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County residential real estate market jumps 81 percent

Williamson County’s residential real estate market is surging compared to sales for the same period last year. There were 471 closings throughout the county in March, an 81 percent increase compared to the 260 closings in March 2012, according to the Williamson County Association of Realtors.

Thirty-four of the 471 residential closings in the county were for condominiums, which is “dramatically up” compared to March 2012, according to WCAR. The group also reports that the average number of days properties stayed on the market has decreased as well.

“One of the problems we’re having is with inventory,” said Bobbie Noreen, principal broker with Village Real Estate Services. “If they’re priced right and show well, they’re experiencing multiple offers. People are realizing they have to make decisions quicker. With interest rates so low, people are realizing they have to get in while the getting is good.”

Brentwood boasts the average sales price of $603,423 (53 closings) for the month of March, while Franklin had the second-highest average price in the county with $422,678 (153 closings). Nolensville posted the third-highest average price in the county at $340,895 (36 closings), while Thompson’s Station’s average price was a fourth-highest $274,925 (24 closings). Spring Hill’s average price was $259,451 (55 closings) and Fairview rounds out the county’s municipalities with an average price of $156,460 (10 closings).

“It’s a complete turnaround from what we experienced last year,” Noreen said. “This year, all across the board, all of our offices are experiencing a huge gain over last year. The first quarter has been almost as good as the last half of 2012.”

Village Real Estate Services has offices in Franklin, downtown Nashville and in the Hillsboro Village neighborhood of Nashville.

“The Nashville area has had a huge appeal to the relocation buyer. The fact that more companies are relocating to Middle Tennessee and choosing Williamson County as headquarters has driven a lot of the people into the marketplace,” Noreen said. “It has allowed the second- and third-time buyers to move up, which opens up the market.”

The boom is not limited to the residential market, according to Tom Magli, owner of Frankliln-based Magli Realty Company, which specializes in commercial real estate.

“We’re starting to see that carry over to the commercial real estate market too,” Magli said.

Posted on: 4/8/2013


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