Greater Nashville Area: September Home Sales Increase; Third Quarter Numbers Also Up
SEPTEMBER HOME SALES INCREASE; THIRD QUARTER NUMBERS ALSO UP
Press Release by Greater Nashville Association of REALTORS®
NASHVILLE, Tenn. (Oct. 9, 2012) – There were 2,266 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORS®. That number is up 23.7 percent from the 1,832 closings reported for the same period last year.
Third quarter numbers have increased from 2011 with 7,446 closings reported, which is 26.2 percent higher than last year’s third quarter closings of 5,900.
Year-to-date closings for the Greater Nashville area are 19,440. That total is up 25.2 percent from the 15,531 closings reported through the third quarter of 2011.
“Home sales have seen an increase every month this year,” said GNAR President Kendra Cooke. “And those increases result in strong third quarter and year-to-date numbers in Middle Tennessee – both up more than 25 percent. Also notable for September are more residential closings than all closings combined last September.
“Even though standard seasonal trends may show reduced monthly closings, the comparisons to the same months from last year continue to indicate significant increases, which is very encouraging. Greater Nashville is fortunate to be experiencing these increases, as they are still not the case in many other parts of the country.”
“Most every category saw an increase compared to September last year with the exception of a slight decrease in multi-family home closings. But, with both residential and condominium median prices up and pendings above 2,300, we remain encouraged as we enter the fourth quarter.”
There were 2,291 sales pending at the end of September, compared with 1,729 pending sales at this time last year. The average number of days on the market for a single-family home was 82 days, compared with 94 days for September 2011.
The median residential price for a single-family home during September was $175,000, and for a condominium, it was $153,900. This compares with last year’s median residential and condominium prices of $163,000 and $144,900, respectively.
Inventory at the end of September was 17,897, down from 20,718 in September 2011.
“Like most of the year, inventory remains down, but we are still at a healthy market level and there are a lot of great options for potential buyers. Greater Nashville remains attractive to both companies and families,” added Cooke.
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 October 9, 2012 | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee