Home Sales Remain Slightly Down, But Stable in April
Press Release by Greater Nashville Association of REALTORS® | May 8, 2014
NASHVILLE, Tenn. (May 8, 2014) – There were 2,767 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS®. This represents a decrease of .5 percent from the 2,780 closings reported for April 2013.
Year-to-date closings are up compared to 2013 with 8,933. That is a 2 percent increase compared to the 8,760 closings reported through April 2013.
“Home sales are down slightly compared to last year, yet up over last month. Inventory is on the rise, and prices are maintaining,” said GNAR President Hagan Stone. “A second month of minor decrease is no cause for panic. It bears noting that April 2013 was up 27 percent over 2012, which is a large amount. Middle Tennessee is now settling into a more stable market, with growth that is healthy and maintainable.
“Even with an improving market, there is still significant concern about potential legislative decisions impacting the housing market. The wrong decisions could easily have a major negative impact on the overall market in a very short time. Realtors from Nashville, and across the country, will be in Washington, D.C., next week to meet with Congress and ask them to make decisions that will support and protect homeownership.”
There were 2,795 sales pending at the end of the month, compared to the 2,984pending 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 April was $204,905 and for a condominium it was $158,000. This compares with last year’s median residential and condominium prices of $185,000 and $163,800, respectively.
Inventory at the end of April was 15,637, down from 16,696 in 2013.
“Inventory is at its highest point since November of last year and is in the fourth month of an increase. Nashville currently has a 5 1/2 month supply of overall inventory, which is just shy of the six months we’d like to see for a healthy market,” added Stone.
“In these times, the value of a real estate professional becomes even more evident. Realtors use their experience and training to help buyers and sellers navigate the trends and uncertainties of the current market and enable both of these groups to have a positive transaction experience.”
***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 050814
KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
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