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Greater Nashville: Strong Year-End Closings Set Up 2015 for Solid Home Sales Start

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STRONG YEAR-END CLOSINGS SET UP 2015 FOR SOLID HOME SALES START
Press Release by Greater Nashville Association of REALTORS® | January 8, 2015

GNAR-LogoNASHVILLE, Tenn. (Jan. 8, 2015) – There were 2,838 closings during the month of December, according to figures provided by the Greater Nashville Association of REALTORS®. This is a 16.3 percent increase from the 2,441 closings reported for the same period in 2013.

Fourth quarter closings are 8,327 for Greater Nashville. That total is a 15.7 percent increase from the 7,197 closings during the fourth quarter of 2013.

Final numbers for 2014 show there were 33,269 homes sold in the region, according to figures provided by the Greater Nashville Association of REALTORS®. Compared to the 30,917 closings in 2013, the final closing numbers are up 7.6 percent.

“December home sales were up more than 16 percent over December 2013, with nearly units closing. Almost every county saw an increase in residential closings, and each experienced an increase in residential median price,” said GNAR President Cindy Stanton. “The region finished December with 2,458 pending sales. That is the highest number of pendings going into January our region has seen since 2007.”

“As we enter 2015, factors such as the improving economy, job growth and a rise in consumer confidence provide strong foundations for continued health and stability in the housing market, both here and nationally,” added Stanton.

There were 2,458 sales pending at the end of December, compared with 2,032 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 price for a both residential properties and condominiums increased during December. For a single-family home it was $213,500, and for a condominium it was $172,999. This compares with last year’s median residential and condominium prices of $198,838 and $156,122, respectively.

Inventory at the end of December was 12,093, down from 13,580 in December 2013.

“Even with the rise in home prices and lower inventory, both buyers and sellers should remain encouraged. Lower interest rates and focused buyers make now a great time to buy or sell a home,” said Stanton.

“Now is a particularly good time to sell a home. Inventory levels for single-family homes and condominiums are at a three- and two-month supply, respectively. Well-maintained, properly priced and marketed homes are exiting the market quickly, and at satisfactory selling prices for buyers and sellers alike. Don’t wait until spring to enter the market. Work with a Realtor® now to prepare and list your property ahead of the spring season.”

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 010815

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