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Greater Nashville: September Home Sales Continue to Increase; Third Quarter Numbers Up 19 Percent

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September Home Sales Continue to Increase; Third Quarter Numbers Up 19 Percent
Press Release by GNAR; October 8, 2013

NASHVILLE, Tenn. (Oct. 8, 2013) – There were 2,626 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORS®. That number is up 15.9 percent from the 2,266 closings reported for the same period last year.

Third quarter numbers have increased from 2012 with 8,861 closings reported, which is 19 percent higher than last year’s third quarter closings of 7,446.

Year-to-date closings for the Greater Nashville area are 23,720. That total is up 22 percent from the 19,440 closings reported through the third quarter of 2012.

“September, third-quarter and year-to-date figures are all up compared to the same periods last year. And, we are now within less than 2,500 closings to exceed the total number of closings for all of last year,” said GNAR President Price Lechleiter. “Median prices continue to increase while remaining affordable. This is good news for sellers and buyers alike and reinforces home ownership as a strong financial investment.”

“The strongest time of the year for the housing industry is spring and summer. During the fall and winter months home sales typically show reduced monthly closings. But year-over-year comparisons continue to indicate significant increases. This is very encouraging.”

There were 2,487 sales pending at the end of September, compared with 2,291 pending sales at this time last year. The average number of days on the market for a single-family home was 70 days, compared with 82 days for September 2012.

The median residential price for a single-family home during September was $195,660, and for a condominium, it was $159,092. This compares with last year’s median residential and condominium prices of $175,000 and $153,900, respectively.

Inventory at the end of September was 16,263, down from 17,897 in September 2012.

“Inventory remains down, but we are still at a healthy market level with slightly over a 6-month supply. But, competition for purchase of good properties is increasing significantly. Buyers should be fully prepared to act quickly in order to purchase the home they want.” added Lechleiter. For those considering putting their home on the market, be sure it is market ready and properly priced. Your Realtor can help you address those, and other issues, to make your home attractive to today’s buyers.”

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® | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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