November Market Update

Our November Market Statistics are out and we are seeing similar trends that we have seen for much of the year. November inventory levels remain low across all counties, down anywhere from 25-65% compared to last in the 5 counties we are tracking. Pending Sales are up 32-119% year over year for November. Those are the properties currently under contract waiting to close. When you combine the decline in homes for sale and the increase in homes going under contract, this creates a supply and demand issue and is the biggest driver of our growing Average Sales Price across all counties. 

This basic economic concept is playing out with our own listings. Just last month, we listed a stunning resale home in East Nashville on Kirkland Avenue. The home had been built in 2015, a semi-custom build. We had the privilege of helping our clients with the build process and now help them relocate as their family had outgrown the home. Our clients took meticulous care of the house, it had a large private back yard and a fabulous 2 car garage they added. We staged the home, priced it right to market value and had an incredible market response with 6 offers over asking price. With low inventory and an incredibly marketable property, the demand resulted in buyers willing to push the market price to get such a great home. We believe with correct pricing and impeccable condition, this trend will carry into next year for many of our sellers. 

The fourth quarter is ending strong in Middle Tennessee and making up for the slight lag we saw in the Spring due to the outbreak of COVID-19. Total closed sales were up in many counties but Williamson and Sumner county saw a slight drop in closed sales for November. Based on the numbers we reviewed, that is mostly due to the lack of inventory, leaving fewer homes to close. Many people are looking to builders and developers to continue to find developable land to support the needs of our growing community as people move here in search of space and the Tennessee way of life.