For Sellers:
- The average sale price has seen an 8% increase year-over-year, and the median sale price has increased by 9%. This continued growth in home prices is favorable for sellers, indicating a strong market where homeowners can gain a substantial return on their investments.
- Despite a 10% decrease in new listings, the under contract inventory has increased by 29%. This shows that even though fewer new properties are being listed, the ones on the market are in demand and are successfully attracting buyers.
- The total inventory has increased slightly by 6%, which is not substantial enough to suggest that the market is becoming oversaturated. This slight increase in inventory is balanced by an increase in demand, as shown by the higher number of properties under contract.
- There has been a 12% decrease in closings, which may indicate some slowdown in transactions. However, with prices still rising, it doesn’t necessarily reflect a decrease in market value or demand.
- The months of supply have increased by 21% to 3.38 months, which is still under the 6-month mark typically indicating a balanced market. This implies that sellers still have an advantage but should be aware of the growing inventory.
For Buyers:
- While new listings have decreased, there is a modest increase in active and total inventory, suggesting that buyers have slightly more options compared to the previous year.
- The number of properties under contract has grown significantly, so competition among buyers appears to be strong. This is consistent with the fact that the median sale price has increased.
- The average days on market for closed sales remain unchanged at 35 days, indicating that properties that are priced right continue to move at the same pace as last year.
- The average list price has increased by 12%, suggesting that sellers are setting higher expectations for their property values.
- The list to contract average days has increased by 25%, and the contract to closed average days has decreased by 27%. This means that while it's taking longer for homes to go under contract, once they do, the closing process is quicker.
- An increase in the months of supply to 3.38 months provides buyers with a little more breathing room compared to the previous year, though they should be prepared for a competitive market given the price increases and high rate of properties going under contract.
In conclusion, Williamson County's real estate market seems to be maintaining a strong seller's advantage with rising home prices, despite a slight increase in available inventory. Buyers may enjoy a small increase in options, but the demand remains high, and the market is competitive. Sellers can benefit from the appreciation of property values but should be prepared for potentially longer listing periods, while buyers should act decisively in this competitive market.