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Greater Nashville Home Sales Increase for 5th Consecutive Month per GNAR Press Release

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GNAR PRESS RELEASE: Nashville, TN (Dec. 8, 2011) – There were 1,592 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 20 percent from the 1,326 closings reported for the same period last year.

Year-to-date closings through November are 18,851, almost a 1 percent increase from 2010 when 18,750 closings were reported through November.

“Home sales trends in November include a double-digit increase the number of closings and stable or increasing prices for both single-family homes and condominiums. These signs are welcome as we near the end of the year and begin to look towards 2012,” said GNAR President Alice Walker. “Based on current data, Greater Nashville is on track to have more than 20,000 closings this year, which is a very important benchmark under current market conditions.”

“As we get further away from the impact of the first-time homebuyer tax credit, comparisons become more realistic. What we’ve seen the second half of this year, including an actual increase in closings year-to-date, should be encouraging for buyers, sellers and real estate professionals alike.”

There were 1,657 sales pending at the end of the month, compared with 1,623 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 November was $167,500, and for a condominium it was $158,690. This compares with last year’s median residential and condominium prices of $165,000 and $137,500, respectively.

Inventory at the end of November was 19,292, down from 21,932 in November 2010.

“Inventory is down, which is common for this time of the year. It is currently under 20,000 units. Inventory has been under 20,000 units one time since early 2007, and that was December of 2010. For single-family residential units, there is only about a nine month supply based on current sales levels,” added Walker. “December is not a time for high real estate traffic, but those who are looking tend to be very serious. Making the choice to look for a home when there are so many other ways to spend time during the Holidays means that the buyers are serious. If your home is on the market, talk with your Realtor about how it should be prepared, presentable and protected for showings.”

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.

Source: Greater Nashville Association of REALTORS®; Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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