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Greater Nashville Home Sales Continue to Increase

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Greater Nashville Home Sales Continue to Increase
Article by: GNAR Press Release; September 5, 2013

NASHVILLE, Tenn. (Sept. 5, 2013) – There were 3,084 home closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents an 18.3 percent increase from the 2,606 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area have increased 22.8 percent. There were 21,094 closings, compared with 17,174 closings reported through August of last year.

“Home sales during August increased 18.3 percent over August of last year. And, the total number of closings during the month exceeded 3,000, which is very encouraging,” said GNAR president Price Lechleiter. “Spring and summer are highly active times for home sales, but the start of the school year sometimes begins a seasonal downturn. The Greater Nashville market remains active and healthy, and the number of pending sales is cause to believe the trend is continuing.

“As Middle Tennessee continues to receive positive attention, with businesses and families moving here, it’s resulting in more growth. Preparing for and managing that growth is critically important. Addressing key local and regional issues like transit and public education will be necessary if we want to continue enjoying the benefits of being a vibrant, attractive location.”

There were 2,888 sales pending at the end of August, compared with 2,572 pending sales at this time last year. The average number of days on the market for a single-family home was 67 days.

The median residential price for a single-family home during August was $194,000, and for a condominium it was $167,834. This compares with last year’s median residential and condominium prices of $175,000 and $147,634, respectively.

Inventory at the end of August was 16,250, down slightly from 18,223 in August 2012.

“Both condominium and single-family median prices continue to rise and days on market continue to drop,” added Lechleiter. “Inventory is continuing to decrease, which is the case in all categories this month. Now is certainly a good time to consider selling your home. There is demand from buyers for well-prepared and properly priced properties.”

The Greater Nashville Association of REALTORS® s 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®, GNAR Press Release (090513) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

The Greater Nashville Area New Home Reports for July 2013

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The Greater Nashville Area New Home Reports for July 2013
Courtesy of MarketGraphics Research Group, 082813

MarketGraphics Research, located in Franklin, Tennessee, releases July’s New Home Permit Reports for the 12-county Greater Nashville area: County/Builder/Subdivision New Home Permit Report, Permits by County New Home Permit Report, Top 50 Builders New Home Permit Report

PermitsbyCountyJuly2013

Source: MarketGraphics Research Group, July 2013 Reports (082813) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

It’s Football Time and Nashville Region Report highlight August 2013 newsletter

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Middle Tennessee Home Sales Top 3,000 Units for May 2013

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MIDDLE TENNESSEE HOME SALES TOP 3,000 UNITS
Press Release by the Greater Nashville Association of REALTORS®; June 6, 2013

NASHVILLE, Tenn. (June 6, 2012) – There were 3,061 home closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This represents a 22.4 percent increase from the 2,500closings reported for May 2012.

Year-to-date closings are 11,821.That total is up 24 percent from the 9,541 closings reported through the same period last year.

“In May, for the first time in nearly six years – since August 2007 – closings surpassed 3,000 units in one month. That’s a major milestone for our region,” said GNAR President Price Lechleiter. “Median prices continue to increase while remaining affordable and there are more than 3,000 sales currently pending. Combined, these numbers show that the Nashville market is not only stabilizing but growing stronger. This is welcome news.”

“While the signs are encouraging, they are far from solid. Key supporting factors such as the availability of FHA financing, the backing of FANNIE MAE and FREDDIE MAC, and the availability of the Mortgage Interest Deduction, which is especially important to first-time buyers, must be kept in place. Realtors continue to communicate with elected officials about the significance of protecting these programs that are so important not just to the real estate market, but to the overall economy.”

There were 3,069 sales pending at the end of the month, compared with 2,671 sales pending at this time last year. The average number of days on the market for a single-family home was 73 days.

The median residential price in May was $195,000 for a single-family home and $166,900 for a condominium. This compares with last year’s median residential and condominium prices $179,000 and $160,000, respectively.

Inventory at the end of May was 16,760, down from the 19,503 reported in May of 2012.

“As expected, inventory is down from last year and about the same number as last month,” added Lechleiter. “The limited inventory creates opportunities and challenges for both buyers and sellers. While median prices are increasing, they are not yet at the level some sellers want or need in order to sell, so inventory is limited. That means the market-ready, properly-priced properties that do come on the market are very popular and are selling quickly.”

“In these times, the value of a real estate professional becomes even more evident. Realtors use their experience and training to help buyers and sellers navigate the trends and uncertainties of the current market and enable both of these groups to have a positive transaction experience.”

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: GNAR, Greater Nashville Association of REALTORS® (060613) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

June’s In The News features Casual Day 2013 and Window Box Tips

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Greater Nashville Area’s April Home Sales Increase by 27 Percent

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APRIL HOME SALES INCREASE BY 27 PERCENT
Press Release by Greater Nashville Association of REALTORS®

NASHVILLE, Tenn. (May 9, 2013) – There were 2,780 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 27 percent from the 2,186 closings reported for April 2012.

Year-to-date closings are also up compared to 2012 with 8,760. That is a 24 percent increase compared to the 7,041 closings reported through April 2012.

“The housing market in greater Nashville is clearly active and the recovery is continuing,” said GNAR President Price Lechleiter. “It is encouraging to see consistency and growth in the number of closings each month. And, it is worth noting that the last time there were more than 2,700 closings in a month was August 2007 with 3,359.

While the news is currently positive, there is still significant concern about possible government decisions impacting the housing market. The wrong choices could easily have a major negative impact in a very short time. Realtors from Nashville, and across the country, will be in Washington, DC next week. We will be meeting with elected officials, asking them to protect the mortgage interest deduction, preserve the mission and purpose of FHA and restructure Fannie Mae and Freddie Mac to assure that mortgages are available to consumers in all economic conditions.”

There were 2,984 sales pending at the end of the month, compared to the 2,436 pending sales at this time last year. The average number of days on the market for a single-family home was 76 days.

The median residential price for a single-family home during April was $185,000 and for a condominium it was $163,800. This compares with last year’s median residential and condominium prices of $165,120 and $141,190, respectively.

Inventory at the end of April was 16,696, down from 19,622 in 2012.

“Inventory remains the key short-term issue in the greater Nashville market,” added Price. “Sellers seem to be waiting until they feel like there is the potential for a good financial return before they put their homes on the market. It is encouraging to see that median prices for both single-family homes and condominiums are up significantly this month. Some consistency in price increases will likely prompt more people to seriously consider selling their homes.”

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: GNAR, Greater Nashville Association of REALTORS®; Press Release May 9, 2013 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennesseee

Nashville among 8 Best Markets for Flipping Houses

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NASHVILE AMONG 8 BEST MARKETS FOR FLIPPING HOUSES
Daily Real Estate News | Friday, May 03, 2013

More investors are rehabilitating homes and looking to sell them for profit, a move known as flipping.

RealtyTrac recently evaluated more than 600 metro areas to find where flipping single-family homes offers some of the highest returns based on the investor’s gross profit. The top eight metros for house-flipping are:

Orlando FL
Average purchase price: $103,701
Average flipped price: $168,677
Gross profit percent: 63 percent

Las Vegas NV
Average purchase price: $133,198
Average flipped price: $203,945
Gross profit percent: 53 percent

Phoenix AZ
Average purchase price: $146,528
Average flipped price: $210,290
Gross profit percent: 44 percent

Tampa FL
Average purchase price: $79,538
Average flipped price: $113,676
Gross profit percent: 43 percent

Memphis TN
Average purchase price: $68,318
Average flipped price: $96,870
Gross profit percent: 42 percent

Miami FL
Average purchase price: $138,064
Average flipped price: $189,291
Gross profit percent: 37 percent

Lakeland FL
Average purchase price: $68,444
Average flipped price: $93,715
Gross profit percent: 37 percent

Nashville TN
Average purchase price: $108,851
Average flipped price: $146,872
Gross profit percent: 35 percent

Source: “Best Markets for Flipping Homes,” HousingWire (May 2, 2013); Daily Real Estate News (050313) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services

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