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Greater Nashville Home Sales Remain Strong for March and First Quarter 2013

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GREATER NASHVILLE HOME SALES REMAIN STRONG FOR MARCH AND FIRST QUARTER
Press Release by GNAR, Greater Nashville Association of REALTORS®, April 9, 2013

NASHVILLE, Tenn. (April 9, 2013) – There were 2,562 home closings reported for the month of March 2013, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 30.5 percent increase compared with 1,963 closings in March of 2012.

Numbers for the first quarter of 2013 were 5,980 closings, up 23 percent from the 4,855 closings during the first quarter of 2012.

“The number of closings for March is the highest it has been during the same month since March of 2007,” said GNAR President Price Lechleiter. “The housing market is very active. Seasonal trends and increased activity are combining to create more confidence that the housing market will continue to improve here in Greater Nashville. This region is very fortunate in that we are experiencing recovery, stabilization and strengthening of the market more quickly than many other markets. Pending sales for March are the highest they’ve been since January 2007, and the increase in the residential and condo median prices is a welcome sign.”

“It also bears noting that April is Fair Housing Month. April 11, 1968 is when the initial fair housing legislation was signed into law by President Johnson – just one week after the assassination of Dr. Martin Luther King, Jr. We owe a great debt to those who worked so hard to create and pass that milestone legislation and open housing opportunity for so many more deserving Americans.”

There were 2,727 sales pending at the end of March, compared with 2,239 pending sales at this time last year. The average number of days on the market for a single-family home was 80 days.

The median residential price for a single-family home during March was $169,000 and for a condominium it was $147,900. This compares with last year’s median residential and condominium prices of $168,500 and $135,000, respectively.

Inventory at the end of March was 16,049, down from 18,984 in March 2012.

“Right now, inventory is the most sensitive area of the real estate market,” added Lechleiter. “With a supply of just over six months overall, and less than five month’s supply specifically for single-family homes, it is clear that demand is higher than supply. Good properties, properly prepared and priced, are moving very quickly. The market is very competitive. Buyers are always resistant to consider available homes that are in bad repair or priced incorrectly.”

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, Greater Nashville Association of REALTORS®, 040913 | Blog, In The News, distributed by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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