Brentwood Housing Inventory – August 2010

brentwood home kitchenWhile having 532 single family homes for sale in Brentwood may seem like a rather large unsold inventory, that number only represents 6.7% of the total homes in Brentwood. According to the 2008 estimated census, there are 7,934 single family homes in Brentwood. However, looking at the statistics below, the housing segment that does appear to be struggling in Brentwood is the over $1 million mansion market.

  Homes under $500,000 Homes $500,000 – $1 mil Homes $1 million +
Total For Sale 162 282 88
# Distressed 10 15 5
Average List Price $408,159 $685,286 $1,604,408
Median List Price $419,900 $659,950 $1,399,900
Days on Market 73 100 151

 

Contract and Closing Activity

It appears as if both Brentwood housing segments under $1 million are experiencing better than expected activity, but the over $1 million properties are sitting on the market longer than usual and selling for much less than original asking price.

  Homes under $500,000 Homes $500,000 – $1 mil Homes $1 million +
Have Offers 20 18 4
Currently Pending 9 35 4
Sold last 3 Months 94 113 12
Avg Sold Price $383,703 $642,229 $1,143,164
% Less Than List 5.99% 6.28% 28.74%

 

Brentwood Housing Market Conclusions

With only 5.17 months of inventory currently on the market, the under $500,000 housing market is the healthiest in Brentwood, TN. The $500,000 – $1 million housing segment follows with 7.48 months of inventory on the market. Finally, the over $1 million housing market has quite a bit of absorbing to do with almost 2 years worth of inventory currently for sale.

Also very troubling for multi-million dollar mansions is the fact that sellers are having to take rather large discounts in order to sell their houses. According to the statistics, the average price for homes listed in this market segment is $1,604,408 while the average sale is $1,1143,164. This 28.74% differential is telling us that either only the lower priced homes in this segment are selling or that sellers are having to reduce their expectations significantly.

A little worrisome for both mansions and more reasonably priced homes in Brentwood is that 5.63% of all home owners are distressed; meaning, listed as a foreclosure or short sale in the MLS. This number is up almost 2 percentage points since the beginning of 2010.

Overall, the news is simply not that bad. Yes, homes are taking longer to sell than in years past and yes, they are selling for less. But, the Brentwood housing market remains one of the most active in Middle Tennessee as well as one of the most stable. Based upon this evidence, I would expect Brentwood to be within 22 months of returning to a completely unencumbered market.

An experienced agent can become the difference between successfully selling your home in 2010 or having to wait until 2013. Do not hestiate to contact me regarding any price range home in Brentwood.