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Greater Nashville Year-End Home Sales Exceed 30,000 – First Time Since 2007

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Greater Nashville Year-End Home Sales Exceed 30,000 – First Time Since 2007
Press Release by Greater Nashville Association of REALTORS®; 010814

NASHVILLE, Tenn. (Jan. 8, 2014) – There were 2,441 closings during the month of December, according to figures provided by the Greater Nashville Association of REALTORS®. This is a 13.7 percent increase from the 2,147 closings reported for the same period in 2012.

Fourth quarter closings are 7,197 for Greater Nashville. That total is up 8 percent from the 6,657 closings during the fourth quarter of 2012.

Final numbers for 2013 show there were 30,917 homes sold in the region, according to figures provided by the Greater Nashville Association of REALTORS®. Compared to the prior year, the final figures are up 18.5 percent. There were 26,097 closings in 2012.
“December home sales were up more than 13 percent over December 2012, our region’s best December since 2006. Each county included in our data experienced an increase in residential closings and median price, and more than half saw similar increases in condominiums,” said GNAR President Hagan Stone. “For the first time since 2007, closings for the year exceeded 30,000 units. This tops pre-recession numbers and sets up a great beginning for 2014.”

“Trends going into 2014 are positive and very encouraging to Realtors in the Greater Nashville and Middle Tennessee area. Our region is showing healthy signs of stability, something we shouldn’t take for granted,” continued Stone.

There were 2,032 sales pending at the end of December, compared with 1,857 pending sales at this time last year. The average number of days on the market for a single-family home was 73 days.

The median residential price for a single-family home during December was $198,838, and for a condominium it was $156,122. This compares with last year’s median residential and condominium prices of $187,900 and $149,178, respectively.

Inventory at the end of December was 13,580, down from 15,054 in December 2012.

“Though prices are rising, homebuyers should not be discouraged, it is still a great time to buy a home,” added Stone. “It’s also a great time to sell a home. The Greater Nashville area has about a five-month supply of inventory. Single-family homes and condominiums have about a four-month supply. Ideally, we’d like to have six-to-eight months available.”

“As inventory remains low, those well-maintained and properly marketed homes are leaving the market quickly and at prices beneficial to buyers and sellers. Working with a Realtor to get your property on the market now, or prepared to enter the market in early spring is encouraged.”

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 010814 | 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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