the new construction sales in February, Hamilton said, adding 19 percent of Mt. Juliets market is foreclosures and/or short sales while 31 percent of it is new construction leaving 50 percent of the real estate market to traditional existing resale homes.
Hamilton noted that Lebanon did well in February as well with 41 closed residential homes. The median sales price of existing homes is $107,300 with a median price per square foot of $73.48 and median days on the market of 102.5, she said, and added that 32 percent of the Lebanon market consists of short sales/and or foreclosures which is drastically affecting the median sales price, and sellers need to remember that it is such a strong part of the market that is becomes a crucial factor in pricing all existing homes.
Without the factor of short sales/foreclosures in Lebanon, the median sales price is $125,000 with a median price per square foot of $80.30, and are selling for an average of 100 percent of ask price versus 90 percent when factoring in the short sales and foreclosures. Only 10 percent of the Lebanon market includes new construction which has a median sale price of $229,900, average price per square foot of $110.01 and are also selling for an average of 100 percent of ask price.
Hamilton said Old Hickory produced six sales in February with a median sale price of $182,450 with 50 percent of that market being foreclosures/short sales. The median price per square foot is $73.89 with median days on market of 99 and homes are selling for 99 percent of list price, even with 50 percent being short sales/foreclosures.
Watertown had three sales with a median price of $54,000, one of which is a foreclosure.
With interest rates continuing to stay at record lows, home prices stabilizing, and more and more buyers taking advantage of the rare opportunity of the many home ownership opportunities, we expect to continue to see our housing market in Wilson County to improve, she said. As buyers continue to demand housing, pricing will only remain level for so long. We currently have an eight-month supply of inventory available, still keeping us in a buyers market. A six-month inventory or less is the magic number to get us across the hump into a sellers market.