Nashville new home construction is down but that could be good news for the real estate market
The Nashville area's building permits have fallen to the pre-boom levels of 2003, a sign that builders strongly restricted new home construction in 2007.
Analysts say that pull back is good for the real estate market since inventory levels have been on the rise and demand shrunk.
Tightening has also meant job cuts.
"The good news is that the building permits are off, because we are finding ourselves with some extra inventory in the marketplace," says Edsel Charles, president of Nashville-based MarketGraphics Research Group, which conducted the report. "We are seeing the market reaching for a bottom and anticipate that the market will start its recovery between August of 2008 and March 2009."
Building permits in the seven-county area for January through November were down 17 percent in 2007 - coming in at 11,389 compared to 13,851, according to MarketGraphics. In 2003 there were 11,421 permits pulled between January and November.
The change in market dynamics has caused Nashville builders to shave staff and reposition their businesses.
Nashville-based Greenvale Homes pulled 22 percent fewer permits in 2007 than in 2006, and its inventory was down almost 50 percent.
Greenvale's chief financial officer Shane McFarland says builders were smart in 2007 and slowed their construction to allow inventory to be absorbed. The slowdown caused his company to cut some staffing and its subcontractor base.
"Most companies have had to scale back on operating, whether its inside staff or outside staff. We could not be positioned to be building homes at an '06 level. Any prudent business has done that," McFarland says.
Middle Tennessee State University economist David Penn says he's sure the local building industry has seen cutbacks. So far, however, preliminary numbers show construction jobs locally have increased over last year, but Penn says when adjusted numbers come out, they may show a drop.
Construction jobs nationally have been falling, and Penn isn't sure if the pick-up in commercial building and road construction is enough to offset the residential losses in Nashville. Phil Pace, owner of The Conseco Group Inc. a construction service company that primarily does commercial building, says he's seen a lot more resumes from residential contractors looking for work.
Pace says he expects to see more competition in the commercial subcontractor market, which could mean their services may cost slightly less or "at best" stay flat. Pace says this looks to be a plus for his company, since the last couple years have seen prices rise for all trades.
Wilson County bucked the trend this year. It had a 13 percent increase in building permits to 1,208 from 1,068. Davidson County was the other county with an increase - 0.5 percent to 3,812 - from January through November, according to MarketGraphics.
The other five counties saw permits decline, including Williamson County with the largest drop of 37 percent.
Real estate agents in Mt. Juliet say Providence Marketplace, good schools and affordable prices have increased construction in Wilson County.
"We've got almost everything that people are looking for. People are coming farther east to buy. They can get so much more for their money," says Margaret Dixon, who sells homes for builders through Crye-Leike Realtors. She says her builders in Wilson County reacted to the market by slowing down. The result: She now has no spec homes left from one builder, one home left from another and two spec homes left from a third.
And with the median price for a home at $202,500, buyers can get a lot more for their money than Williamson County's $379,369 median price.
McFarland says he expects the housing market to be strong into 2008, but not as good as 2005 and 2006. His company, which primarily builds in Davidson and Rutherford counties, has moved into Wilson County because numbers showed it was a land of opportunity.
Celebration Homes principal partner Randall Smith says his sales in Wilson County helped his company see its best year since it started in 2001. The builder sells homes in three counties, but sales in Providence played a significant role in the company's success this year.
"We've seen steady demand for our housing in Providence where some of our other communities demand has been less. Some of that has been due to oversupply of housing," Smith says.
Nashville Business Journal - January 18, 2008
News, interests, info and tips about the Real Estate Market in Middle Tennessee. Our Focus is the Nashville area, both Williamson and Davidson County and the surrounding areas of Franklin, Brentwood, Spring Hill, Thompson's Station, Hendersonville, Leipers Fork, Belle Meade, Nolensville, the Cool Springs area and the Vanderbilt area
January 20, 2008
Franklin Special School District honors it's board
Proclamation honors school board officials
Mayor John Schroer has declared Jan. 20-26 school board appreciation week. Schroer delivered the proclamation personally to the Franklin Special School District Board of Education at its meeting.
The proclamation, given annually to the school board, honors board members for their hours of public service to the community.
A former FSSD board member for 14 years, Schroer told board members that he had a great love for the school system he served.
The board celebrates the week by visiting schools and attending various student celebrations.
In honor of the board members, the school system also donated a book to each school library, A Guide to the Natchez Trace.
"This is a family like no other," Schroer said.
Disciplinary board members namedThe board unanimously approved the appointment of three members to serve on the student disciplinary hearing authority. The members are: Jerre Ann Mathis, Tricia Green and Roberta Hill.
Board policy dictates that the school district must have a disciplinary board in place. Director of Schools David Snowden said that it is rare that the district needs the help of the board, but nevertheless the institution is necessary.
"Thankfully, we don't have a lot of situations," Snowden told the board members. "But we need one anyway."
Board to vote on firm for renovationsFormer FSSD board member Mayor John Schroer advised his former colleagues to interview two out of four construction management firms before deciding on which would oversee renovation projects at Freedom Intermediate and Moore Elementary schools.
The school board requested proposals for the management job and received four bids, with the lowest a tie between two companies at $588,000.
The two companies are Doster Construction and Medical Construction Group. Schroer said both firms came highly recommended but that the board should hold individual interviews.
The school board will interview and vote on the competing firms at a specially called meeting Saturday 4 p.m. at The Lodge at Deer Run, 3803 Perkins Road, Thompson's Station.
"They are your eyes and ears on the project," Schroer told board members. "Their pricing is fixed. It doesn't do them a lot of good to cut corners. Both of these companies are anxious to have the job."
The Williamson A.M - The Tennessean
Mayor John Schroer has declared Jan. 20-26 school board appreciation week. Schroer delivered the proclamation personally to the Franklin Special School District Board of Education at its meeting.
The proclamation, given annually to the school board, honors board members for their hours of public service to the community.
A former FSSD board member for 14 years, Schroer told board members that he had a great love for the school system he served.
The board celebrates the week by visiting schools and attending various student celebrations.
In honor of the board members, the school system also donated a book to each school library, A Guide to the Natchez Trace.
"This is a family like no other," Schroer said.
Disciplinary board members namedThe board unanimously approved the appointment of three members to serve on the student disciplinary hearing authority. The members are: Jerre Ann Mathis, Tricia Green and Roberta Hill.
Board policy dictates that the school district must have a disciplinary board in place. Director of Schools David Snowden said that it is rare that the district needs the help of the board, but nevertheless the institution is necessary.
"Thankfully, we don't have a lot of situations," Snowden told the board members. "But we need one anyway."
Board to vote on firm for renovationsFormer FSSD board member Mayor John Schroer advised his former colleagues to interview two out of four construction management firms before deciding on which would oversee renovation projects at Freedom Intermediate and Moore Elementary schools.
The school board requested proposals for the management job and received four bids, with the lowest a tie between two companies at $588,000.
The two companies are Doster Construction and Medical Construction Group. Schroer said both firms came highly recommended but that the board should hold individual interviews.
The school board will interview and vote on the competing firms at a specially called meeting Saturday 4 p.m. at The Lodge at Deer Run, 3803 Perkins Road, Thompson's Station.
"They are your eyes and ears on the project," Schroer told board members. "Their pricing is fixed. It doesn't do them a lot of good to cut corners. Both of these companies are anxious to have the job."
The Williamson A.M - The Tennessean
January 18, 2008
National Assoc. of Realtors Home Value Facts
NAR Campaign Relates Real Facts About Real Estate
WASHINGTON, January 14, 2008 -
Beginning today, the National Association of Realtors® is reaching out to consumers with the facts about homeownership and the value of real estate as a long-term investment. Would-be homeowners who are uncertain about their home buying plans can learn more about the options available to them and the long-term benefits of owning a home through a new advertising campaign that will provide current, relevant housing data to help them make informed decisions about buying a home.
Over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from NAR’s existing-home sales series. A Federal Reserve study has shown that the average homeowner's net worth is 46 times the net worth of the average renter. Despite this and other research, some potential home buyers are being kept on the sidelines as they react to national media reports about the housing market.
“Nobody buys a home in the national real estate market,” said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “All real estate markets are local, and buyers and sellers who are thinking about making a move should consult with a Realtor® in their local market to learn about conditions specific to the area. It’s also advisable to look beyond the immediate horizon – real estate has proven itself to be a good long-term investment and a safe, secure way to build long-term wealth.”
According to NAR’s most recent forecast, existing-home sales are likely to total 5.66 million in 2007, the fifth highest on record, rising to 5.70 million in 2008 and 5.91 million in 2009. Existing-home prices are likely to be down 1.9 percent to a median of $217,600 for all of 2007 which is good news for buyers; prices are expected to hold steady in 2008, and then rise 3.1 percent in 2009 to $224,400.
The campaign includes a new Web site, www.HousingMarketFacts.com, which provides more information about the benefits and value of owning a home, identifies current public policy issues of importance to consumers in the real estate transaction and allows visitors to link directly to www.REALTOR.com to find a Realtor®.
The ads are part of NAR’s Public Awareness Campaign. For more than a decade, the Public Awareness Campaign has helped millions of consumers realize the value of using a Realtor® to help them buy or sell real estate, and is now educating consumers about the value of housing as a long-term investment. In 2008, campaign ads will be broadcast nationwide from January through November and will air more than 10,000 times on national TV and radio outlets. Local and state Realtor® associations are encouraged to coordinate with the campaign in their markets with local radio, TV and print buys. To learn more about the national Public Awareness Campaign, visit www.realtor.org/awarenesscampaign.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
WASHINGTON, January 14, 2008 -
Beginning today, the National Association of Realtors® is reaching out to consumers with the facts about homeownership and the value of real estate as a long-term investment. Would-be homeowners who are uncertain about their home buying plans can learn more about the options available to them and the long-term benefits of owning a home through a new advertising campaign that will provide current, relevant housing data to help them make informed decisions about buying a home.
Over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from NAR’s existing-home sales series. A Federal Reserve study has shown that the average homeowner's net worth is 46 times the net worth of the average renter. Despite this and other research, some potential home buyers are being kept on the sidelines as they react to national media reports about the housing market.
“Nobody buys a home in the national real estate market,” said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “All real estate markets are local, and buyers and sellers who are thinking about making a move should consult with a Realtor® in their local market to learn about conditions specific to the area. It’s also advisable to look beyond the immediate horizon – real estate has proven itself to be a good long-term investment and a safe, secure way to build long-term wealth.”
According to NAR’s most recent forecast, existing-home sales are likely to total 5.66 million in 2007, the fifth highest on record, rising to 5.70 million in 2008 and 5.91 million in 2009. Existing-home prices are likely to be down 1.9 percent to a median of $217,600 for all of 2007 which is good news for buyers; prices are expected to hold steady in 2008, and then rise 3.1 percent in 2009 to $224,400.
The campaign includes a new Web site, www.HousingMarketFacts.com, which provides more information about the benefits and value of owning a home, identifies current public policy issues of importance to consumers in the real estate transaction and allows visitors to link directly to www.REALTOR.com to find a Realtor®.
The ads are part of NAR’s Public Awareness Campaign. For more than a decade, the Public Awareness Campaign has helped millions of consumers realize the value of using a Realtor® to help them buy or sell real estate, and is now educating consumers about the value of housing as a long-term investment. In 2008, campaign ads will be broadcast nationwide from January through November and will air more than 10,000 times on national TV and radio outlets. Local and state Realtor® associations are encouraged to coordinate with the campaign in their markets with local radio, TV and print buys. To learn more about the national Public Awareness Campaign, visit www.realtor.org/awarenesscampaign.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
January 7, 2008
Williamson County December 2007 Home Sales
Williamson County Association of Realtors® Announces December 2007 Home Sales
January 7, 2008 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of December 2007. There were 305 residential and condominium closings reported for the month of December, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to December of 2006, the single family residential closings decreased 30 percent and the median price decreased by 2 percent. Compared to 2005, the median home prices have increased by 20 percent. Condominiums closings have increased by 2 percent and the median price increased by 5 percent. Compared to 2005, the median price for condominiums has increased 37 percent. The average days on the market (DOM) for residential homes have increased by 21 days and condominiums have increased by 2 days. Days on the market have been consistent since the onset of 2007, with the days ranging from 58 - 72 days. Median prices have remained consistent since January 2007, ranging from $365,000 to $391,200. The median is a typical market price where half of the homes sold for more and half sold for less.
As expected the real estate market in Williamson County remained consistent with the other months of the fourth quarter producing approximately 250 residential closings each month. Real estate continues to be a strong investment in our area despite the seasonal slowdown that is consistent with the fourth quarter of every year. Nationally 2007 is the fifth best year for real estate since the National Association of REALTORS® began keeping records; more than 100 years ago. We expect 2008 to remain consistent with 2007 with an increased volume of transactions towards the middle of the year." said Kathie Moore, 2008 President of the Williamson County Association of REALTORS®.
As expected the real estate market in Williamson County remained consistent with the other months of the fourth quarter producing approximately 250 residential closings each month. Real estate continues to be a strong investment in our area despite the seasonal slowdown that is consistent with the fourth quarter of every year. Nationally 2007 is the fifth best year for real estate since the National Association of REALTORS® began keeping records; more than 100 years ago. We expect 2008 to remain consistent with 2007 with an increased volume of transactions towards the middle of the year." said Kathie Moore, 2008 President of the Williamson County Association of REALTORS®.
December 31, 2007
Nashvilles' housing market bouncing back!
Analysts expect Nashville's housing market to bounce back by fall 2008 and they are not predicting much rise in home prices before then.
Edsel Charles, founder of Nashville-based MarketGraphics Research Group Inc., a new-home market research company, says the market has almost reached bottom, and will bottom out near the end of January.
He says he expects a slight recovery in the spring but that the market will remain flat throughout the summer.
"It doesn't return to a reasonably decent market until fall of 2008 or spring of 2009," Charles says.
Consumers will find the lowest prices today for new homes, he says.
Charles says he expects the market to "firm up" by August and buyers to be paying full price by March of 2009.
"Material costs are down," Charles says. "So today is the lowest you are going to find for home prices. Everybody dropped prices like nuts."
Charles has talked to builders who had excess inventory and slashed prices to get rid of homes, but he says such discounts are only likely to be around for the next two or three months.
"I met with a builder who sold over 100 houses in the last two months," Charles says. "He just cut and run, dumped inventory. He's down to 15 homes that are not sold. He's saying, 'Now we're at the bottom.'"
Bernard Helm, president of Market Opportunity Research Enterprises in Rocky Mount, N.C., agrees that builders are reducing inventory in Nashville, which he says is smart.
The Nashville Business Journal - Dec. 31, 2008
Edsel Charles, founder of Nashville-based MarketGraphics Research Group Inc., a new-home market research company, says the market has almost reached bottom, and will bottom out near the end of January.
He says he expects a slight recovery in the spring but that the market will remain flat throughout the summer.
"It doesn't return to a reasonably decent market until fall of 2008 or spring of 2009," Charles says.
Consumers will find the lowest prices today for new homes, he says.
Charles says he expects the market to "firm up" by August and buyers to be paying full price by March of 2009.
"Material costs are down," Charles says. "So today is the lowest you are going to find for home prices. Everybody dropped prices like nuts."
Charles has talked to builders who had excess inventory and slashed prices to get rid of homes, but he says such discounts are only likely to be around for the next two or three months.
"I met with a builder who sold over 100 houses in the last two months," Charles says. "He just cut and run, dumped inventory. He's down to 15 homes that are not sold. He's saying, 'Now we're at the bottom.'"
Bernard Helm, president of Market Opportunity Research Enterprises in Rocky Mount, N.C., agrees that builders are reducing inventory in Nashville, which he says is smart.
The Nashville Business Journal - Dec. 31, 2008
December 30, 2007
New Shoping Center to be built in LaVergne
Rutherford County will be getting a $20 million shopping center along Interstate 24, spurred by the recent construction of a Super Target nearby.
Centrum SSI of Nashville, a local affiliate of Centrum Properties Inc. of Chicago, recently bought nearly 21 acres from Jack Oman for $2.6 million.
The land, at the northeast corner of the intersection of Interstate 24 and Sam Ridley Parkway West, will make way for a retail center named The Shoppes at La Vergne, says Brad McNutt, commercial development specialist for Centrum.
McNutt says the growth of retail in the La Vergne-Smyrna area helped make the decision easy.
Colonial Properties Trust, a Birmingham, Ala.-based real estate investment trust, has begun building a major retail center close to Centrum's property. The proximity to Colonial's new Target made Oman's property attractive, McNutt says.
"It will be a regional draw," says McNutt.
The Centrum site is located fully in La Vergne, although it borders the city of Smyrna, where Colonial's Target will stand. Target could open by spring 2008. Colonial's other draw, Kohl's, opened in October.
The area is high in population density but has been underserved, says Holly Sears, Rutherford County vice president of economic development. The new center will help generate sales taxes for local schools and city governments, she says.
The developments are also generating hotel activity, Sears says. A Holiday Inn Express is under construction near the I-24 exit.
Nashville Business Journal - December 28, 2008
Centrum SSI of Nashville, a local affiliate of Centrum Properties Inc. of Chicago, recently bought nearly 21 acres from Jack Oman for $2.6 million.
The land, at the northeast corner of the intersection of Interstate 24 and Sam Ridley Parkway West, will make way for a retail center named The Shoppes at La Vergne, says Brad McNutt, commercial development specialist for Centrum.
McNutt says the growth of retail in the La Vergne-Smyrna area helped make the decision easy.
Colonial Properties Trust, a Birmingham, Ala.-based real estate investment trust, has begun building a major retail center close to Centrum's property. The proximity to Colonial's new Target made Oman's property attractive, McNutt says.
"It will be a regional draw," says McNutt.
The Centrum site is located fully in La Vergne, although it borders the city of Smyrna, where Colonial's Target will stand. Target could open by spring 2008. Colonial's other draw, Kohl's, opened in October.
The area is high in population density but has been underserved, says Holly Sears, Rutherford County vice president of economic development. The new center will help generate sales taxes for local schools and city governments, she says.
The developments are also generating hotel activity, Sears says. A Holiday Inn Express is under construction near the I-24 exit.
Nashville Business Journal - December 28, 2008
December 21, 2007
Hendersonville Real Estate is becoming very desirable
Six corporations looking to relocate to Middle Tennessee are considering making Hendersonville's $1 billion Indian Lake Village their new home as the retail, office and residential development heats up its push to be the next Cool Springs.
"We're talking with users from 20,000 square feet to 200,000 square feet so we're getting a broad range of interest," says Danny Hale, who is developing Indian Lake as managing partner of Halo Properties.
Indian Lake developers also are courting a high-end car dealership, Costco and trying to lure 10 stores from nearby Rivergate Mall - including department stores - to add to their list of high-end retail stores, which open in March.
Millions of dollars in parks and walking trails, a new library and the walkability of the mixed-use village have brought in out-of-state relocating companies with 100 to 1,800 employees, says Don Long, mayoral assistant and director of economic and community development for the city of Hendersonville. Long and Hale wouldn't name the companies looking to relocate to Hendersonville, but say they've landed a spot on the relocation map.
"A couple of years ago we were not even on the radar screen (for corporations). Now we're one of the first stops," Long says.
In October, the National Association of Office and Industrial Properties carted three bus loads of developers, site selectors, architects and real estate professionals to the site to tour the first office building.
Sumner County officials want to bring big business to the area, giving the 40 percent of people who commute to Nashville from Sumner County to work another option.
The retail component of the walkable mixed-use live, work, play development by Halo Properties is larger than the Nashville area's two newest lifestyle centers - The Avenues at Murfreesboro and Providence Marketplace in Mt. Juliet.
Those 810,000- and 830,000-square-foot developments will be dwarfed by the 1.5 million square feet of retail at Indian Lake, which includes high-end stores like Ann Taylor LOFT, Regal Cinema, Ann Taylor, Eddie Bauer, Talbot's, Aveda, Gymboree and Jos. A. Bank. That's also larger than retail space at Cool Springs Galleria and nearby Rivergate Mall.
Indian Lake's first office tenants are moving in now. R.W. Beck and Forward Sumner Economic Council are moving into Indian Lake's first completed office building.
Another benefit of Hendersonville, developers say, is that it offers housing for all pay ranges, from executives to secretaries, which is lacking in Cool Springs. High home prices there have kept many middle-income workers out.
Relocating companies are attracted to areas where all of their employees can afford to live, says Matt Largen, director of business recruitment at the Nashville Area Chamber of Commerce.
And Indian Lake Village's addition to the menu of office offerings in Nashville means more enticements for business relocations.
"You have options outside of Davidson and Williamson counties now. It's better for the client to have options, especially when we're competing with other markets that do have options," Largen says.
"We're talking with users from 20,000 square feet to 200,000 square feet so we're getting a broad range of interest," says Danny Hale, who is developing Indian Lake as managing partner of Halo Properties.
Indian Lake developers also are courting a high-end car dealership, Costco and trying to lure 10 stores from nearby Rivergate Mall - including department stores - to add to their list of high-end retail stores, which open in March.
Millions of dollars in parks and walking trails, a new library and the walkability of the mixed-use village have brought in out-of-state relocating companies with 100 to 1,800 employees, says Don Long, mayoral assistant and director of economic and community development for the city of Hendersonville. Long and Hale wouldn't name the companies looking to relocate to Hendersonville, but say they've landed a spot on the relocation map.
"A couple of years ago we were not even on the radar screen (for corporations). Now we're one of the first stops," Long says.
In October, the National Association of Office and Industrial Properties carted three bus loads of developers, site selectors, architects and real estate professionals to the site to tour the first office building.
Sumner County officials want to bring big business to the area, giving the 40 percent of people who commute to Nashville from Sumner County to work another option.
The retail component of the walkable mixed-use live, work, play development by Halo Properties is larger than the Nashville area's two newest lifestyle centers - The Avenues at Murfreesboro and Providence Marketplace in Mt. Juliet.
Those 810,000- and 830,000-square-foot developments will be dwarfed by the 1.5 million square feet of retail at Indian Lake, which includes high-end stores like Ann Taylor LOFT, Regal Cinema, Ann Taylor, Eddie Bauer, Talbot's, Aveda, Gymboree and Jos. A. Bank. That's also larger than retail space at Cool Springs Galleria and nearby Rivergate Mall.
Indian Lake's first office tenants are moving in now. R.W. Beck and Forward Sumner Economic Council are moving into Indian Lake's first completed office building.
Another benefit of Hendersonville, developers say, is that it offers housing for all pay ranges, from executives to secretaries, which is lacking in Cool Springs. High home prices there have kept many middle-income workers out.
Relocating companies are attracted to areas where all of their employees can afford to live, says Matt Largen, director of business recruitment at the Nashville Area Chamber of Commerce.
And Indian Lake Village's addition to the menu of office offerings in Nashville means more enticements for business relocations.
"You have options outside of Davidson and Williamson counties now. It's better for the client to have options, especially when we're competing with other markets that do have options," Largen says.
December 13, 2007
Williamson County Nov. 2007 Home Sales
Williamson County Association of Realtors® Announces November 2007 Home Sales
Williamson County Association of REALTORS® Announces November Housing Numbers
December 10, 2007 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of November 2007. There were 278 residential and condominium closings reported for the month of November, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to November of 2006, the single family residential closings decreased 20 percent and the median price decreased by 9 percent. Condominiums closings have increased by 30 percent and the median price increased by 16 percent. The decrease in the median price appears to be tied to a decrease in the number of homes in the over $1 million range closing in November. The average days on the market (DOM) for residential homes have increased by 14 days and condominiums have increased by 17 days. Days on the market have been consistent since the onset of 2007, with the days ranging from 58 - 68 days. Median prices have remained consistent since January 2007, ranging from $365,000 to $391,200. The median is a typical market price where half of the homes sold for more and half sold for less.
November 2007
Residential
247 Closings $365,000 Median Price $427,205 Average Price 69 Days on Market
Condominium
31 Closings $219,990 Median Price $227,241 Average Price 40 Days on Market
November 2006
Residential
308 Closings $401,700 Median Price $466,644 Average Price 55 Days on Market
Condominium
24 Closings $189,890 Median Price $219,234 Average Price 23 Days on Market
November 2005
Residential
398 Closings $296,072 Median Price $370,150 Average Price 50 Days on Market
Condominium
52 Closings $152,920 Median Price $167,229 Average Price 27 Days on Market
"The National subprime mortgage crisis peaked in September when many of the sales closed in November were being negotiated, which may explain some of the market change. Dr. Lawrence Yun, chief economist with the National Association of Realtors recently predicated that high-cost markets with many jumbo loans would show a slow down due to the mortgage crisis. That certainly seems to be the case in Williamson County where the downward distortion of the median and average price seems to be due to a slow-down in the higher-priced market. After the holidays, the pent up demand for homes is expected to break so that sellers should be ready for buyers with sparkling clean, updated homes and appealing prices." said Kathie Moore, 2008 President of the Williamson County Association of REALTORS®.
(Williamson County Board of Realtors - December 2007)
Williamson County Association of REALTORS® Announces November Housing Numbers
December 10, 2007 (Franklin, TN)-The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of November 2007. There were 278 residential and condominium closings reported for the month of November, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to November of 2006, the single family residential closings decreased 20 percent and the median price decreased by 9 percent. Condominiums closings have increased by 30 percent and the median price increased by 16 percent. The decrease in the median price appears to be tied to a decrease in the number of homes in the over $1 million range closing in November. The average days on the market (DOM) for residential homes have increased by 14 days and condominiums have increased by 17 days. Days on the market have been consistent since the onset of 2007, with the days ranging from 58 - 68 days. Median prices have remained consistent since January 2007, ranging from $365,000 to $391,200. The median is a typical market price where half of the homes sold for more and half sold for less.
November 2007
Residential
247 Closings $365,000 Median Price $427,205 Average Price 69 Days on Market
Condominium
31 Closings $219,990 Median Price $227,241 Average Price 40 Days on Market
November 2006
Residential
308 Closings $401,700 Median Price $466,644 Average Price 55 Days on Market
Condominium
24 Closings $189,890 Median Price $219,234 Average Price 23 Days on Market
November 2005
Residential
398 Closings $296,072 Median Price $370,150 Average Price 50 Days on Market
Condominium
52 Closings $152,920 Median Price $167,229 Average Price 27 Days on Market
"The National subprime mortgage crisis peaked in September when many of the sales closed in November were being negotiated, which may explain some of the market change. Dr. Lawrence Yun, chief economist with the National Association of Realtors recently predicated that high-cost markets with many jumbo loans would show a slow down due to the mortgage crisis. That certainly seems to be the case in Williamson County where the downward distortion of the median and average price seems to be due to a slow-down in the higher-priced market. After the holidays, the pent up demand for homes is expected to break so that sellers should be ready for buyers with sparkling clean, updated homes and appealing prices." said Kathie Moore, 2008 President of the Williamson County Association of REALTORS®.
(Williamson County Board of Realtors - December 2007)
Nashville Home Sales Decline, Prices Bounce Back
Home sales in Nashville continued to decline compared to last year, but median home prices bounced back in November after falling in October.
Total home closings fell 21 percent in November to 2,260 from 2,867 last year. Year-to-date closings are down 13 percent, according to numbers released Monday by the Greater Nashville Association of Realtors.
The median price of a single family home in November was up 3 percent to $179,900 from $174,900 last year. The median price of a condominium was up 4 percent to $167,035 from $159,900.
The current inventory of homes has also grown since last year, up to 22,301 from 17,175 last year. (Nashville Business Journal- December 2008)
Total home closings fell 21 percent in November to 2,260 from 2,867 last year. Year-to-date closings are down 13 percent, according to numbers released Monday by the Greater Nashville Association of Realtors.
The median price of a single family home in November was up 3 percent to $179,900 from $174,900 last year. The median price of a condominium was up 4 percent to $167,035 from $159,900.
The current inventory of homes has also grown since last year, up to 22,301 from 17,175 last year. (Nashville Business Journal- December 2008)
November 27, 2007
Tanya Tucker's 500-acre Estate to become a Golf Community
An Ohio developer plans to turn country music star Tanya Tucker's former estate into a 500-home, golf course community.
Eagle Ridge Investments LLC bought the 500-acre tract in Williamson County for $11.5 million on April 27, according to county records.
The developer plans to build nearly 500 homes and an 18-hole public golf course on land that spans 743 acres in Arrington, says Matt Bryant, operations leader for Atwell-Hicks, the project's land development consultants. Arrington is 20 miles south of downtown Nashville.
The community is called Stillwater, and Tucker's home will be kept as the community clubhouse.
Developer D.J. Keehan has filed preliminary plans in Williamson County to give county planners a general idea about the community.
Detailed plans have not been filed and Keehan declined to comment.
The plans show 494 lots, ranging from 15,000 square feet to about 2.5 acres. At least half of the site will be preserved as open space.
Because the plan is in the concept stage, planning director Mike Matteson says his staff has not reviewed them to see if they meet county regulations.
Atwell-Hicks is also working with the developer to design an on-site wastewater treatment plant to serve the community. Entrances to the community will be off Patton Road, Cox Road and Horton Highway.
(Nashville Business Journal - November 16th)
Eagle Ridge Investments LLC bought the 500-acre tract in Williamson County for $11.5 million on April 27, according to county records.
The developer plans to build nearly 500 homes and an 18-hole public golf course on land that spans 743 acres in Arrington, says Matt Bryant, operations leader for Atwell-Hicks, the project's land development consultants. Arrington is 20 miles south of downtown Nashville.
The community is called Stillwater, and Tucker's home will be kept as the community clubhouse.
Developer D.J. Keehan has filed preliminary plans in Williamson County to give county planners a general idea about the community.
Detailed plans have not been filed and Keehan declined to comment.
The plans show 494 lots, ranging from 15,000 square feet to about 2.5 acres. At least half of the site will be preserved as open space.
Because the plan is in the concept stage, planning director Mike Matteson says his staff has not reviewed them to see if they meet county regulations.
Atwell-Hicks is also working with the developer to design an on-site wastewater treatment plant to serve the community. Entrances to the community will be off Patton Road, Cox Road and Horton Highway.
(Nashville Business Journal - November 16th)
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