August was another great month in the real-estate business in Rutherford County.
This year has seen huge improvements from the 2011 sales volumes.
Every month this year has been an increase over last year.
Actually, August’s home sales of 390 is the highest single month we have seen in Rutherford County since the summer of 2007.
We will probably see a seasonal drop in the sales volume as we head into the fall-winter season, but it should only be a modest drop.
Sales volume is up, prices are improving, buyer confidence is up and inventories are depleting.
Most realtors and buyers would agree the “good” inventories are depleting much quicker than the numbers show.
Quality properties in more desirable locations are receiving multiple offers at full price.
How does Rutherford County stack up against our neighbors?
Williamson County has been the steady one through this market.
Their year to date increases (24 percent) aren’t as good as Rutherford, but they have held their volume and prices much better through the last couple years. Rutherford fell further so we have more ground to make up.
Williamson County has a very small supply of lots and quality homes available.
Davidson County’s year to date volume is up 27 percent and Wilson County is up 21 percent compared to Rutherford County’s increase of 30 percent as of the end of August.
When you compare the prices for August 2011 to August 2012; Rutherford is showing a 10 percent increase and the other counties are showing a 0 to 1 percent increase.
July and August have been great months for Rutherford County, giving us an extended summer selling season.
Pendings homes are strong but a little lower than previous months.
This tells us that we will see the expected seasonal adjustments as we head into the fall, but it only looks like a very modest decrease.
We are blessed to be in Middle Tennessee with a very diverse economy that is adding more jobs daily.
Thanks to our city, county and chamber of commerce leaders, managers, and employees for continuing to market Rutherford County as the best place to build or relocate company offices and warehouses.
Because of our local economy and new job creation; I would expect sales volume to stay strong, inventories to decrease, and prices to continue in an upward trend over the long term.
Thanks for allowing me to share The Red Report with you.
For a full version of the four county Red Report with more detailed numbers, visit our website at RedRealty.com.