NASHVILLE, Tenn. (Oct. 6, 2011) – There were 1,832 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORS®. That number is up 16.9 percent from the 1,567 closings reported for the same period last year.
Third quarter numbers have increased from 2010 with 5,900 closings reported, which is 20 percent higher than last year’s third quarter closings of 4,906.
Year-to-date closings for the Greater Nashville area are 15,531. That total is down 2.5 percent from the 15,929 closings reported through the third quarter of 2010.
“Home sales have increased for the third consecutive month” said GNAR President Alice Walker. “The increase in sales seen in Middle Tennessee during the third quarter is certainly good news. Year-to-date numbers, which are down only slightly, still reflect the market distortion seen by last year’s tax credit – which was still in effect until early in the third quarter of 2010. It is encouraging to see that we have nearly caught up with last year at this point in the year. ”
“Most every category saw an increase in closings compared to September last year. The increase in sales of farms, land and lots is particularly important as those sales are often indicators of coming developments.”
“Median prices are down in the range of about 5 percent. While we don’t like to see a drop in price, being down only single-digit percentages is much more desirable than the double-digit decreases other areas of the country are currently seeing,” said Walker.
“Pending sales were up again for the fourth consecutive month, an encouraging sign of a potential market recovery,” noted Walker. “Inventory was down compared to last year, but in this case, being down is positive news. The best case scenario is to have six months of inventory available on the market, and currently we have about 10 months. At this time last year we there was about 15 months worth of inventory available. This level makes for a much healthier market and still provides plenty of options for potential home buyers.”
There were 1,729 sales pending at the end of September, compared with 1,588 pending sales at this time last year. The average number of days on the market for a single-family home was 94 days, compared with 92 days for September 2010.
The median residential price for a single-family home during September was $163,000, and for a condominium, it was $144,900. This compares with last year’s median residential and condominium prices of $171,820 and $155,000, respectively.
Inventory at the end of September was 20,718, down from 23,549 in September 2010.
“The Greater Nashville market continues to strengthen and fare better than many other cities,” said Walker. “In fact, the latest numbers from the National Association of REALTORS® show the national median price for a single family home is $168,300 and we’re slightly under that number. That keeps the Greater Nashville area attractive to both companies and families.”
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