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Greater Nashville Home Sales Continue to Increase in November

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GREATER NASHVILLE HOME SALES CONTINUE TO INCREASE IN NOVEMBER
Press Release provided by GNAR, December 6, 2012

NASHVILLE, Tenn. (Dec. 6, 2012) – There were 2,198 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 38 percent from the 1,592 closings reported for the same period last year.

Year-to-date closings through November are 23,950, a 27 percent increase from the 18,851 closings reported through November 2011. The total number of closings through November in 2012 already exceeds the 20,624 total closing for all of last year, with one full month remaining.

“2012 has been a year of meaningful improvement for home sales. These numbers are evidence that the market in this region is improving on a more consistent basis,” said GNAR President Kendra Cooke. “The Greater Nashville area is well on its way to having more than 25,000 closings for the first time since 2007. These signs are welcome as we near the end of the year and begin to look toward 2013.”

“November home sales show the largest year-over-year increase this year. Closings are up in every category. The median price for single family homes is up significantly, though down slightly for condominiums. The fact that pending sales are also substantial means that the year should finish well.”

There were 2,069 sales pending at the end of the month, compared with 1,657 pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.

The median residential price for a single-family home during November was $179,900, and for a condominium it was $152,000. This compares with last year’s median residential and condominium prices of $167,500 and $158,690, respectively.

Inventory at the end of November was 16,577, compared to 19,292 in November 2011.

“Inventory is down, which is a result of both active sales and a seasonal trend. It is currently under 17,000 units, the lowest it’s been since 2006,” added Cooke. “There is a total inventory supply of only eight months, with less than a six month supply for single-family homes. It is likely that inventory will increase early in the new year, but there are good options available now for those considering a home purchase yet this year.”

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 Associations of REALTORS®, Press Release December 6, 2012 | 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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