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East Nashville Homes: Nashville Area Homes Market Update For December 2011

 Buyer and Seller Resources  No Responses »
Jan 112012
 

2011 HOME SALES INCREASE IN GREATER NASHVILLE – FIRST INCREASE SINCE 2006

December and 4th Quarter Also Show Significant Increases

 
NASHVILLE, Tenn. (Jan. 9, 2012) – There were 1,773 closings during the month of December, according to figures provided by the Greater Nashville Association of REALTORS®. This is an 18.2 percent increase from the 1,500 closings reported for the same period in 2010.
  Fourth quarter closings are 5,093 for Greater Nashville. That total is up 17.9 percent from the 4,321 closings during the fourth quarter of 2010.
  Final numbers for 2011 show there were 20,624 homes sold in the region, according to figures provided by the Greater Nashville Association of REALTORS®. Compared to the prior year, the final figures are up 1.8 percent. There were 20,250 closings in 2010.
  “2011 was a very important year for home sales. It is the first year since 2006 that there was an increase over the number of closings in the prior year.  While the increase is small, it is a very encouraging sign. The year-over-year increase is most significant because in 2011 there were no stimulus or tax-credit incentives like those available in 2010,” said GNAR President Kendra Cooke. “The double-digit increase for closings in December marks the sixth consecutive month of increased home sales, so the 4th quarter numbers are also up significantly.
  “The fact that the number of pending sales is also up, and by a meaningful amount, gives Realtors in Greater Nashville and Middle Tennessee some reason to be optimistic as we start a New Year.”


  A comparison of sales by category for December is:
DECEMBER 2010 DECEMBER 2011
CLOSINGS 1,500 1,773
Residential 1,237 1,502
Condominium 174 171
Multi-Family 16 21
Farms/Land/Lots 73 79
A comparison of sales by category for the fourth quarter is:
4th Quarter 2010 4th Quarter 2011
CLOSINGS 4,321 5,093
Residential 3,629 4,268
Condominium 464 541
Multi-Family 49 53
Farms/Land/Lots 179 231
A comparison of year-to-date sales by category for year-to-date is:
Y-T-D 2010 Y-T-D 2011
CLOSINGS 20,250 20,624
Residential 16,919 17,192
Condominium 2,341 2,194
Multi-Family 212 228
Farms/Land/Lots 778 1,010
  There were 1,652 sales pending at the end of December, compared with 1,273 pending sales at this time last year. The average number of days on the market for a single-family home was 94 days.
  The median residential price for a single-family home during December was $168,500, and for a condominium it was $140,062. This compares with last year’s median residential and condominium prices of $174,500 and $140,000, respectively.
  Inventory at the end of December was 17,216, down from 19,411 in December 2010.  The current inventory of properties by category, compared to last year, is:
DECEMBER 2010 DECEMBER 2011
INVENTORY 19,411 17,216
Residential 12,146 10,574
Condominium 1,799 1,477
Multi-Family 370 308
Farms/Land/Lots 5,096 4,887
  “Prices are lower but remaining fairly stable and inventory is down. As a matter of fact, inventory is down to levels not seen since about this time in 2007. Even with the decrease there is about a 9 or 10 month supply overall. For residential, the supply is only about 7 months and for condos about 8 months.  Selection throughout the region remains good and conditions remain extremely favorable for those interested in purchasing a home,” added Cooke. “For those planning to sell, it is important to maintain your property inside and out to be successful in this competitive market.”

 

 Posted by mariapatton at 9:34 am  Tagged with:

Home Prices Up For 2012

 Buyer and Seller Resources  No Responses »
Jan 062012
 

2012 Home Sales: Positives on Many Fronts

On January 3, 2012, by Robert Freedman

NAR released its latest pending home sales index figure last week and for the second month in a row the index is up. But more than that, the index has broken 100. This is significant because the only time since the housing boom collapsed that the index has broken 100 is when the home owner tax credit was in effect. The fact that the index has returned to that level a year since the credit has been in effect means the housing market is strengthening completely on its own, without any stimulus.

 

NAR Chief Economist Lawrence Yun is upbeat about 2012 because in a number of areas indicators are pointing upward. Not only are home sales up but housing starts are up and home prices are stabilizing in many markets and heading up in some. In areas where they’re still down, the declines aren’t that great. More fundamentally, broader U.S. economic signs are looking positive, including the all-important jobs picture. About 100,000 job are being created a month, and that could rise to 150,000—still not a quick enough pace to get us back to where we were before the downturn but the headwinds are in the right direction.

 

 Posted by mariapatton at 9:07 am  Tagged with:

East Nashville Homes: End Of The Year Wrap Up

 Buyer and Seller Resources, East Nashville  No Responses »
Dec 302011
 

 

Another year is coming to an end and while 2011 certainly had a few bumps as far as the real estate market is concerned, the past few months have indicated that we are well on our way for a strong 2012.

Several consecutive months of increased home sales both in Nashville and nationally matched with historically low interest rates, will certainly make for a more favorable real estate market next year.

If you are planning on selling and are waiting for the spring market, start planning now. Even though it is January, the spring home buying/selling market will be here in March and even as early as late February. I always recommend consulting with a Realtor. Get their advise on what you need to do to get your home market ready. There will be a lot of homes that will hit the market and you want yours to stand out.

Buyers, this year will be different from years past. I think you will have some great inventory to choose from but sellers may not be as flexible as in the past especially in ” hot markests ” like East Nashville where we are beginning to see some cash deals and multiple offer situations again. It is crucial that you have an experienced agent representing you.

Happy New Year and stay tuned for great things to come..

 Posted by mariapatton at 10:08 am  Tagged with:

East Nashville Homes – Client Service Really IS my first priority

 Uncategorized  No Responses »
Dec 022011
 

Another happy East Nashville Homes client – congrats to the Sciarpelletis on their new home.

 

“ Our home buying experience in Nashville was a success thanks to the professional services of our realtor, Maria Patton. From our first internet correspondence to our closing, Maria truly listened to our needs. Since we were from out-of-town Maria was invaluable in identifying the East Nashville neighborhood where we would feel completely at home. Maria was accommodating to our schedule and was always available to us.  She was persistent and provided leads to us weekly. She guided us through negotiations while maintaining her impartiality.  We unconditionally recommend Maria Patton to anyone who is considering a move to Nashville TN. ”

Emelie

 Posted by mariapatton at 1:18 pm

Rates Fall Below 4% For the Second Time This Year..

 Uncategorized  No Responses »
Nov 142011
 

 Rates Fall Below 4 Again

Interest on 30-year fixed mortgages has slipped below 4 percent for the second time this year. This past week, the rate averaged 3.99 percent, down from 4 percent a week earlier. The 15-year fixed home loan rate also fell a notch, averaging 3.30 percent compared to 3.31 percent the previous week.

[SOURCE: Freddie Mac]

 Posted by mariapatton at 1:01 pm
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