Kenneth Bargers Blog

Greater Nashville Association of Realtors Release June Statistics!

JUNE HOME SALES SHOW SOME SIGNS OF IMPROVEMENT

There were 2,091 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®. That figure is down 19.2 percent compared to the 2,591 closings reported for June 2008. The number of closings exceeded 2,000 for the first time since September of last year.

Second-quarter numbers are also down, with 5,478 closings reported, a 24.2 percent decrease from the 7,234 closings reported through the second quarter of 2008. Year-to-date closings for the Greater Nashville area are down 28.9 percent with 9,240 compared to the 12,997 closings reported through mid-year 2008.

“There are several encouraging signs in the current home sales data for Greater Nashville and Middle Tennessee,” said GNAR President Mike Nichols. “There were more than 2,000 closings in one month for the first time since September of last year. There are more than 2,000 sales pending for the second consecutive month. And, the median price for a single-family home is down only three percent from where it was a year ago. These signs are early indications of what we hope will become positive trends for the coming months. It does seem that more people are again beginning to explore the possibility of home ownership.”

In that regard, Nichols says first-time buyers can learn more about their opportunities by attending the upcoming Mayor’s Housing Fair, sponsored by Nashville Mayor Karl Dean, which is set for Sunday, July 26th from 1:00 p.m. until 5:00 p.m. at The Sommet Center.

The median residential price for a single-family home during June was $177,700, and for a condominium it was $152,870.  Last year’s median residential and condominium prices for June were $183,615 and $185,500, respectively.

There were 2,141 sales pending at the end of June, compared with 2,684 pending sales at this time last year.  The average number of days on the market for a single-family home was 83 days which is the lowest so far in the calendar year for 2009.

Inventory at the end of June was 24,552, down from 24,935 in June 2008.

“Inventory is actually down in every category except farm, land and lots,” said Nichols. “That category will likely remain large until homebuilding activity increases. Buyers still have plenty from which to choose. For sellers, the priority remains to make their home is priced, prepared and presented well in order to be attractive to buyers.”

Source:  GNAR Press Release 070909.

July 9, 2009 - Posted by kbargers | marketing, Nashville, real estate, tennessee | home sales, June 2009, kenneth bargers, Nashville, tennessee