Real estate activity in Sumner County shows no signs of slowing and is especially good for sellers, according to Sumner REALTORS®, the trade association for local real estate professionals.
“It’s turning out to be a hot summer for REALTORS® representing buyers and sellers in Sumner County. With mortgage rates dipping to new historic lows, we are experiencing a wave of demand without adequate supply, and we can see that discrepancy reflected in sale prices. It is no doubt a seller’s market and will continue to be for the foreseeable future,” said Shellie Young Tucker, ABR, CRS, GRI, 2020 President of Sumner REALTORS®.
The latest Multiple Listing Service data shows an increase in closings for July 2020 compared to the prior month. Total inventory, new under contract and new listings decreased over 5% since June.
The average sales price for all property types in the county during July jumped approximately 7% from the same period in 2019, to $334,122. The average price per square foot has seen a 7% increase in comparison to July 2019, with prices now averaging $148 per square foot.
Nationally, real estate markets are seeing a noticeable rise in activity compared not only to recent months but also to July 2019. The National Association of REALTORS® suggests the coronavirus pandemic has pushed the typical spring surge in homebuying activity from May until late summer and anticipates increasing buyer demand, sales and prices through August.