by Flint Adam, Nolensville resident & Realtor®
Friday, April 10, 2015
Well, that’s how you get back on track!
After a disappointing February that saw Nolensville real estate post its most dismal sales figure since January 2013, the town bounced back to a very strong 38 sales in March – a 36% jump from March 2014.
We’re still a little behind last year’s pace, though… Q1 2014 featured residential sales totaling 82. Through the first quarter of 2015, we’re at 77 – or about a 6% decline.
I see a couple of factors: 1.) inventory remains low and has stifled buyers’ attempts to move into town, (though inventory in March was actually up 13% vs. a year ago). 2.) home prices continue moving upward, slowly pricing out some would-be buyers. The median home price in Nolensville last month was $380,342.
Our town is still more affordable than the Williamson County median price tag, which last month hit $409,691. Nolensville trails behind Brentwood ($670,000) and Franklin ($446,300), but has leap-frogged well past other county towns Spring Hill ($285,000), Thompsons Station ($235,642), and Fairview ($164,00).
Of the town’s 153 active listings (as of this writing and including under-contract homes), 125 homes were priced $350,000 or above. Yes, folks – our town is a destination, and both home sellers and Steven Tyler have figured that out.
So, here’s the March 2015 breakdown provided by the Williamson County Association of Realtors:
- Single-Family Homes Closed: 38
- Median Sold Price: $380,342
- Avg. Days on Market: 65
- Inventory: 154
- Pending: 46
Bent Creek, as usual, led the way with 15 of those sales. Ballenger Farms came in second with 5.
So, what’s it been like actually working the market? I’ll share my personal experience. On the listing side, I’ve represented five Nolensville homes so far this year. ALL of them have gone under contract in less than a month (10, 13, 15, 18, and 27 days respectively). That fifth one would have gone under contract on its day 18, but the buyers and sellers were not able to come to terms on a closing date that worked for both parties, so the deal fell apart. (Click here for more on how I work with sellers).
Meanwhile, I’ve presented offers for five different Nolensville buyer-clients so far in 2015, and three of those deals were multiple-offer situations. Speaking with other area Realtors, it would seem that I’m not alone in that regard. (Click here for more on how I work with buyers).
If a home today is priced accordingly, marketed effectively, and shows well – folks, it’s going to sell. The laggards on the market tend to be For Sale By Owner, have a price-point problem, or simply need work done to make them show-worthy in today’s environment. With so many brand new houses available, buyers are seeing lots of shiny, pretty product out there. It makes a home that needs paint touch-ups, landscaping, and carpet cleaning stand out like a sore thumb. It’s imperative that sellers get with the program and have a home that smells good and looks good if they want to sell – even if it is a seller’s market.
I’m happy to meet with you and discuss the most effective ways to prepare and market your home for sale as real estate season gets underway.
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.