Home Sales Make Another Healthy Gain in April
Press Release by Greater Nashville Association of REALTORS® | May 7, 2015
NASHVILLE, TN (May 7, 2015) – There were 2,940 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 6.3 percent from the 2,767 closings reported for April 2014.
Year-to-date closings total 9,844. That is a 7.8 percent increase compared to the 9,133 closings reported through April 2014.
“April followed the trend of upward home sales that our region has been experiencing for some time now. We are keeping with the slight increases in both sales and median price, which keeps our market healthy and stable,” said Cindy Stanton, GNAR President. “The combination of low interest rates and continued growth and confidence in the job market, like the recent General Mills expansion announcement, has spurred more buyers into the marketplace.
“As Realtors, we are often asked about when and if interest rates will rise. The talk has been out there for some time without any movement,” added Stanton. “While it is possible they may rise by the end of the year, the increase would likely be minor as the lower rates have so positively boosted the housing industry.”
There were 3,198 sales pending at the end of the month, compared to the 2,795 pending sales at this time last year. The average number of days on the market for a single-family home was 66 days.
The median residential price for a single-family home during April was $224,975 and for a condominium it was $169,640. This compares with last year’s median residential and condominium prices of $204,905 and $158,000, respectively.
Inventory at the end of April was 13,521, down from 15,637 in 2014.
“Inventory is increasing as predicted, but not at the rate that can keep up with demand,” said Stanton. “The demand on the limited inventory has prompted buyers to get a head start on the spring buying and selling season, setting us up for a busy summer.
“If you are even considering selling your home, contact a Realtor today. Realtors are beginning to sound like a bit of a broken record, but the truth is the inventory is needed. Working with a Realtor can help a seller to navigate the flurry and fury of the market.”
### 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®, GNAR, Press Release 050715