There were 2,145 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 33.7 percent from the 1,604 closings reported for April 2009.
Year-to-date closings are up compared to last year with 6,337. That is an 18 percent increase compared to the 5,366 closings reported through April 2009.
“For the seventh consecutive month, home sales in Greater Nashville have increased,” said GNAR President Lucy Smith. “Stable prices for single family homes and condominiums paired with an increase in pending sales create a hopeful sign as we move into the summer selling season.”
“Many people may be wondering about the impact the recent flooding could have on the real estate market. Clearly, the damage and loss is significant in both downtown commercial and area residential property. There may be a brief impact, but there is likely to be continuing sales activity throughout Middle Tennessee. And, the exceptional job of response by both area volunteers and community leaders confirms that Greater Nashville will continue to attract companies and families. The true heart of this city has been revealed to people around the country and what they are seeing is very compelling,” Smith said.
A comparison of sales by category for April is:
| |
April 2009
|
April 2010
|
| CLOSINGS |
1,604
|
2,145
|
| Residential |
1,336
|
1,834
|
| Condominium |
180
|
220
|
| Multi-Family |
19
|
27
|
| Farms/Land/Lots |
69
|
64
|
There were 2,505 sales pending at the end of the month, compared to the 1,865 pending sales at this time last year. The average number of days on the market for a single-family home was 87 days.
The median residential price for a single-family home during April was $164,950 and for a condominium it was $143,950. This compares with last year’s median residential and condominium prices of $164,500 and $149,900, respectively.
Inventory at the end of April was 24,352, down slightly from 24,408 in 2009. The current inventory of properties by category, compared to last year, is
| |
April 2009
|
April 2010
|
| INVENTORY |
24,408
|
24,352
|
| Residential |
14,855
|
15,087
|
| Condominium |
2,575
|
2,618
|
| Multi-Family |
395
|
463
|
| Farms/Land/Lots |
6,583
|
6,184
|
“Inventory remains stable, down only slightly from where it was a year ago,” Smith added. “Residential and condominium inventory levels are both up from where we were last year, with farm, land and lots down. The increase in home sales over the past several months proves people are continuing to make Middle Tennessee their home. Even with the expiration of the home-buyer tax credit, low mortgage rates and median prices make this an ideal time to purchase in Greater Nashville.”
