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Greater Nashville Area: January Home Sales Best in Eight Years

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Greater Nashville Area: January Home Sales Best in Eight Years
Press Release by Greater Nashville Association of REALTORS® | February 9, 2015

GNAR-225x100NASHVILLE, Tenn. (Feb. 9, 2015) – There were 1,976 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 11.1 percent from the 1,779 closings reported for the same period last year.

“This was the strongest January our market has experienced since 2007,” said GNAR President Cindy Stanton. “While our market began making positive strides in 2013, last year was monumental in establishing a stronger foundation for our market.

“While we are certainly moving in the right direction, challenges still remain. The biggest being the low level of inventory. This is particularly true of the first-time buyer and affordable markets. However, moving into the spring selling season we expect to see more available properties appearing on the market.”

There were 2,204 sales pending at the end of the month, compared with 1,979 pending sales at this time last year. The average number of days on the market for a single-family home was 76 days.

“The median residential price for a single-family home during January was $215,000 and for a condominium it was $172,250. This compares with last year’s median residential and condominium prices of $195,000 and $165,000, respectively.

Inventory at the end of January was 12,663, compared with 13,962 in January 2014.

“It is not too soon to begin the process of readying and placing your home on the market,” added Stanton. “Despite the mix of wintry weather, our area is seeing terrific activity. Getting a jump-start on the spring selling season is a definite bonus for any property owner who has made the decision to sell. Your Realtor will be able to quickly assess the best opportunity for your property.”

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 020915

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