Big Gain in Pending Home Sales to Start Summer Selling Season
Press Release by Greater Nashville Association of REALTORS® | June 8, 2015
NASHVILLE, Tenn. (June 8, 2015) – There were 3,558 closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 15.6 percent from the 3,079 closings reported for May 2014.
Year-to-date closings total 13,402. That is an 11.6 percent increase compared to the 12,012 closings reported through May 2014.
“The summer is always a hot time for home sales. Middle Tennessee hasn’t seen a month of May this strong since 2007, said Cindy Stanton, GNAR President. “This is the first time since June of 2007 that we have exceeded 3,500 units sold in one month. The steady increase in home sales is the sign of a vibrant market.
“The excitement continues with the number of pending home sales. There were 3,730 pending sales at the end of May. We haven’t experiences pending sales numbers like these since June of 2006. While not all of those pending sales may make it to the closing table, they are a good indicator of the solid activity in the housing industry we can expect in the coming months.”
There were 3,730 sales pending at the end of the month, compared to the 3,108 pending sales at this time last year. The average number of days on the market for a single-family home was 61 days.
The median residential price for a single-family home during May was $235,000 and for a condominium it was $175,000. This compares with last year’s median residential and condominium prices of $209,900 and $174,000, respectively.
Inventory at the end of May was 13,764, down from 15,962 in 2014.
“Inventory remains a deterrent for buyers, with a three month supply for single family homes and two months for condominiums. Many properties rapidly leave the market and some never make it to be listed in the multiple listing service,” said Stanton. “A Realtor’s market knowledge, both of available and coming properties, is invaluable in these circumstances.”
### 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 060815