East Nashville Homes: April Home Sales Increase By 27 Percent, Inventory Still An Issue

 Nashville Housing Market Info  No Responses »
May 102013
 

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APRIL HOME SALES INCREASE BY 27

PERCENT

NASHVILLE, Tenn. (May 9, 2013) – There were 2,780 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS®.  This represents an increase of 27 percent from the 2,186 closings reported for April 2012.

Year-to-date closings are also up compared to 2012 with 8,760. That is a 24 percent increase compared to the 7,041 closings reported through April 2012.

“The housing market in greater Nashville is clearly active and the recovery is continuing,” said GNAR President Price Lechleiter. “It is encouraging to see consistency and growth in the number of closings each month. And, it is worth noting that the last time there were more than 2,700 closings in a month was August 2007 with 3,359.

While the news is currently positive, there is still significant concern about possible government decisions impacting the housing market. The wrong choices could easily have a major negative impact in a very short time. Realtors from Nashville, and across the country, will be in Washington, DC next week. We will be meeting with elected officials, asking them to protect the mortgage interest deduction, preserve the mission and purpose of FHA and restructure Fannie Mae and Freddie Mac to assure that mortgages are available to consumers in all economic conditions.”

A comparison of sales by category for April is:

2012          2013

CLOSINGS                 2,186         2,780
Residential                1,841         2,292
Condominium           230            303
Multi-Family              26              24
Farm/Land/Lots        89             161

There were 2,984 sales pending at the end of the month, compared to the 2,436 pending sales at this time last year. The average number of days on the market for a single-family home was 76 days.

The median residential price for a single-family home during April was $185,000 and for a condominium it was $163,800. This compares with last year’s median residential and condominium prices of $165,120 and $141,190, respectively.

Inventory at the end of April was 16,696, down from 19,622 in 2012. The current inventory of properties by category, compared to last year, is:

        2012            2013

INVENTORY            19,622          16,696
Residential              12,185          10,365
Condominium         1,703             1,300
Multi-Family            294                205
Farm/Land/Lots      5,440             4,826

“Inventory remains the key short-term issue in the greater Nashville market,” added Price. “Sellers seem to be waiting until they feel like there is the potential for a good financial return before they put their homes on the market. It is encouraging to see that median prices for both single-family homes and condominiums are up significantly this month. Some consistency in price increases will likely prompt more people to seriously consider selling their homes.”

 

 

Home Owners Showing More Willingness to Sell?

 Nashville Housing Market Info, Selling Your Home  No Responses »
Apr 142013
 

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I am definitely starting to see a very slight increase in homes hitting the market here in East Nashville. I get a lot of ” coming soon ” notifications from my fellow Realtors..however, the good ones are still selling lightning fast and in multiple offer situations and some above list prices.

Mortgage rates are low again and buyers are out there. There are a lot of cash buyers in the market now, more than in the past few years. It’s so important that home owners understand that this is them time to sell and waiting could actually cost you. This not just real estate sales pitch but a mathematical fact. Selling now could make you more money than later. The inventory just will not stay this low forever..more folks are moving now than in the past several years. Home building is at its highest in years. There will be more foreclosures and distressed properties that will hit the market at some point.

Home Owners Showing More Willingness to

Sell?

DAILY REAL ESTATE NEWS | THURSDAY, APRIL 11, 2013

The number of listings on the market increased 2.36 percent in March from the previous month — possibly an indication that sellers are becoming more willing to put their homes on the market as asking prices increase, according to housing data from realtor.com.

While the data shows a month-to-month inventory increase, inventories are still down 15.22 percent compared to last year.

The median age of the inventory continues to drop year-over-year by 12.35 percent, the amount of time homes are sitting on the market has fallen by 20 days since February, according to realtor.com. The median age of inventory of for-sale listings was 78 days in March.

“The next three months will be significant in determining the impact of the recovering housing market,” says Steve Berkowitz, chief executive officer of Move Inc.

Median list prices have increased year-over-year in a greater number of the 146 markets realtor.com tracks. California continues to show the greatest increases, as well as the largest drops in inventories as well. Denver, Detroit, and Seattle are also showing some of the biggest improvements in its housing markets too, according to realtor.com.

Source: “Sellers Becoming Confident in the Housing Market, Providing an Optimistic Outlook for the Housing Recovery,” RISMedia (April 10, 2013)

 

East Nashville Homes: Housing Market Update For March 2013

 Buyer and Seller Resources, East Nashville, Nashville, Nashville Housing Market Info  No Responses »
Apr 092013
 

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GREATER NASHVILLE HOME SALES

REMAIN STRONG FOR MARCH AND FIRST

QUARTER

NASHVILLE, Tenn. (April 9, 2013) – There were 2,562 home closings reported for the month of March 2013, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 30.5 percent increase compared with 1,963 closings in March of 2012.

Numbers for the first quarter of 2013 were 5,980 closings, up 23 percent from the 4,855 closings during the first quarter of 2012.

“The number of closings for March is the highest it has been during the same month since March of 2007,” said GNAR President Price Lechleiter. “The housing market is very active. Seasonal trends and increased activity are combining to create more confidence that the housing market will continue to improve here in Greater Nashville. This region is very fortunate in that we are experiencing recovery, stabilization and strengthening of the market more quickly than many other markets. Pending sales for March are the highest they’ve been since January 2007, and the increase in the residential and condo median prices is a welcome sign.”

“It also bears noting that April is Fair Housing Month. April 11, 1968 is when the initial fair housing legislation was signed into law by President Johnson – just one week after the assassination of Dr. Martin Luther King, Jr. We owe a great debt to those who worked so hard to create and pass that milestone legislation and open housing opportunity for so many more deserving Americans.”

A comparison of sales by category for March is:

2012          2013

CLOSINGS                 1,963         2,562
Residential                 1,592         2,089
Condominium            198            281
Multi-Family               39              32
Farm/Land/Lots        134             160

A comparison of sales by category for the first quarter/year-to-date is:

2012        2013

CLOSINGS                 4,855        5,980
Residential                3,959        4,914
Condominium           484           635
Multi-Family              76             78
Farm/Land/Lots        336          353

There were 2,727 sales pending at the end of March, compared with 2,239 pending sales at this time last year.  The average number of days on the market for a single-family home was 80 days.

The median residential price for a single-family home during March was $169,000 and for a condominium it was $147,900.  This compares with last year’s median residential and condominium prices of $168,500 and $135,000, respectively.

Inventory at the end of March was 16,049, down from 18,984 in March 2012.  The current inventory of properties by category, compared to last year, is:

        2012            2013

INVENTORY            18,984           16,049
Residential              11,787            9,923
Condominium         1,625              1,207
Multi-Family            293                 198
Farm/Land/Lots      5,279              4,721

“Right now, inventory is the most sensitive area of the real estate market,” added Lechleiter. “With a supply of just over six months overall, and less than five month’s supply specifically for single-family homes, it is clear that demand is higher than supply. Good properties, properly prepared and priced, are moving very quickly. The market is very competitive. Buyers are always resistant to consider available homes that are in bad repair or priced incorrectly.”

 

 

The Greater Nashville Association of REALTORS is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

Buyer Demand Soars, But Where Are the Houses?

 Nashville Housing Market Info  No Responses »
Mar 212013
 

for-sale-sign

Buyer Demand Soars, But Where Are the

Houses?

DAILY REAL ESTATE NEWS | THURSDAY, MARCH 21, 2013

Buyer demand is rapidly rising, but the housing market is realizing they may not have the inventory to meet it.

“The housing turnaround seems to have caught almost everyone in the business by surprise,” The New York Times reports. “As desirable as the long-awaited improvement may be, the unusually low level of homes for sale is creating widespread problems for buyers and sellers alike, leading to bidding wars and bubble-like price jumps in places that not long ago were suffering from major declines.”

After years of not building, homebuilders are scrambling to ramp up production to meet demand, but they’re facing delays from the availability of lots, scarcity of qualified labor, and obtaining permits.

Meanwhile, investors have snagged foreclosures and short sales, limiting the availability of those on the market as well.

In addition, more home owners — once underwater — are seeing the return of equity again for the first time in years, but still may be reluctant to sell as they wait for home prices to rise even more. Or, they might be wary of being displaced themselves if they sell due to the sudden buying frenzy, The New York Times notes.

“You see a home go for sale and within a couple days there are three, four, six offers,” says home buyer Carrie Miskawi, who has been looking for a new home for the last six months.

Sacramento real estate agent Tom Phillips says he’s even resorted to knocking on doors of homes to see if the owners might consider selling to one of his clients.

The number of homes for sale is at its lowest level since 1999, according to the National Association of REALTORS®. But with mortgage rates still low and home prices off their peak, buyers are viewing it as an opportunity to jump in.

 

East Nashville Homes: Nashville Housing Market Update For February 2013

 Nashville Housing Market Info  No Responses »
Mar 072013
 

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GREATER NASHVILLE HOME SALES

INCREASE 18 PERCENT IN FEBRUARY -

PENDING SALES SURPASS 2,00

 

NASHVILLE, Tenn. (March 7, 2013) – There were 1,784 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of REALTORS.

This represents an increase of nearly 18 percent from the 1,515closings reported in February 2012. Year-to-date closings through February are 3,418, an18.2 percent increase from the 2,892 closings reported through February 2012.

“The home sales data for February indicates another increase in both home purchases and pending sales compared to last year,” said GNAR President Price Lechleiter. “And this month also marks the highest amount of closings in February since 2008. This is the eighteenth consecutive month of increased year-over-year closings.

“The housing market recovery in this region is proving to be sustainable, particularly in light of the seasonal increases in home sales activity anticipated in the coming months. The current trends are certainly positive, but long-term planning is needed to keep our city and region vibrant and attractive in the future. With that in mind, GNAR is fully engaged in the NashvilleNext initiative and commends those who are leading that process.”

A comparison of sales by category for February is:

2012          2013

CLOSINGS                 1,515         1,784
Residential                 1,251         1,481
Condominium            128            180
Multi-Family               22              24
Farm/Land/Lots        114             99

There were 2,269 sales pending at the end of the month, compared with 1,832pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.

The median residential price for a single-family home during February was $175,000, and for a condominium it was $138,473. This compares with median residential and condominium prices of $159,900 and $145,000, respectively at this time last year.

Inventory at the end of February was 15,651 down from 18,271 in February 2012. The current inventory of properties by category, compared to last year, is:

        2012            2013

INVENTORY            18,271         15,651
Residential              11,258          9,491
Condominium         1,559            1,223
Multi-Family            301               213
Farm/Land/Lots      5,153            4,724

 

 

“According to the National Association of Realtors, pending home sales were up over last year in every region of the country, including the South.  In the Greater Nashville area, there were more than 2,000 pending sales last month. Pending sales have not been above 2,000 since February 2008, so this is welcome news,” added Lechleiter.  “Inventory is consistently lower than what it was in recent years. With positive sales trends and low inventory, it is likely that more people will consider putting their homes on the market soon. It is important for sellers to understand that buyers are expecting homes to be market ready and priced correctly in order to seriously consider a purchase.”

 

 

The Greater Nashville Association of REALTORS is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

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