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.
