Greater Nashville Home Sales Continue to Increase
Press Release by Greater Nashville Association of REALTORS®, 120513
NASHVILLE, Tenn. (Dec. 5, 2013) – There were 2,287 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 4 percent from the 2,198 closings reported for the same period last year.
Year-to-date closings through November are 28,476, an 18.9 percent increase from the 23,950 closings reported through November 2012. The total number of closings through November in 2013 already exceeds the 26,097 total closing for all of last year, with one full month remaining.
“2013 has been a year of meaningful improvement for home sales. The increase in November, though single digit, is evidence that the market in this region is stable and growing,” said GNAR President Price Lechleiter. “With more than 2,000 sales pending the Greater Nashville area is well on its way to 30,000 closings for the year. These signs are welcome as we begin to look toward 2014.”
There were 2,192 sales pending at the end of the month, compared with 2,069 pending sales at this time last year. The average number of days on the market for a single-family home was 70 days.
The median residential price for a single-family home during November was $195,000, and for a condominium it was $150,000. This compares with last year’s median residential and condominium prices of $179,900 and $152,000, respectively.
Inventory at the end of November was 15,262, compared to 16,577 in November 2012.
“The median price for single family homes is up significantly, though down slightly for condominiums. Inventory remains low and will likely remain that way until early 2014 when seasonal home buying trends increase,” added Lechleiter. “Though there are fewer properties available now compared to 2012, it’s still very important for sellers to have a well-maintained, show ready home that is appropriately priced. Buyers looking during the holiday season are serious shoppers and transactions will definitely continue this month.”
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 Press Release, 120513 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee