2011 HOME SALES INCREASE IN GREATER NASHVILLE – FIRST INCREASE SINCE 2006
December and 4th Quarter Also Show Significant Increases
NASHVILLE, Tenn. (Jan. 9, 2012) – There were 1,773 closings during the month of December, according to figures provided by the Greater Nashville Association of REALTORS®. This is an 18.2 percent increase from the 1,500 closings reported for the same period in 2010.
Fourth quarter closings are 5,093 for Greater Nashville. That total is up 17.9 percent from the 4,321 closings during the fourth quarter of 2010.
Final numbers for 2011 show there were 20,624 homes sold in the region, according to figures provided by the Greater Nashville Association of REALTORS®. Compared to the prior year, the final figures are up 1.8 percent. There were 20,250 closings in 2010.
“2011 was a very important year for home sales. It is the first year since 2006 that there was an increase over the number of closings in the prior year. While the increase is small, it is a very encouraging sign. The year-over-year increase is most significant because in 2011 there were no stimulus or tax-credit incentives like those available in 2010,” said GNAR President Kendra Cooke. “The double-digit increase for closings in December marks the sixth consecutive month of increased home sales, so the 4th quarter numbers are also up significantly.
“The fact that the number of pending sales is also up, and by a meaningful amount, gives Realtors in Greater Nashville and Middle Tennessee some reason to be optimistic as we start a New Year.”
A comparison of sales by category for December is:
| DECEMBER 2010 | DECEMBER 2011 | |
| CLOSINGS | 1,500 | 1,773 |
| Residential | 1,237 | 1,502 |
| Condominium | 174 | 171 |
| Multi-Family | 16 | 21 |
| Farms/Land/Lots | 73 | 79 |
A comparison of sales by category for the fourth quarter is:
| 4th Quarter 2010 | 4th Quarter 2011 | |
| CLOSINGS | 4,321 | 5,093 |
| Residential | 3,629 | 4,268 |
| Condominium | 464 | 541 |
| Multi-Family | 49 | 53 |
| Farms/Land/Lots | 179 | 231 |
A comparison of year-to-date sales by category for year-to-date is:
| Y-T-D 2010 | Y-T-D 2011 | |
| CLOSINGS | 20,250 | 20,624 |
| Residential | 16,919 | 17,192 |
| Condominium | 2,341 | 2,194 |
| Multi-Family | 212 | 228 |
| Farms/Land/Lots | 778 | 1,010 |
There were 1,652 sales pending at the end of December, compared with 1,273 pending sales at this time last year. The average number of days on the market for a single-family home was 94 days.
The median residential price for a single-family home during December was $168,500, and for a condominium it was $140,062. This compares with last year’s median residential and condominium prices of $174,500 and $140,000, respectively.
Inventory at the end of December was 17,216, down from 19,411 in December 2010. The current inventory of properties by category, compared to last year, is:
| DECEMBER 2010 | DECEMBER 2011 | |
| INVENTORY | 19,411 | 17,216 |
| Residential | 12,146 | 10,574 |
| Condominium | 1,799 | 1,477 |
| Multi-Family | 370 | 308 |
| Farms/Land/Lots | 5,096 | 4,887 |
“Prices are lower but remaining fairly stable and inventory is down. As a matter of fact, inventory is down to levels not seen since about this time in 2007. Even with the decrease there is about a 9 or 10 month supply overall. For residential, the supply is only about 7 months and for condos about 8 months. Selection throughout the region remains good and conditions remain extremely favorable for those interested in purchasing a home,” added Cooke. “For those planning to sell, it is important to maintain your property inside and out to be successful in this competitive market.”
