May Home Sales Increase Slightly, Inventory Up Over April
Press Release by GNAR | June 5, 2014
NASHVILLE, Tenn. (June 5, 2014) – There were 3,079 home closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This represents a .6 percent increase from the 3,061closings reported for May 2013.
Year-to-date closings are 12,012. That total is up 1.6 percent from the 11,821 closings reported through the same period last year.
“Year-over-year sales are up slightly. Median home prices for both single-family homes and condominiums have increased while remaining affordable, and there are more than 3,000 sales currently pending,” said GNAR President Hagan Stone. “Combined, these numbers are a sign that our market is stabilizing. This is welcome news.
“In both 2012 and 2013 our region witnessed vast gains in home sales. Continuing that trend is not sustainable. It is more important to have a stable market, whether we’re up or down by a small percentage.”
There were 3,108 sales pending at the end of the month, compared with 3,069 sales pending 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 in May was $209,900 for a single-family home and $174,000 for a condominium. This compares with last year’s median residential and condominium prices of $195,000 and $166,900, respectively.
Inventory at the end of May was 15,962, down from the 16,760 reported in May of 2013.
“As expected, inventory is down from last year but up from last month,” added Stone. “Competition for the purchase of good properties is increasing significantly. Buyers should be prepared to act quickly in order to purchase the home they want.”
For those considering putting their home on the market, be sure it is market-ready and properly priced. Your Realtor can help you address those, and other issues, to make your home attractive to today’s buyers.”
### 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 060514
KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
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