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.
