Greater Nashville 2014 Home Sales Begin with Continued Increase
Press Release by Greater Nashville Association of REALTORS®; February 6, 2014
NASHVILLE, Tenn. (Feb. 6, 2014) – There were 1,779 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 8.9 percent from the 1,634 closings reported for the same period last year.
“The increase in January is a very positive start to the year for Middle Tennessee home sales. Though single digit, the number is proof that the market remains stable and growing,” said GNAR President Hagan Stone. “2013 was a year of meaningful improvement for home sales. We look forward to what the rest of 2014 will bring.
“Challenges still remain for the overall real estate market and some federal laws have the ability to affect the industry. The Dodd-Frank Act Wall Street Reform and Consumer Protection Act which went into effect in January may make the mortgage process more strenuous, keeping some eligible buyers from obtaining mortgages at all. Federal tax reform and housing affordability are also items Realtors are monitoring this year.”
There were 1,979 sales pending at the end of the month, compared with 1,968 pending sales at this time last year. The average number of days on the market for a single-family home was 72 days.
The median residential price for a single-family home during January was $195,000 and for a condominium it was $165,000. This compares with last year’s median residential and condominium prices of $167,000 and $150,000, respectively.
Inventory at the end of January was 13,962, compared with 15,478 in January 2013.
“Inventory, while still down from last year, is up from last month by about 300 units. This is typical, as sellers begin to put homes on the market now in preparation for the spring buying season,” added Stone. “This is also good for buyers as it offers them more options and choices.”
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 (020614) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee