GREATER NASHVILLE HOME SALES INCREASE FOR FOURTH CONSECUTIVE MONTH
NASHVILLE, Tenn. (Nov. 9, 2011) – There were 1,728 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 15.6 percent from the 1,495 closings reported for the same period last year.
Year-to-date closings through October are 17,259, a less than 1 percent decrease from the 17,424 closings reported through October 2010.
“October marks the fourth consecutive month of increased sales for Middle Tennessee,” said GNAR President Alice Walker. “The purchases resulting from the tax credit incentive last year were all completed by the September deadline, so the comparison of closings is now a clean comparison.
“Greater Nashville continues to receive positive attention and accolades that makes the region increasingly attractive to both corporations and families. Many of these new residents are coming from markets highly affected by the economic downturn. While single-family and condominium prices are down from last year, it’s still a single-digit difference. Newcomers seem pleased with buying opportunities, both in inventory and price, available to them here in the Middle Tennessee area.”
There were 1,742 sales pending at the end of the month, compared with 1,439 pending sales at this time last year. The average number of days on the market for a single-family home was 92 days.
The median residential price for a single-family home during October was $162,000, and for a condominium it was $139,515. This compares with last year’s median residential and condominium prices of $173,525 and $152,950, respectively.
Inventory at the end of October was 20,165, compared to 22,826 in October 2010.
“Even though overall inventory is marginally down, pending sales are also up again for October,” added Walker. “Entering the holiday season, where home sales typically slow down, continued increases in pending transactions are a positive sign for a stabilizing market. Also, for those with their homes on the market, it is helpful to know that buyers using their time to look for a home during this season are usually quite serious.”
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