There were 1,604 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 24.9 percent decrease compared with 2,135 closings in April of 2008.
Year-to-date closings are down compared to last with year with 7,898. That is a 28 percent decrease compared to the 10,979 closings reported through April 2008.
“Home sales in Greater Nashville continue to decline, but there are some encouraging signs,” said GNAR President Mike Nichols. “First, the rate of decline in sales is still significant, but much smaller than it has been in recent months. And second, pending sales are increasing. The spring and summer are traditionally the strongest seasons for home sales, so we do expect to see some growth in coming months.”
There were 1,865 sales pending at the end of April, compared with 2,342 pending sales at this time last year. The average number of days on the market for a single-family home was 91 days.
The median residential price for a single-family home during April was $164,500 and for a condominium it was $149,900. This compares with last year’s median residential and condominium prices of $180,000 and $162,000, respectively.
Inventory at the end of April was 24,408, down from 24,670 in 2008.
“Inventory is fairly stable right now, and is actually almost right where it was a year ago,” Nichols added. “Farm, land and lots is the only category that is up significantly. Residential and condominium are both down. Farm, land and lots will likely stay where it is until homebuilding activity begins to increase again. For those trying to sell their home, it makes sense to have it fixed up inside and create as much curb appeal as possible. Competition for buyers is still very significant so preparation and proper pricing are critical to making transactions happen.“
Source: Greater Nashville Association of REALTORS®, press release 040709.