GNAR Announces Greater Nashville Home Sales Indicate Stable First Quarter
Press Release by GNAR; April 8, 2014
NASHVILLE, Tenn. (April 8, 2014) – There were 2,530 home closings reported for the month of March 2014, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 1.2 percent decrease compared with 2,562 closings in March of 2013.
Numbers for the first quarter of 2014 were 6,166 closings, up 3 percent from the 5,980 closings during the first quarter of 2013.
“First quarter homes sales are up by 3 percent, despite the slight dip in home sales over last year,” said GNAR President Hagan Stone. “The first quarter data indicates the market is still stable, both in growth and in sales price compared to last year.
“During the month of March – a typically busy time of year for Realtors – our region experienced some poor winter weather. Even the most serious of buyers don’t want to get out looking for a home in the cold, icy or snowy conditions. Also, March is the month of spring break for most of our region’s school systems. Vacation plans and children at home can cause a decrease in the time to look for a buy a new home.”
There were 2,720 sales pending at the end of March, compared with 2,727 pending sales at this time last year. The average number of days on the market for a single-family home was 78 days.
The median residential price for a single-family home during March was $195,000 and for a condominium it was $169,900. This compares with last year’s median residential and condominium prices of $169,000 and $147,000, respectively.
Inventory at the end of March was 14,894, down from 16,049 in March 2013.
“As expected, inventory is increasing. Prices for both single-family residential and condominiums have continued to increase as well. This is encouraging for a healthy, sustainable market,” added Stone. “As our region enters the spring selling season and more properties enter the market, it is important you’ve worked with a Realtor to be sure property is prepared, priced and presentable for its best performance on the market.”
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, April 8, 2014 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville and Brentwood, Tennessee
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