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VOL. 35 | NO. 45 | Friday, November 11, 2011

Spring Hill, downtown lead strong October sales

By Bill Lewis

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Chandler Reports has been publishing Real Estate Market Data since 1968. That year, Chandler began collecting residential sales information for the Chandler Residential Report, considered the authoritative source for residential real estate sales information. Over the next three decades, the publications have been continually refined, enhanced and expanded, growing to include lot sales data, new residential construction and absorption information, and commercial sales. In 1987, Chandler Reports began one of the first on-line real estate market data services in the country, and is a nationally recognized leader in the industry. In 2004, Chandler Reports was purchased by The Daily News Publishing Co. In 2007, Chandler introduced RegionPlus, including property research for Nashville and Middle Tennessee. Visit online at chandlerreports.com.

Home sales in the Nashville region showed strength in October, thanks to first-time and move-up buyers rushing to move into their new houses before the holidays and the onset of winter weather.

“You’re going to get this mad dash to the finish line before Thanksgiving and Christmas,” Re/Max Realtor John Ehlers says.

The reverse is usually true after the holidays when home sales traditionally slow down.

“They’re broke, the credit card bills are coming in, they’re watching the Super Bowl,” he says of home shoppers.

First-time buyers are back in the market, Ehlers says. Earlier this year, many potential buyers decided to become renters instead because of uncertainty about the economy and the difficulty of qualifying for a mortgage. But Ehlers says the majority of his recent closings have been for people who have never owned a house before.

Williamson County was the brightest spot in the Nashville region. There were 309 sales last month compared with 281 in October 2010, according to a market analysis by Chandler Reports. Last month’s average price was $377,043. The average price in October 2010 was $370,289.

Even though the average price was up, home buyers in Williamson County were getting a bargain. The average price per square foot last month was $115, a 14.2 percent drop from the October 2010 per-foot price of $134.

“You’re getting more for your money,” says Richard Herrington, president of Franklin Synergy Bank.

First-time buyers have kept the housing market strong in the Williamson County portion of Spring Hill, which straddles the Williamson-Maury county line. Young parents can buy there for less than in many other neighborhoods but still send their children to Williamson County’s highly respected schools, Herrington says.

“For people who want to live in Williamson County and are buying their first home, Spring Hill is affordable,” he says.

There were 25 sales in Spring Hill last month for an average price of $227,345. In October 2010 there were 23 home sales for an average price of $219,342, according to Chandler Reports.

General Motors’ plans to add jobs at its Spring Hill factory should further strengthen the local housing market, Herrington adds.

In Davidson County, sales in some neighborhoods were especially strong. Overall, there were 713 home sales last month, compared with 696 in October 2010. The average price was down more than 9 percent to $168,042 last month. A year ago the average price was $185,192.

The 37203 zip code (Downtown, West End, Edgehill) was particularly strong. Sales were up almost 53 percent last month, with 26 transactions, compared with 17 sales in October 2010. Last month’s average price was $278,937, a 34.2 percent increase over the October 2010 average of $207,847, according to Chandler Reports.

Nashville’s market is especially strong “from Hillsboro Road to 12th Avenue and over to Franklin Road,” says Charlotte Witzenburg, broker for the Lipman Group Sotheby’s International Realty.

In the Belle Meade-West End areas, the number of sales and the average price were both higher. Last month, 28 homes were sold for an average price of $489,464. In October 2010, 26 homes were sold for an average price of $444,881, according to Chandler Reports.

In fast-growing Wilson County, home prices were essentially unchanged from a year ago while sales increased almost 9 percent. There were 183 sales last month for an average price of $180,052. In October 2010 there were 168 sales for an average price of $180,427.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0