Middle Tennessee Sees Largest Home Sales Gain in November

Middle Tennessee Sees Largest Home Sales Gain in November
Press Release by the Greater Nashville Association of REALTORS® | December 7, 2016

homeforsaleNASHVILLE, Tenn. (Dec. 7, 2016) – There were 2,978 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 24 percent from the 2,397 closings reported for the same period last year.

Year-to-date closings through November are 35,674, a 6 percent increase from the 33,679 closings reported through November 2015.

“Although we experienced a substantial increase in closings this November as compared to last November, our monthly trending this year is in line with typical market trends this time of year. The numbers of closings are high, but have shown fewer closings month by month since the summer,” said GNAR President Denise Creswell.

“Various factors play into the 24 percent increase we saw over 2015, including the end of the year approaching and the threat of rising interest rates,” said Creswell. “Many people locked in their rates in October in anticipation of rising interest rates after the election, and they have edged up slightly. We will likely see the interest rate factor be a boost to home sales in December, as well.”

There were 2,774 sales pending at the end of the month, compared with 2,516 pending sales at this time last year. The average number of days on the market for a single-family home was 49 days.

The median residential price for a single-family home during November was $259,900, and for a condominium, it was $182,390. This compares with last year’s median residential and condominium prices of $231,925 and $178,002, respectively.

Inventory at the end of November was 11,225, compared to 12,433 in November of last year.

“New construction is also adding to the increase this time of year. New construction starts are up across the country, and Middle Tennessee saw 200 more new construction units close in November than November 2015,” said Creswell.

“November saw our biggest sales gain all year compared to last year, and it also saw our lowest days on market average as far back as our records go,” said Creswell. “We say it almost every month with the release of market data, and it bears repeating again: with our ever-tightening inventory supply, being prequalified and ready to make an offer quickly is critical for buyers, even in the colder months.”

### 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 110716

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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October Was a Hot Month for Home Sales in Middle Tennessee

October Was a Hot Month for Home Sales in Middle Tennessee
Article by Greater Nashville Association of REALTORS® | November 8, 2016

nashville-237NASHVILLE, Tenn. (Nov. 8, 2016) – There were 3,324 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 9.7 percent from the 3,030 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area were 32,696 at the end of October. That is an increase of 4.5 percent from the 31,282 closings, reported through October 2015.

“We are continuing to sell more homes with effectively less inventory every month, and that’s keeping the Nashville market among the hottest in the country,” said Creswell. “We finished 19th on the list of the hottest markets for October according to Realtor.com, and were the only southern state, not including Texas, to make the list. Even if sales remain flat for November and December, our region is set to finish ahead of 2015 with overall sales.”

There were 3,306 sales pending at the end of the month, compared with 2,905 pending sales at this time last year. The average number of days on the market for a single-family home was 51 days.

The median residential price for a single-family home during October was $261,000, and for a condominium it was $186,000. This compares with last year’s median residential and condominium prices of $230,000 and $171,737, respectively.

Inventory at the end of October was 11,785, compared to 12,894 in October 2015.

“We have entered the final quarter of 2016 in the best possible way,” said GNAR President Denise Creswell. “Our housing market is maintaining the kind of stable growth needed to sustain a healthy market in the last few months of the year. These mild gains in sales are exactly what it takes to build the foundation for a solid housing market in 2017.”

### 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 110816

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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Home Sales Steady in Middle Tennessee Through Third Quarter

Home Sales Steady in Middle Tennessee Through Third Quarter
Article by Greater Nashville Association of REALTORS® | October 6, 2016

GNAR-225x100NASHVILLE, Tenn. (Oct. 6, 2016) – There were 3,474 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORS®. That number is up 0.8 percent from the 3,444 closings reported for the same period last year.

Third quarter numbers experienced a 1.2 percent decrease from 2015 with 10,920 closings reported, compared to last year’s third quarter closings of 11,046.

Year-to-date closings for the Greater Nashville area are 29,372. That total is up 3.9 percent from the 28,252 closings reported through the third quarter of 2015.

“The monthly, quarterly and year-to-date numbers are actually very similar, despite only two of the three showing an increase,” said GNAR President Denise Creswell. “Year-over-year sales for the month and the quarter are essentially flat, which is to be expected this time of year. Our region’s ability to remain stable given the inventory shortage is a strong indication of the healthy market we have.”

“Through the third quarter each county in our reporting area has experienced an increase in median sales price. Eight of the nine counties increased in sales, also,” said Creswell. “Pending sales are solid going into the last quarter of the season indicating we should finish the year well. It’s apparent investing in homeownership is still a priority for the residents of Middle Tennessee.”

There were 3,577 sales pending at the end of September, compared with 3,244 pending sales at this time last year. The average number of days on the market for a single-family home was 50 days, compared with 56 days for September 2015.

The median residential price for a single-family home during September was $256,900, and for a condominium, it was $188,495. This compares with last year’s median residential and condominium prices of $236,866 and $171,325, respectively.

Inventory at the end of September was 11,886, down from 13,141 in September 2015.

“Despite a small decline in sales, buyers and sellers remain in the marketplace,” said Creswell. “Sellers should remember they are responsible for putting the best property on the market, even in light of fewer homes for sale. They can’t take for granted that a potential buyer will act on any property simply to make a purchase, despite the property’s condition.

“For buyers, Realtors can’t stress enough how important it is to be pre-approved and ready to act. That has been true all year, and as inventory conditions tighten this fall, it’s critical. Those properties that are well-maintained and property marketed and priced will enter and exit the market rapidly.”

### 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 100616

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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Middle Tennessee Housing Market Unchanged for August 2016

Middle Tennessee Housing Market Unchanged for August 2016
Press Release by Greater Nashville Association of REALTORS®| September 7, 2016

GNAR-225x100NASHVILLE, Tenn. (Sept. 7, 2016) – There were 3,741 closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a .8 percent decrease compared to the 3,770 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area have increased 4.4 percent. There were 25,898 closings, compared with 24,808 closings reported through August of last year.

“Home sales for our market were essentially flat for August,” said GNAR President Denise Creswell. “Technically, we were down from last August, but by less than one percent. Considering the time of year and the continued struggle with inventory, a slight decrease in sales is not unexpected.

There were 3,717 sales pending at the end of August, compared with 3,647 pending sales at this time last year. The average number of days on the market for a single-family home was 51 days.

The median residential price for a single-family home during August was $253,000, and for a condominium it was $189,900. This compares with last year’s median residential and condominium prices of $235,000 and $169,000, respectively.

Inventory at the end of August was 12,288, down from 13,511 in August 2015.

“We have entered the time of year that is typical for the housing market to begin experiencing a slowdown. Once schools are back in session and the holidays begin to approach, the market always slows,“ said Creswell. “Despite that, our market still has a strong number of sales pending. While not all of those sales will make it to the closing table, it’s a good indicator that we have active buyers and sellers going into the fall.”

### 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 090716

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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Median Home Prices Rise While Home Sales Lessen in July

Median Home Prices Rise While Home Sales Lessen in July
Press Release by Greater Nashville Association of REALTORS® | August 8, 2016

GNAR-225x100NASHVILLE, Tenn. (Aug. 8, 2016) – There were 3,705 home closings reported for the month of July, according to figures provided by the Greater Nashville Association of REALTORS®. This represents a 3.3 percent decrease from the 3,832 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area are 22,157. That is an increase of 5.3 percent from the 21,038 closings reported through July 2015.

“The slight decline in home sales is not a cause for concern, and is actually a positive for the market,” said GNAR President Denise Creswell. “The furious pace homes have been selling at is not sustainable. The imbalance of supply and demand, combined with the continued gains in price, means inevitably we will reach a point where the market will slow down. This pause may be a sign the market is beginning to slow down and correcting itself until more inventory is available.

“July marks the first time in seven months that Middle Tennessee home sales have been down year-over-year,” said Creswell. “That aside, our pending home sales numbers remain high, proving homeownership is still important and there are plenty of prospective buyers in the marketplace.”

There were 3,724 sales pending at the end of July, compared with 3,708 pending sales at this time last year. The average number of days on the market for a single-family home was 54 days.

The median residential price for a single-family home during July was $267,000 and for a condominium it was $189,986. This compares with last year’s median residential and condominium prices of $234,900 and $161,500, respectively.

Inventory at the end of July was 12,329, down from 13,728 in July 2015.

“Despite a slight decrease in sales, median home prices continue to rise. We’re in the middle of the perfect storm that continues to drive up our median prices,” said Creswell. “Nashville is an incredible place to live, so the demand is high. But our low inventory levels make meeting the demand a challenge. At the end of July, interest rates were hovering around 3.5 percent, which is lower than the 4 percent rate this time last year. All of these factors combined contribute to increased prices.

“Homeowners appreciate the gain in home prices, as it positively impacts their equity and investment. But for those trying to buy a home, especially those new to the market, these gains are obstacles. The simple fact remains, until we have more inventory available, home prices will continue to rise. Realtors are hopeful the recent legislative change in how condominiums are approved for FHA financing will add more units to the supply and lessen the burden on first-time buyers.”

### 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 080816

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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Middle Tennessee Home Sales Gain in June Amid Tight Inventory

Middle Tennessee Home Sales Gain in June Amid Tight Inventory
Press Release by Greater Nashville Association of REALTORS® | July 7, 2016

GNAR-225x100NASHVILLE, Tenn. (July 7, 2016) – There were 3,869 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®. That figure is up 1.7 percent compared to the 3,804 closings reported for June 2015.

Second-quarter numbers are also up, with 10,851 closings reported, a 5.3 percent increase from the 10,302 closings reported through the second quarter of 2015. Year-to-date closings for Greater Nashville are up 7.2 percent with 18,452 closings compared to the 17,206 closings reported through midyear 2015.

“Home sales in Middle Tennessee continue to make headlines not only locally, but nationally,” said GNAR President Denise Creswell. “It was exciting to see the most recent news from Freddie Mac that Nashville is the nation’s strongest housing market.”

“Freddie Mac points to the areas payment-to-income ratios, job growth, on-time mortgage payments and purchase applications as reasons for the top ranking.”

The median residential price for a single-family home during June was $260,148, and for a condominium it was $186,495. Last year’s median residential and condominium prices for June were $240,000 and $172,500, respectively.

There were 3,876 sales pending at the end of June, compared with 3,853 pending sales at this time last year. The average number of days on the market for a single-family home was 54 days.

Inventory at the end of June was 12,358, down from 13,823 in June 2015.

“Interest rates continue to hover at all-time lows making it an excellent time to purchase a home,” said Creswell. “And with solid median prices, potential sellers have a good opportunity to make a move as the inventory is needed to maintain a healthy 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: GNAR Press Release 070716

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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Successful May Keeps Nashville Pacing with National Home Sales Trends

Successful May Keeps Nashville Pacing with National Home Sales Trends
Article by Greater Nashville Association of REALTORS® | June 7, 2016

HouseForSaleNASHVILLE, Tenn. (June 7, 2016) – There were 3,698 closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 3.9 percent over the 3,558 closings reported for May 2015.

Year-to-date closings total 14,583. That is an 8.8 percent increase compared to the 13,402 closings reported through May 2015.

“May was another strong month for the housing market,” said GNAR President Denise Creswell. “The successes and challenges we face locally are in-line with the rest of the country.

“Our median price rose 10 percent in May compared to 2015. The most recent national numbers from April show median price is up 6.3 percent, so we’re similar in growth. Middle Tennessee is also following national trends with housing supply. Our inventory levels made slight gains in the condo and multi-family areas in May compared to the previous month, but are still down overall when compared year-to-year. Inventory levels nationally are also struggling, down 3.6 percent for April of this year compared to 2015.”

There were 3,930 sales pending at the end of the month, compared to the 3,730 pending sales at this time last year. Single-family homes averaged 57 days on the market in May.

The median residential price for a single-family home during May was $258,900 and for a condominium it was $194,000. This compares with last year’s median residential and condominium prices of $235,000 and $175,000, respectively.

Inventory at the end of May was 12,122, down from 13,764 in 2015.

“Last month, Realtors from across the country met in Washington, D.C. for the National Association of Realtors Legislative Meetings. One of the biggest takeaways from those meetings was the proposed changes to the FHA condominium loan program,” said Creswell. “The changes announced by Housing and Urban Development Secretary Julian Castro address streamlining the recertification process, reducing the owner-occupancy requirements and the limits on the types of property insurance FHA considers acceptable coverage.

“Condos are often excellent and affordable properties for first-time buyers. As competition is so tough in the entry-level market, anything that can be done to make homeownership more attainable for eligible first-time buyers is a positive move in the industry,” said Creswell.

Source: GNAR 060716

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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