GNAR Announces Greater Nashville Home Sales Increase at Mid-Year

Greater Nashville Home Sales Increase at Mid-Year
Press Release by GNAR; July 8, 2014

GNAR-Logo175x73NASHVILLE, Tenn. (July 8, 2014) – There were 3,324 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®. That figure is up 9.4 percent compared to the 3,038 closings reported for June 2013.

Second-quarter numbers are up, with 9,170 closings reported, a 3.3 percent increase from the 8,879 closings reported through the second quarter of 2013. Year-to-date closings for the Greater Nashville area are up 3.2 percent with 15,336 compared to the 14,859 closings reported through mid-year 2013.

“The June, second-quarter and year-to-date figures are all up compared to the same periods last year,” said GNAR President Hagan Stone. “Median prices are up nearly $20,000 over last year for single-family residential homes and condominiums. These price increases may encourage some people to sell, which would be helpful since inventory in the Greater Nashville areas remains low.”

The median residential price for a single-family home during June was $222,000, and for a condominium it was $171,250. Last year’s median residential and condominium prices for June were $205,950 and $159,000, respectively.

There were 3,313 sales pending at the end of June, compared with 3,091 pending sales at this time last year. The average number of days on the market for a single-family home was 65 days.

Inventory at the end of June was 16,157, down from 16,828 in June 2013.

“June finished with just over 16,000 properties on the market. Overall, that’s a five-month supply, which is just shy of the six months we’d like to see for a healthy market,” added Stone. “In addition, the number of days homes were on the market decreased to 65 days from 73.

“These numbers indicate that this is a great time for properly priced, market-ready homes. However, homeowners should remember that curb appeal is key. Buyers are very discerning and opportunities for sales can be missed if sellers do not prepare their properties well.”

### The Greater Nashville Association of REALTORS(R) is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR(R) is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors(R) and subscribe to its strict code of ethics. ###

Source: GNAR Press Release, 070814

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Author: Kenneth Bargers

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