Middle Tennessee Home Sales Remain Steady in October
Press Release by Greater Nashville Association of REALTORS® | November 5, 2015
NASHVILLE, Tenn. (Nov. 5, 2015) – There were 3,030 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of REALTORS. This figure is up .5 percent from the 3,015 closings reported for the same period last year.
Year-to-date closings for the Greater Nashville area have increased 11.9 percent. There were 31,282 closings, compared with 27,957 closings reported through October of last year.
“We are in the last quarter of the year, a time when the real estate market typically begins a seasonal slowdown,” said GNAR President Cindy Stanton. “While closings weren’t up by double digits, the market didn’t technically slow down; it merely maintained. A region looks for steady activity and growth to sustain its vitality. The leveling-off in sales is actually a good sign for the health of our market.”
There were 2,905 sales pending at the end of the month, compared with 2,730 pending sales at this time last year. The average number of days on the market for a single-family home was 58 days.
The median residential price for a single-family home during October was $230,000, and for a condominium it was $171,737. This compares with last year’s median residential and condominium prices of $205,900 and $165,000, respectively.
Inventory at the end of October was 12,894, compared to 15,051 in October 2014.
“The Nashville market rose a spot to 14 in Realtor.com’s rankings of the country’s 20 hottest real estate markets for October. This is encouraging news for both current and potential buyers and sellers as we move toward to the end of the year,” added Stanton. “At this point in the year, we’re about two thousand units away from surpassing last year’s total annual sales. There’s no evidence to show we won’t accomplish that this month and finish the year strongly.”
### 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 110515
Kenneth Bargers, REALTOR® | Pilkerton Realtors
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