What’s Up With The East Nashville Housing Market?

 Buyer and Seller Resources, East Nashville, East Nashville Home Prices, East Nashville Home Sales  No Responses »
Feb 212012
 

This is an excellent article and is spot on about the East Nashville housing market. It was graciously shared with me by my colleagues and friends at Nashville and Beyond – Village Real Estate Services – a big thank you to them.

 

What’s Up With The East Nashville Market?

By, Nashvillebrian

 

We went to bed last week, in a confusing market in East Nashville.  This week we wake up and indicators in the numbers hint that we are on the fringe of a seller’s market again in 37206, 37207 and 37216.

I started scratching my head when we listed a home in 37206 on Sunday morning, February 19, 2012.  In 24 hours, we had over 10 showings.  In less than six hours, we accepted a contract.  On Friday, I took buyers out for their first day of testing the market.  We ended up in a multiple offer house in the 37207 zip code.  All this made me start analyzing numbers deeply and here’s what it’s looking like currently for sellers in 37206.

Currently, 75 homes are on the market in the 37206 zip code between the prices of $175,000 and $350,000.  Of those 75 homes, 25 are under contract.  In the agent’s side of the MLS, you can see those marked in yellow.  This is some of the most yellow I’ve seen in 37206 in years.

Homes fall under all kinds of contingencies when under contract. They are noted in yellow.

The other interesting statistic comes from one of the showing centers we REALTORS use locally.  While there are many showing centers, one of the largest is “Centralized Showing Services.”  From only their statistics, this is the growth curve in showings over the recent weeks for homes in 37206 between $175,000 to $350,000.

The trend upward since the beginning of winter is quite impressive, with numbers doubling.

Even more impressive is the number of showings 37206 has received over the winter months in comparison with the previous years’ winter months.  This chart is pretty shocking with showings at an all time high, even higher than in the best of markets.  Now, keep in mind, these numbers could be skewed as many companies could have started using “Centralized Showings” services since 2006.  While 2007 could have brought on new companies to the equation, if we toss out that year and assume a consistent number of companies have used CSS, this could be great news.

Click to enlarge.

Stay tuned in the coming weeks.  We’re watching these trends like a storm front (a good one) moving in and affecting us all.  Check back!

East Nashville Housing Market Update: April and May

 East Nashville, East Nashville Home Prices, East Nashville Home Sales  No Responses »
Jun 072011
 

East Nashville home sales for April and May reflected a strong start to the Spring and Summer home buying season. For the month of April there were 96 homes that closed with an average ” days on the market ” of 87 days. Of the homes closed, the average closing price was $132.6 and homes in East Nashville sold at around 96% of list price.

For the month of May the East Nashville market stayed about the same with 94 homes closing and an average ” days on the market ” of 86. The only significant change is the average price of home closed which was $123.8 and homes sold at around 96% of list.

As home prices seem to decrease nationally, we seem to be remaining pretty stable here in Nashville and in East Nashville. While home prices are not increasing they are not really taking a dive either. We still do have a pretty healthy inventory but contracts are being written and listings don’t seem to be sitting as long.

East Nashville Homes: March Housing Market Update For East Nashville

 Buyer and Seller Resources, East Nashville, East Nashville Home Prices, East Nashville Home Sales  No Responses »
Apr 052011
 

The Spring housing market is officially in full bloom. March home sales in East Nashville were a little better than February. March showed 79 homes that closed on the MLS. This is only single family homes and does not include condos, multi family or commercial or land with an average days on the market of 91 days and a median sales price of $113,500. In February there were 50 homes that closed with an average days on the market of 88 days and the median home price of around $ 96,000. For March the % of sales price to list price is around 95.4 which is a little lower than average.

So what is selling in East Nashville? It really is all across the board. Investment properties and all cash deals are a big seller right now as investors are letting go of some of their properties. East Nashville will always be a hot spot for first time buyers looking in the 100k to 200k price range and there are plenty of homes in that price range available. Higher price homes are selling as well. A 550k home closed last month for 510k which we have not seen in a while. Inventory is definitely increasing as we get further into Spring and Summer approaches and contracts are being written. I am noticing an increase in short sales and foreclosures.

East Nashville Homes: February Market Update

 Buyer and Seller Resources, East Nashville Home Prices, East Nashville Home Sales  No Responses »
Mar 012011
 

With Spring quickly approaching, here is a look at how the East Nashville housing market looked for February. East Nashville had 50 homes that closed as posted on the MLS. Of those 50 the averaged ” days on the market ” was 88 days. With the median home sales price being $94,500 due to a rise in all cash purchase by investors on lower priced investment properties.

Rates are easing down below 5% again making things interesting as home prices seem to be leveling out  in most Nashville markets. Repeat buyers, investors and commercial buyers are making up the majority of the Nashville market’s shoppers now vs. last years first time buyers.

Foreclosures and short-sales are still out there. One thing I would like to clear up about purchasing one of these properties. The process is not like it used be, while sometimes they can take 30 to 60 days to close, it is not as difficult of a process as it used to be.

Affordable Home Buying In Nashville

 Buyer and Seller Resources, East Nashville, East Nashville Home Prices, Nashville Homes and Neighborhoods  No Responses »
Jan 132011
 

For home buyers looking to capture an affordable home in today’s market, you may be in luck. Now is the time to get a jump on the spring market. Currently in East Nashville there well over 1oo homes listed between 150 and 200k. Homes are having a tendency to sit on the market a little longer than normal this time of year as well. As the weather warms up and we get closer to Spring this may change a bit as it does every year.

Home buyers who are looking to move into a neighborhood that is in transition may even capture a better price on a home. If you are a serious urban dweller you may want to check out some of Nashville’s up and coming areas of town such as SoBro which is projected to be the next ” it ” place. Now is the time to get into these neighborhoods.

Some of Nashville’s outlying neighborhoods such as Donelson, Crieve Hall, Berry Hill and Melrose are great neighborhoods where homes are eclectic, affordable and still close to downtown Nashville. I have shown homes in these areas that are fabulous with great yards and seriously only 10 to 15 minutes to Nashville depending where you are.

For buyer’s looking for a condo, options are getting much better as many complexes become more ” financing friendly ”  the condo market is not as bad as it was..even a few months ago.

Home buyers have many options right now. Financing IS available for qualified buyers..

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