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:
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:
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.”