GREATER NASHVILLE HOME SALES INCREASE FOR SECOND CONSECUTIVE MONTH
NASHVILLE, Tenn. (Sept. 8, 2011) – There were 2,047 home closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORSÒ. This figure represents a 28.4 percent increase from the 1,594 closings reported for the same period last year.
Year-to-date closings for the Greater Nashville area have decreased 4.6 percent. There were 13,699closings, compared with 14,362 closings reported through August of last year.
“There was an increase in closings in all categories during the month of August – a continued sign the market is stable and showing some encouraging signs,” said GNAR President Alice Walker. “For the second consecutive month, pending sales have increased, condo prices are up and single-family home prices are consistent.
“The comparison of closings to last year continues to support a distorted view of the market. In the first half of this year, we were comparing to months where the tax credit was in place in 2010. That drew many buyers into the market sooner than they planned, but left fewer buyers in the market once the tax credit expired. So what we are really seeing now is a stable market that looks stronger when compared to the weaker market that followed the expiration of the tax credit last year.”
A comparison of sales by category for August is:
|
August 2010 |
August 2011 |
| CLOSINGS |
1,594 |
2,047 |
| Residential |
1,352 |
1,711 |
| Condominium |
153 |
211 |
| Multi-Family |
19 |
35 |
| Farms/Land/Lots |
70 |
90 |
There were 2,055 sales pending at the end of August, compared with 1,716 pending sales at this time last year. The average number of days on the market for a single-family home was 90 days.
The median residential price for a single-family home during August was $171,900, and for a condominium it was $152,000. This compares with last year’s median residential and condominium prices of $174,500 and $141,890, respectively.
Inventory at the end of August was 21,362, down slightly from 24,119 in August 2010. The current inventory of properties by category, compared to last year, is:
|
AUGUST 2010 |
AUGUST 2011 |
| INVENTORY |
24,119 |
21,362 |
| Residential |
15,008 |
13,353 |
| Condominium |
2,350 |
1,880 |
| Multi-Family |
426 |
351 |
| Farms/Land/Lots |
6,335 |
5,778 |
“Inventory is slightly lower than last year, but there continues to be a good supply of properties throughout Middle Tennessee,” added Walker. “With closings up and inventory lower compared to August of last year, there is currently approximately a 10-month supply available. The market is much more in balance than it was at this time last year when the supply was more than 15 months. There are still plenty of homes available in a variety of price ranges throughout Greater Nashville, and conditions remain favorable for those interested in purchasing a home.”
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.
The market has definitely changed over the past couple months. I have seen several multiple offer deals and homes go to contract as soon as they hit the market. Cash buyers are hitting the market as well which we have not seen in quite a while.
For home owners thinking of selling this fall, pricing is still key even in this upswing. Even though the market appears to be shaping up somewhat don’t get over confident that you can over price your home. There are still fewer buyers in the market. Having said that, the buyers that are shopping now are ready to purchase a home. They are pre-approved, cash buyers, repeat buyers, and savvy. They know the market and they know what they want in a home. They will be patient for the right home.
