Nolensville May 2015 Real Estate Recap

by Flint Adam, Nolensville resident & Realtor®
Monday, June 8, 2015

Real estate bounced back in May as Nolensville recorded its strongest month of residential sales since December 2014.

According to MLS data provided by RealTracs, 44 single-family residential properties closed in Nolensville (Williamson County) during the month of May. That’s just shy of last December’s 47 sales, which was the highest monthly sales figure of 2014.

Here are some preliminary May 2015 sales stats. Final, official figures should be released by the Williamson County Association of Realtors any day now:

• Single-Family Homes Closed: 44… up from 22 in April
• Median Sold Price: $399,450… up from $393,094 in April
• Avg. Days on Market: 54… down from 55 in April
• Number of new construction sales: 14… up from 6 in April
• Existing home sales: 30… up from 16 in April
• Median Sales Price/Square Foot: $136.61/sf

Among subdivisions, Bent Creek again led the way with 17 transactions… Ballenger Farms came in second with 5.

May’s sales figures represent a 22% rise year-over-year. In May 2014, there were 36 single-family residential sales.

For the year so far, (through May 31), there are now 144 Williamson County Nolensville sales. At the same point last year, we were at 150, so while we remain a little behind last year’s pace, we’ve really narrowed the gap. At the end of April, we were roughly 13% off the year-over-year pace… now we’re behind by only 4%.

Interested in up to date sales figures? I’m rolling out a new feature for readers – I’ll email you a daily update on Nolensville real estate… complete with new listings, what has gone pending, and recent sales. Just shoot me an email with your name and preferred email to flint@homesaroundnashville.com

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Visualizing the Numbers…

Why don’t we take a visual look at how our sales have broken down? Keep in mind this data only references the Williamson County single-family residential sales as reported in our local MLS. For Sale by Owner stats are not included, nor is data for Nolensville addresses in Davidson and Rutherford counties. It’s not bias, but consistency, as my blogs have always focused on the Williamson County MLS data (not to mention, Williamson County addresses make up the grand majority of Nolensville).

First off – here’s a line graph comparing month-by-month home sales in Nolensville for 2014 and 2015.

I hadn’t really noticed before how topsy-turvy sales have been through the first 5 months of 2015. January and February were down compared to last year… then a spike in March… drop off in April… and another spike in May.

Compare that to 2014 when we had our typical February dip in sales, followed by a slow but steady rise in closings as we moved into spring.

Meanwhile, here’s a line graph showing this year’s total sales compared to 2014’s:

I wouldn’t be surprised if we’re seeing a few factors at work – two of which are pricier homes and slightly higher interest rates – that are keeping sales a little below last year’s rate.

In May 2014, the median selling price for a Nolensville home was $354,026.
In May 2015, the median selling price for a Nolensville home was $399,450.
In that one year, we’re looking at a couple hundred dollars price difference on a monthly mortgage… and there’s also about a $9,000 difference on down payment in order to reach 20%.

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 Current Inventory

As of this writing (June 8th) there are 90 single-family homes available for sale on MLS. 60 of them are brand new construction… meaning 30 are available on the re-sale market.

For the re-sales, the median days on market is 31 right now. Roughly a third of them (11) have been listed ten days or less… meanwhile five of them have been listed 90 days or more. The median year built of the re-sale homes is 2006.

There are only 6 homes available that fall into the most affordable range (those priced below $300K). Of those, two are in the Bent Creek Cottages 55+ community, and one is a Bent Creek home that isn’t due for completion until the end of the year. So really, there are only 3 homes below $300K available today within Williamson County Nolensville.

In the $300-$350K range, you’ve got 9 options … three of them brand new construction. And in the $350K-$400K range there are only 5 homes available… 4 of them are new construction.

So, that’s 20 homes available below the $400K price tag. If you’d like to see what’s available yourself, just drag your mouse up to the top of this page and click on ‘Nolensville Home Search’ (or one of its sub-searches that appear below).

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So, about August 1st…

Has your real estate professional talked to you about August 1st yet?
If you’re buying or selling a house this summer and your transaction looks like it will close August 1 or after – you could be in for an interesting ride…

The days of Good Faith Estimates and HUD-1 Settlement Forms are drawing to an end. Replacing these forms are: the Closing Disclosure and the Loan Estimate. It’s part of the Consumer Financial Protection Bureau’s (CFPB) takeover of the Real Estate Settlement Procedures Act (RESPA) from HUD.

Okay, yeah, so that was probably a whole lot of mumbo jumbo to you, huh? I’ll spare you the technical details then because, frankly, most people don’t care about the names of forms, their mechanics, and who regulates them.

Here’s what matters to you: it’s going to get a lot more complicated to close a sale.

One of the main changes coming is a new requirement that all transaction forms be ready three days prior to closing. The National Association of Realtors, though, is recommending that all forms actually be readied seven days prior to closing… to better ensure a smooth closing.

Here’s where things get sticky: everyone – buyer, seller, lender, title agent – all have to be on the same page a minimum 3 days before closing because if there is any (and I mean ANY) change to a transaction form within that final 3 day window, the clock starts over again and a new 3 day window kicks in, at least in most cases.

This may sound like not too big a deal, but I’ll tell you from the my side of things, this is huge. Rare is the transaction that doesn’t have some party doing something with a document in those final 72 hours before closing.

It’s going to require a big shift in mindset for all of the professionals working on your behalf, added vigilance on the part of both buyer and seller to do their part in following directions, and diligent paperwork to avoid delays in closing.

Since this is a pretty big shift in mechanics, many real estate professionals are already mentally preparing for longer closings (and more headaches) than we see today. Right now, it’s pretty typical to arrange for a 30-day close in transactions. Come August 1st… better plan on a 45-day closing, and that’s if everything runs smooth.

After everyone gets settled in to the new requirements and workflow, it’s possible we may return to a 30 or 35 days closing schedule, but that will likely take a while – if it ever becomes the norm again.

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Website Formatting… Grrr

My website host seems to have messed with the template I use for NolensvilleRealty.com, and now the website is not correctly displaying. A lot of elements have randomly gone missing, so please bare with me as I work to re-incorporate some old features as I find time.

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And don’t forget – I’m now an Accredited Buyer’s Representative, or ABR.

As an Accredited Buyer’s Representative, I have gone through additional training, have proven experience representing buyers and that extra edge you have been looking for.

If you’re looking to buy (or sell) real estate here in Nolensville, I’m your man.

I’m a Nolensville TN resident… I’m a Nolensville TN Realtor®… and I always offer a complimentary, no commitment, no pressure Comparative Market Analysis for my neighbors. Please let me know how I may assist you in the sale or purchase of a Nolensville property.

Note: The above information cites Williamson County sales data for Nolensville, Tennessee. There are, of course, a handful of Nolensville properties that also exist in Davidson and Rutherford counties, but for the purpose of this article I am focusing on Williamson County since a majority of Nolensville addresses fall within this geographic area.