by Flint Adam, Nolensville resident & Realtor®
Tuesday, March 10, 2015
Back to back months of slow sales in Nolensville shouldn’t be considered foreboding. The bigger headline has been the underwhelming inventory here – and around Greater Nashville – to kick off 2015.
That said, the numbers so far are not inspiring. January featured 23 (revised from earlier report) residential sales, which is down considerably from the 47 sold in December 2014. February’s number slipped all the way down to 16 sales, which is the lowest monthly total we’ve seen here in Nolensville since January 2013 had that same number.
Here’s the breakdown provided by the Williamson County Association of Realtors:
- Single-Family Homes Closed: 16
- Median Sold Price: $376,200
- Avg. Days on Market: 84
- Inventory: 133
- Pending: 34
Bent Creek, again, led the way with 4 of those sales (3 of them existing home sales – one of them my listing at 6025 Christmas Drive!) Arrington Retreat was right behind with 3 sales.
Many of the pending sales you see above are ‘under construction’ builds that won’t close for several months. The existing homes inventory, meanwhile, has been a problem. As of this writing, I count only 31 existing homes for sale that are not also under contract. Slim pickings! Buyers are out there, folks – I’m working with a few of them – but a lack of inventory doesn’t make them any less picky. They’re just waiting on more homes to come to market.
Which brings me to my next point: I have shown a few homes as of late that I’ve noticed are waaaaaaay off the mark, price-wise. Even in a seller’s market, today’s buyers won’t easily be duped. More and more folks are working with buyer representation (read about how I work with buyer clients by clicking here) and are getting a detailed comparative market analysis that proves what a reasonable price point is.
Home sellers are rightfully trying to take advantage of demand, but if you’re unreasonable to begin with, you’re just going to be ignored and then next thing you know your home is stigmatized. When I list homes, I consider market momentum and inventory, and yeah – I’ll goose the number a little if I feel we can get it… but within reason, folks – or you’ll miss the boat.
Spring break is next week for Williamson County schools, and March Madness is about take off – these are considered unofficial start points for the beginning of prime residential real estate season. You’ll notice more and more inventory coming to market in the approaching weeks, more open houses, and more folks making the slow drive through your neighborhood streets.
It’s still my stance that if you have the ability, you should hit the market sooner rather than later. It only helps you to market your home when there’s less competition. If you don’t have that ability, correct pricing and an agent who can effectively market your home are all the more important.
I’m a Nolensville TN resident… I’m a Nolensville TN Realtor®… and I always offer a complimentary, no commitment, no pressure Comparative Market Analysis for my neighbors. Please let me know how I may assist you in the sale or purchase of a Nolensville property.
Note: The above information cites Williamson County sales data for Nolensville, Tennessee. There are, of course, a handful of Nolensville properties that also exist in Davidson and Rutherford counties, but for the purpose of this article I am focusing on Williamson County since a majority of Nolensville addresses fall within this geographic area.