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Homes Sales, Prices Remain High in July for Williamson County Housing Market

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Homes Sales, Prices Remain High in July for Williamson County Housing Market

Desirability of community keeps market active despite rise in median sales price Williamson County’s housing market experienced record-high sales activity in July 2016. The total number of closed home sales for the month was 612, an increase of 1.3 percent from the same period last year. This represents a new record-high total of home sales for the month of July, eclipsing the previous monthly high of 604 in July 2015.

The median sales price for a single-family home rose 9.1 percent to $452,706 in July 2016 from $415,000 for the same period last year. Year-to-date home sales in Williams on County are 3,265, representing a 3.2 percent increase over the 3,164 closings for the same period last year.
“With a thriving economy, active job market, strong school system and low crime rates, the desirability for homeownership in Williamson County remains extremely high,” said David Logan, President of the Williamson County Association of REALTORS®. “Confidence in our community continues to draw buyers to Williamson County and that has kept our residential market very active despite higher median sales prices.”
“At the start of 2016’s third quarter, it is clear the real estate market in Williamson County is healthy and growing. The high number of pending sales is a solid indication the positive market trends should continue,” added Logan.
Total available residential inventory in Williamson County stood at 1,744 units at the end of July, indicating less than a three-months supply of available homes. A six-month supply is considered to be a balanced market. For the month of July, available inventory declined for both single-family homes and condominiums. Single-family home inventory declined 5.2 percent from 1,799 in 2015 to 1,705 listed homes in 2016, while condo inventory fell 26.6 percent from 94 in 2015 to 69 listings in 2016.
“Throughout the summer, we’ve seen a steady decline in inventory matched by consistent growth in prices as buyer demand for homes in Williamson County remains high,” said Logan. “The level of available homes in our market has created a sense of urgency among some buyers, which has led to multiple offer situations that are benefiting sellers in the form of higher home values and steady price appreciation.”
“REALTORS® would love to see more single family homes ranging from $200,000 to $300,000 develop in our community,” acknowledged Logan.
“For the first-time home buyer, families with young school-aged children and future residents with incomes in the $50,000 to $75,000 range, single-family homes are extremely necessary to continue to contribute to the vibrant community that is Williamson County.”