July 2012 Home Sales Up 27 Percent in the Greater Nashville Area
JULY HOME SALES UP 27 PERCENT
Press Release by Greater Nashville Association of REALTORS®
NASHVILLE, Tenn. (Aug. 9, 2012) – There were 2,574 home closings reported for the month of July, according to figures provided by the Greater Nashville Association of REALTORSÒ. This represents a 27.4 percent increase from the 2,021 closings reported for the same period last year.
Year-to-date closings for the Greater Nashville area are 14,568. That is an increase of 25 percent from the 11,652 closings reported through July 2011.
“The July homes sales increase reflects the sustained strengthening being experienced in Greater Nashville market this year,” said GNAR President Kendra Cooke. “This is the highest number of closings in one month since June 2008. The Greater Nashville region is fortunate to be experiencing continued improvement in home sales. The more diverse and stable employment environment here, compared with other parts of the country, is making a major difference in the regional economic recovery overall, and is certainly helping in home sales.”
“Pending sales remain strong and both condominium and single-family home prices are stable. Those are encouraging signs for the Middle Tennessee real estate market.”
There were 2,648 sales pending at the end of July, compared with 1,997 pending sales at this time last year. The average number of days on the market for a single-family home was 81 days.
The median residential price for a single-family home during July was $181,250 and for a condominium it was $156,220. This compares with last year’s median residential and condominium prices of $179,900 and $158,000, respectively.
Inventory at the end of July was 18,868, down from 21,993 in July 2011.
“The available inventory in Greater Nashville is down 16 percent from last year,” added Cooke. “Frankly, some additional inventory would be welcome. There is just a 7-month supply overall, and only about a 5-month supply of single-family residential inventory. Homes that are market-ready and priced correctly tend to be very popular and move quickly. However, buyers continue to be increasingly selective, choosing to focus on well-prepared properties and pass on homes needing significant repair or service.”
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®, Press Release July Homes Sales Up 27% (August 9, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee