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Greater Nashville Home Sales See Significant Increase for March and 1st Quarter 2012…

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GREATER NASHVILLE HOME SALES SEE SIGNIFICANT INCREASE FOR MARCH AND 1ST QUARTER … Pending Sales Also Remain Strong

NASHVILLE, Tenn. (April 9, 2012) – There were 1,963 home closings reported for the month of March 2012, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 17.3 percent increase compared with 1,673 closings in March of 2011.

Numbers for the first quarter of 2012 were 4,855 closings, up 24.2 percent from the 3,908 closings during the first quarter of 2011.

“The encouraging trends in home sales for Greater Nashville this year continued in March with the number of home closings increasing more than 17 percent from this time last year, and with more than 2,200 pending sales for the month. The increase in the residential median price is also a welcome sign. Our expectation is that the positive trends will continue as we move into the spring and summer months,” said GNAR President Kendra Cooke.

“Though there are still significant economic challenges, it is clear that the Greater Nashville and Middle Tennessee real estate market is stabilizing and strengthening.”

There were 2,239 sales pending at the end of March, compared with 1,910 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 March was $168,500 and for a condominium it was $135,000. This compares with last year’s median residential and condominium prices of $165,000 and $143,000, respectively.

Inventory at the end of March was 18,984, down from 21,647 in March 2011.

“Inventory is down from last year but up slightly from last month,” added Cooke. “With the traditional home-buying season underway, it is expected that more homes are becoming available. Right now there is less than 10 months of inventory overall. For single-family residential there is less than eight months of inventory available. It is good that more people are beginning to consider selling their homes, as the number of buyers is clearly increasing.”

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 (April 9, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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