Market Update From Brett Garner

Hey everybody, Brett Garner here with the J Harmon Home Team powered by Keller Williams. And we’re going to give you that market overview that we give you every time we send out the newsletter. You’re getting the new version of the newsletter this month so we hope you enjoy it. But kind of the key topics we want to look at… This is comparing September of this year to September of last year and then year to date. Biggest takeaways from this is the number of properties that are available, that inventory, and the months supply of inventory. So you look at 2020 in Davidson county, we had four months worth of supply. This year, we were at one and a half months worth of supply. That’s a decrease of 62%. In Rutherford county we were at three and a half months worth of supply. This year, we are at one, that’s a decrease of 72% available inventory. And then you look out in Coffee county. It’s not as dramatic of a change, but we’re still trending that same way. 2.8 months worth of supply. Currently this year, September 2021, we’re looking at 2.1, that’s a 25% decrease.

The other thing that really sticks out in the market overview this month is the pending sales. I mean, we are looking at pending sales in Rutherford county of 1,071 this month. Last year we were at 713, a 50% increase. So if you will think back to last year, we saw the material costs skyrocket for new construction. So builders stopped building, pulled the reins back. Now what you’re seeing is, now the construction material costs have come down, you’re starting to see those new construction properties hit the market again. Plus you’re seeing a lot of auctions for land. So these are items that don’t necessarily hit the MLS in a timely fashion, and a lot of times it’s after the fact. So I think that’s where you’re seeing these pending sales come from. We’ll have to dig into the data a little more just to verify that information for you.

But anyhow, those are the big takeaways. We do have to talk a little bit too about median and average sales prices. In Rutherford county we’re averaging about a 27% equity gain year over year. That means our median sales price in 2020 was 307, September of this year we’re looking at 390,000. Same thing is happening to Davidson county. $360,000 median sales price. This September, we’re looking at 415. Coffee county, median sales price at 225. This year, we’re looking at 267. So we’re in that range of 15 to almost 30% equity gain year over year. Now that trend will not maintain pace, at least in my opinion, we will hit that plateau. But great numbers to look at and analyze whether or not this is the right time for you to make that home purchase or sale decision. So if you have any questions, you want more information, give us a call. We look forward to hearing from you.

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