Greater Nashville: Strong First Quarter Home Sales Set Foundation for Busy Sales Season
Press Release by Greater Nashville Association of REALTORS® | April 8, 2015
NASHVILLE, Tenn. (April 8, 2015) – There were 2,837 home closings reported for the month of March 2015, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 12 percent increase compared with 2,530 closings in March of 2014.
Numbers for the first quarter of 2015 were 6,904 closings, up 12 percent from the 6,166 closings during the first quarter of 2014.
“First quarter homes sales and the month of March are up double digits, despite a couple of rounds of harsh winter weather,” said GNAR President Cindy Stanton. “This is indicative of a market that is both vibrant and resilient.
“It is encouraging to see pending sales up over 3,000 units again, especially this early in the year. Our region hasn’t seen this for the month of March since 2007. Last year we didn’t reach 3,000 units pending until May. With those many units pending now, it is safe to say our area is primed for an active and prosperous spring and summer.”
There were 3,083 sales pending at the end of March, compared with 2,720 pending sales at this time last year. The average number of days on the market for a single-family home was 69 days.
The median residential price for a single-family home during March was $222,400 and for a condominium it was $171,831. This compares with last year’s median residential and condominium prices of $195,000 and $169,900, respectively.
Inventory at the end of March was 12,775, down from 14,894 in March 2014.
“We have officially entered the spring buying and selling season, as evidenced by the uptick in pendings and median sales prices,” added Stanton. “The current median price is near the prices we saw last summer. This early onset of that rise indicates higher market activity and serious consumers looking to buy now. Lower inventory, particularly in and around the first-time buyer market, is allowing owners of well-maintained and properly marketed homes the ability to sell for close to, if not at, list price.”
###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: Greater Nashville Association of REALTORS®, Press Release 040815