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Greater Nashville Home Sales Increase at Mid-Year

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GREATER NASHVILLE HOME SALES INCREASE AT MID-YEAR
Press Release: Greater Nashville Association of REALTORS®; 070312

NASHVILLE, Tenn. (July 3, 2012) – There were 2,453 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®. That figure is up 20.8 percent compared to the 2,031 closings reported for June 2011.

Second-quarter numbers are up, with 7,139 closings reported, a 24.7 percent increase from the 5,723 closings reported through the second quarter of 2011. Year-to-date closings for the Greater Nashville area are up 24.5 percent with 11,994 compared to the 9,631 closings reported through mid-year 2011.

“Home sales news in Greater Nashville is strong evidence that ‘all real estate is local,’” said GNAR President Kendra Cooke. “While recent national reports may not have been encouraging, home sales activity here remains very brisk. And, that activity is proving to be sustainable, as the June, second-quarter and year-to-date figures are all up more than 20 percent compared to the same periods last year. With median prices up and more than 2,500 sales pending, it is clear that the market in this region is improving and growing.”

The current home sales data was provided on the same day as the first Regional Housing Summit held at GNAR with area housing professionals and non-profit organizations providing insights and dialogue on how local resources can help those in this region explore the possibility of owning a home. Cooke noted that current and future homebuyers can learn more about the process of purchasing a home by attending the upcoming Mayor’s Home Ownership Fair sponsored by Nashville Mayor Karl Dean, set for Sunday, July 15 from 1-5 p.m. at Bridgestone Arena.

The median residential price for a single-family home during June was $182,000, and for a condominium it was $160,000. Last year’s median residential and condominium prices for June were $176,300 and $150,000, respectively.

There were 2,585 sales pending at the end of June, compared with 2,130 pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.

Inventory at the end of June was 19,136, down from 22,043 in June 2011.

“Inventory is continuing to decrease, which is the case in all categories this month,” added Cooke. “There is now less than an eight-month supply currently available in Greater Nashville and less than a six-month supply for single-family residential. Homes that are truly market-ready are moving well, but buyers are not interested in those properties that have not been properly prepared both inside and outside and priced properly.”

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; 070312 | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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