Greater Nashville: Home Sales Continue Upward Trend in February
HOME SALES CONTINUE UPWARD TREND IN FEBRUARY
Press Release by Greater Nashville Association of REALTORS® | March 9, 2015
NASHVILLE, Tenn. (March 9, 2015) – There were 2,091 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of REALTORS®.
This represents an increase of 12.6 percent from the 1,857 closings reported in February 2014. Year-to-date closings through February 2015 are 4,067, a 12.7 percent increase from the 3,636 closings reported through February 2014.
“The home sales data for February shows just how strong the Middle Tennessee market has become,” said GNAR President Cindy Stone. “While we have seen many months of positive increases, with the extreme winter weather our area faced last month, we were uncertain of the effect it might have on property sales.
“Remarkably, the market was essentially not phased. As January did before it, this February saw it’s best monthly sales numbers since 2007.”
There were 2,458 sales pending at the end of the month, compared with 2,221 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 February was $206,000, and for a condominium it was $163,125. This compares with median residential and condominium prices of $189,000 and $165,000, respectively, at this time last year.
Inventory at the end of February was 12,445, down from 14,129 in February 2014.
“Inventory remains the main challenge in the market, though we will see it uptick as spring nears. The hardest hit market, in regard to inventory, is the first-time buyer range. The inventory supply there is very low. For example, the absorption rate for single-family homes below the January median price of $215,000 just in Davidson County is 2.2 months. Using the same criteria, the absorption rate above the median was 4.8 months. By the time you get to the $600,000 and above range, inventory is plenty at an 8.9 month supply.”
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 030915