MARKET SHOWS SOME ENCOURAGING SIGNS
There were 1,267 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 33 percent from the 1,892 closings reported for the same period last year.
“The number of closings is down from last year, but up significantly from last month,” said GNAR President Mike Nichols . “As a matter of fact, the residential closings alone exceed the total number of closings last month. Consumers are still dealing with substantial economic concerns, but it seems they are exploring what is available and considering taking advantage of the low interest rates, government incentives and great selection currently available.”
Nichols continued, “It is good to see that the government has taken some action to revitalize the housing market, including the $8,000 tax credit for first time homebuyers. However, much of what has been done simply created more refinancing activity, rather than home purchases. While we look forward to increased closings as we head into spring and summer, it will likely take some time for the housing market to really feel a significant impact from the stimulus package.”
There were 1,452 sales pending at the end of the month, compared with 2,183 pending sales at this time last year. The average number of days on the market for a single-family home was 90 days. The median residential price for a single-family home during February was $160,000, and for a condominium it was also $151,120. This compares with last year’s median residential and condominium prices of $168,000 and $154,650, respectively.
Inventory at the end of February was 23,122, up from 22,473 in February 2008.
Residential inventory is up slightly from last year, so there is still a wide variety of homes available throughout the Greater Nashville area in all price ranges,” said Nichols. “And, while median prices still experienced a decrease from last year, the price change is more stable that what was the case during much of last year.”
Source: Greater Nashville Association of Realtors.