East Nashville Homes: Nashville Area Homes Market Update For December 2011

 Buyer and Seller Resources  No Responses »
Jan 112012
 

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.”

 

 Posted by mariapatton at 9:34 am  Tagged with:

Nashville Home Sales Increase for September and For Third Quarter

 Buyer and Seller Resources, Nashville Housing Market Info  No Responses »
Oct 062011
 

SEPTEMBER HOME SALES INCREASE; THIRD QUARTER NUMBERS ALSO SEE INCREASE

 
NASHVILLE, Tenn. (Oct. 6, 2011) – There were 1,832 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORSÒ.  That number is up 16.9 percent from the 1,567 closings reported for the same period last year.
  Third quarter numbers have increased from 2010 with 5,900 closings reported, which is 20 percent higher than last year’s third quarter closings of 4,906.
  Year-to-date closings for the Greater Nashville area are 15,531. That total is down 2.5 percent from the 15,929 closings reported through the third quarter of 2010.
  “Home sales have increased for the third consecutive month” said GNAR President Alice Walker. “The increase in sales seen in Middle Tennessee during the third quarter is certainly good news.  Year-to-date numbers, which are down only slightly, still reflect the market distortion seen by last year’s tax credit - which was still in effect until early in the third quarter of 2010. It is encouraging to see that we have nearly caught up with last year at this point in the year. ”
  “Most every category saw an increase in closings compared to September last year. The increase in sales of farms, land and lots is particularly important as those sales are often indicators of coming developments.”
  “Median prices are down in the range of about 5 percent. While we don’t like to see a drop in price, being down only single-digit percentages is much more desirable than the double-digit decreases other areas of the country are currently seeing,” said Walker.
  “Pending sales were up again for the fourth consecutive month, an encouraging sign of a potential market recovery,” noted Walker.  “Inventory was down compared to last year, but in this case, being down is positive news. The best case scenario is to have six months of inventory available on the market, and currently we have about 10 months.  At this time last year there was about 15 months worth of inventory available.  This level makes for a much healthier market and still provides plenty of options for potential home buyers.”
A comparison of sales by category for September is:
September 2010 September 2011
CLOSINGS 1,567 1,832
Residential 1,281 1,513
Condominium 209 189
Multi-Family 10 24
Farms/Land/Lots 67 106
  A comparison of sales by category for the third quarter:
3rd Quarter 2010 3rd Quarter 2011
CLOSINGS 4,906 5,900
Residential 4,096 4,916
Condominium 541 619
Multi-Family 54 73
Farms/Land/Lots 215 292
  A comparison of sales by category year-to-date:
YTD 2010 YTD 2011
CLOSINGS 15,929 15,531
Residential 13,290 12,924
Condominium 1,877 1,653
Multi-Family 163 175
Farms/Land/Lots 599 779
  There were 1,729 sales pending at the end of September, compared with 1,588 pending sales at this time last year.  The average number of days on the market for a single-family home was 94 days, compared with 92 days for September 2010.
  The median residential price for a single-family home during September was $163,000, and for a condominium, it was $144,900.  This compares with last year’s median residential and condominium prices of $171,820 and $155,000, respectively.
  Inventory at the end of September was 20,718, down from 23,549 in September 2010.  The current inventory of properties by category, compared to last year, is:
SEPTEMBER 2010 SEPTEMBER 2011
INVENTORY 23,549 20,718
Residential 14,635 12,912
Condominium 2,213 1,793
Multi-Family 431 343
Farms/Land/Lots 6,270 5,670
  “The Greater Nashville market continues to strengthen and fare better than many other cities,” said Walker. “In fact, the latest numbers from the National Association of REALTORS® show the national median price for a single family home is $168,300 and we’re slightly under that number.  That keeps the Greater Nashville area attractive to both companies and families.”
  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.
 Posted by mariapatton at 10:20 am  Tagged with:

East Nashville Homes: Nashville Area Home Sales Increase Again!

 Uncategorized  No Responses »
Sep 082011
 

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. 
 Posted by mariapatton at 10:33 am  Tagged with: , ,

Nashville Area Home Sales Increase For The First Time This Year

 Nashville Housing Market Info  No Responses »
Aug 092011
 

JULY MARKS FIRST HOME SALES INCREASE IN 2011

NASHVILLE, Tenn. (Aug. 9, 2011) – There were 2,021 home closings reported for the month of July, according to figures provided by the Greater Nashville Association of REALTORS®. This represents a 15.8 percent increase from the 1,745 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area are 11,652. That is a decrease of 8.7 percent from the 12,768 closings reported through July 2010.

“The July homes sales increase reflects what we’ve been saying during the past 6 months – the market is steadily recovering,” said GNAR President Alice Walker. “Due to the first-time and existing home-buyer tax credits last year, the comparisons this year have been distorted. Even though tax credits had some residual impact through September, it was this time last year that the majority of the tax credit activity ended. Now we are beginning to see a more equitable comparison, which is very favorable for July.

“Pending sales are up, condominium prices are on the rise and single-family home prices are steady. Those are all certainly encouraging signs for the Middle Tennessee housing market. .”

A comparison of sales by category for July is:

July 2010 July 2011

CLOSINGS

1,745

2,021

Residential

1,463

1,692

Condominium

179

219

Multi-Family

25

14

Farms/Lands/Lots

78

96

There were 1,997 sales pending at the end of July, compared with 1,667 pending sales at this time last year. The average number of days on the market for a single-family home was 92 days.

The median residential price for a single-family home during July was $179,900, and for a condominium it was$158,000. This compares with last year’s median residential and condominium prices of $181,000 and $149,900, respectively.

Inventory at the end of July was 21,993, down from 24,258 in July 2010. The current inventory of properties by category, compared to last year, is:

July 2010
July 2011
INVENTORY 24,258 21,993
Residential 15,172 13,891
Condominium 2,417 1,982
Multi-Family 430 353
Farms/Land/Lots 6,239 5,767

“The situation with inventory has changed significantly. Overall, based on the current level of sales, there is a supply of just over 10 months. For single-family residential inventory, the supply is approximately eight months, which is more of a balanced market than has been the case for some time,” Walker said.

“With interest rates still at record lows for now, it remains a great time to become a homeowner in Greater Nashville. Even with circumstances favoring those who are in a position to buy a home, the real estate market is still very complex.  Those considering the purchase or sale of a home should consult with a Realtor, a real estate professional, to guide and assist them through the transaction,” she said.

 Posted by mariapatton at 10:16 am  Tagged with: ,

Selling Your Home In Today’s Market

 East Nashville, East Nashville Home Prices, East Nashville Home Sales, Selling Your Home  No Responses »
Aug 032010
 

If you have watched the news or even read the news you have seen terms like ” double dip recession ” and  ” housing bust ” well..the housing market is complex. The market indicators and the numbers that we all see every day are comprised of home sales nationally.

We have also heard a lot about the unemployment rate and the affect it has on the housing market. This is very true. The higher the unemployment the lower the consumer confidence. In Nashville, based on the last time I checked the unemployment rate was just over 9% and the National unemployment rate is around 10% Note: this may have changed some. which is under the National average but is still higher than previous years.

Is now a good time to sell in your market? To get a better picture of what your market looks like you need to dig a little deeper. How many homes have sold in your market, how many are currently pending, how many days were they on the market” before they sold..this is a big number to pay attention to, how many foreclosures are in your market, is your market considered a ” up and coming ” neighborhood.

In neighborhoods such as East Nashville or any other popular metro Nashville neighborhood were home buyers continue to be attracted to the community for it’s charm, convienence and coolness, home prices have remained relatively stable. Homes stay on the market under 90 days in most cases. There are a handful of foreclosures on the market but nothing that has significantly affected pricing at this point.

Homes that are currently on the market need to have their game face on. There is a lot of inventory right now and there are fewer buyers in the market than there were in the previous months. If your home is listed and has become ” stale ” meaning you have been sitting for a few weeks..freshen up your marketing. Know your competitors. You can search your market on realtracs.com, zillow. com or any other home search website.

Thinking about selling your home? know your market and know your prospective buyers. Protect your investment by making sure you hire someone who will work for you. Don’t hire a lazy agent. I have seen it time and time again. The agent who only wants to list your home but not sell it. Make sure you hire someone who is familiar with your market and the prospective buyers who shop your market. Most importantly hire someone who will be honest with you, even if that means telling you to wait..now is not the time to sell your home.

For monthy and quarterly sales information you can go to realtor.org and I also post monthly data here on my website. For more specific information on a neighborhood please feel free to contact me.

Search MLS at Realtracs.com – Search for Nashville homes, foreclosures and condos.

 Posted by mariapatton at 12:20 pm  Tagged with: , , ,
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