RED REPORT – OCTOBER 2018

RED REPORT – OCTOBER 2018

  • 1% October 2018 vs October 2017 (annual monthly comparison)
  • 2% October 2018 from September 2018 (one month change)
  • 1% Year to Date Closings – 2018 vs 2017
  • Total Inventories are up 16% for October 2018 verses October 2017.

June Closings same as May and less than last June- Inventory may be the cause!

  • Year to Date + 1% vs Last Year / October ‘18 (-1%) vs October ‘17
  • Year to Date: Total 4 counties closings up 1% October 2018 vs October 2017 Closings down 1%
  • October 2018 vs October 2017 Closed Prices are up 13%

YTD Closings up 1%, Prices 13% higher & Inventories 14% higher than a year ago…

Rutherford Closings 4%
Average Closed Prices 8%
Average Sales Price $280,766

Williamson Closings 8%
Average Closed Prices 11%
Average Sales Price $601,355

Davidson Closings 2%
Average Closed Prices 14%
Average Sales Price $411,200

Wilson Closings 4%
Average Closed Prices 9%
Average Sales Price $338,716

One month change from September 2018 to October 2018.

CLOSINGS
 Rutherford Closings down 1%
 Williamson Closings down 1%
 Davidson Closings down 1%
 Wilson Closings down 9%
 Total 4 Counties are down 2%

PENDINGS
 Rutherford Pendings up 1%
 Williamson Pendings up 3%
 Davidson Pendings up 3%
 Wilson Pendings down 23%

October 2006 vs October 2018 YTD
 2018 Closings 3% higher than 2006 and 1% higher than 2017.
 2018 Average Closed Prices are 62% higher at $408,790 & 13% higher than 2017.
 2018 Inventories are 4% lower than 2006 & 16% higher than 2017.
Closings & Pending levels look normal for this time of year

Back in time… Look at the price increases!

Excerpts From National Report*….
(National Statistics are 30 days behind local reports)
 National home sales are 4.1% lower than a year ago.
 Prices are 4.2% above same period last year with a median home price of $258,100
 Cash sales are at 21% of the buyers vs 20% a year ago.
 Distressed Sales are 3% vs 4% last year (2% Foreclosures & 1% Short Sales)
 Inventories: 4.4 month supply of homes for sale vs 4.2 months a year ago.
 Days on market: 32 days vs 34 days last year
 “Rising interests rates coupled with increasing home prices are keeping first-time buyers out of the market,
but consistent job gains could allow more”
*To view entire report – please go to www.realtor.org

The Red Forecast

October looks like a steady month with closings fairly level to last month just up 1% and the Year to Date closings almost level as well with closings just 1% higher. Closings seem to be leveling off while the prices continue to have a nice increase. The inventories are increasing so some may assume that prices may start leveling off. Even with sales leveling off, and inventories up, the economy is growing which will keep demand high, so I see a more balanced healthy market with prices to increase at a moderate level.

I hope everyone had a fun and safe Halloween/Fall Festival events. November brings many activities that we love to celebrate:

  • No Shave November: helping increase cancer awareness, honor those who are dealing with cancer daily and remember families who have lost loved ones.
  • Veterans Day: Boro Blessings will be surprising a Veteran winner soon!
  • Thanksgiving
  • Christmas Season starts at our home early so we can stretch out the fun.

Happy Thanksgiving and Merry Christmas to the early birds!!!

Thank you,

Steven Dotson
President
1574 Medical Center Parkway
Suite 202
Murfreesboro, TN 37129
Direct: 615-896-1400
Office: 615-896-2733
www.RedRealty.com

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