We all hate those words, the end of summer! It means that school has started and our normal fall routines are back in swing. Personally I look forward to the end of summer as the Fall season in Tennessee is truly special. Autumn festivals, fall color, and yes, even pumpkin spice are back in season! As far as I’m concerned you could leave out the pumpkin spice and I would be just fine.
The changing of the seasons tells me that something else is necessary. In the real estate profession it’s important to look back and examine what happened and where the market is now. What happened in the summer of 2018 in the Spring Hill Housing Market? How are home sales doing? How does it compare to 2017? Those are very good questions, I’m glad you asked!
The Summer of 2018 Spring Hill Real Estate Market
In 2018 Spring Hill saw 434 closings that ranged in square footage from 816 to 5054 and averaged 2415 SQFT. The days on the market ranged from 0 all the way up to 265 but the average days on the market was 25. That is an extremely good time on the market for sellers and indicates a high demand for homes. What also is great for sellers is the sales price to list price ratio which was 99.51%. That means that sellers often received the full price or very close to it for their homes. Speaking of price, the average sales price in the summer of 2018 for Spring Hill was $353,936.
All of these signs still say that we are in a seller’s market.
How Does it Compare to 2017?
In 2017 Spring Hill saw 432 closings over the exact same period. That’s a difference of only 2 more days on the market for 2018. The square footage range was from 1020 to 4788 but averaged 2398 SQFT. The days on the market was anywhere from 0 to 288 with an average of 23 days. That’s not much difference from 2018 at all. In 2018 the list to sales price ratio was very high also at 99.48%.
What was the average sales price in the summer of 2017? How does $324,711 sound? That is $29,225 lower than 2018!
What Does it All Mean?
It means that we are still in a very active real estate market that favors the seller. The home prices are more expensive in 2018 due to the high demand and low volume in the area.
Should you Sell?
That is completely up to you and in looking down the road it is very hard to say what the future will bring. Rising interest rates will eventually affect the market and reduce the sales price a home a buyer can afford. The market is telling us that right now is still a great time to sell. If you are ready we are here to help to make that happen. Please contact us and we can perform a no-obligation pricing analysis of your home. It’s always a good idea to be knowledgeable about what your current home could be worth.
Give me a call if you would like to talk and put the Gillig Group to work for you!
Dave Townsend 931-674-1727