Greater Nashville Area: Year-to-Date Closings Exceed Total Closings for all of 2012
Press Release by Greater Nashville Association of REALTORS®
NASHVILLE, Tenn. (Nov. 7, 2013) – There were 2,469 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 6.79 percent from the 2,312 closings reported for the same period last year.
Year-to-date closings through October are 26,189, a 20.39 percent increase from the 21,752 closings reported through October 2012. The total closings year-to-date in 2013 exceeds the 26,097 total closings for all of last year, with two full months remaining.
“An increase in home sales is always welcome news. While the rate of increase is less than what it has been, double-digit increases are really not sustainable. It was good to experience many months of increases at that level as part of the recovery to the recession,” said GNAR President Price Lechleiter. “We are now returning to a more normal, healthy market.”
“Median prices are now in a range that makes the sale of a home more realistic for an increasing number of owners. While prices will continue to change from month to month, they are also more stable than in recent years.”
There were 2,401 sales pending at the end of the month, compared with 2,367 pending sales at this time last year. The average number of days on the market for a single-family home was 75 days.
The median residential price for a single-family home during October was $200,000, and for a condominium it was $148,000. This compares with last year’s median residential and condominium prices of $175,100 and $157,900, respectively.
Inventory at the end of October was 15,957, compared to 17,217 in October 2012.
Inventory remains a concern. Residential has about a 5-month supply. Successful experiences continue for properties that are prepared and priced correctly. More properties would be helpful, but typically fewer homes come on the market in the fourth quarter,” stated Lechleiter.
“Greater Nashville continues to perform very well compared to other markets and in light of economic and government uncertainties that remain,” added Lechleiter.
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®, Press Release November 7, 2013 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee