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Posts Tagged ‘home sales

Warmer Temperatures Contribute to Early Spring for Middle Tennessee Real Estate Market

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Warmer Temperatures Contribute to Early Spring for Middle Tennessee Real Estate Market
Press Release by Greater Nashville REALTORS® | March 7, 2017

HomeforSale 550wNASHVILLE, Tenn. (March 7, 2017) – There were 2,507 home closings reported for the month of February, according to data provided by Greater Nashville REALTORS®.

This represents an increase of 9.3 percent from the 2,293 closings reported in February 2016. Year-to-date closings through February 2017 are 4,918, a 10.3 percent increase from the 4,460 closings reported through February 2016.

“Spring is in the air and in the real estate market,” said Greater Nashville REALTORS President Scott Troxel. “A few days of warmer temperatures helped our region finish strong in February, closing over 2,500 units. We saw year-over-year increase in all categories, with the largest coming in the multi-family sector.

“Recent announcements regarding economic growth from companies like Mars Petcare, LG and SmileDirect will only to continue to drive our market upward,” said Troxel.

There were 2,899 sales pending at the end of the month, compared with 2,735 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 February was $258,950, and for a condominium it was $192,400. This compares with median residential and condominium prices of $235,000 and $174,380, respectively, at this time last year.

Inventory at the end of February was 10,372, down from 11,677 in February 2016.

“We typically compare statistics year-over-year, and our inventory is down from 2016. However, the single-family market did pick up in inventory between this past January and February,” said Troxel. “While we still have a way to go to restock our inventory levels, any gain in inventory is good news. This gives buyers more options and alleviates some of the pressure on home prices.”

### Greater Nashville 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 REALTORS® 030717

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
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(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Written by Kenneth Bargers

March 7, 2017 at 8:59 pm

Home Prices Are Soaring to New Highs

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Home Prices Are Soaring to New Highs
Article by Daily Real Estate News | February 10, 2017

Home price appreciation picked up speed in the final three months of 2016, prompting the majority of metro areas to soar to new record highs with home prices, the National Association of REALTORS®’ latest quarterly report reveals. Of the 150 markets NAR has tracked since 2005, 52 percent – or 78 – now have a median sales price that is at or above its previous all-time high.

The fourth quarter of 2016 proved to be a strong one for home price appreciation. The median existing single-family home price rose in 89 percent of the measured markets. Thirty-one metro areas out of 178 saw double-digit gains.

“Buyer interest stayed elevated in most areas thanks to mortgage rates under 4 percent for most of the year and the creation of 1.7 million new jobs edging the job market closer to full employment,” says Lawrence Yun, NAR’s chief economist. “At the same time, the inability for supply to catch up with this demand drove prices higher and continued to put a tight affordability squeeze on those trying to reach the market.”

5priciestleastmarketsIn the fourth quarter, the national median existing single-family home price was $235,000 – up 5.7 percent from the fourth quarter of 2015 ($222,3000).

Inventories of homes for-sale remain tight. At the end of the fourth quarter, 1.65 million existing homes were available for sale, which is 6.3 percent below year ago levels and the lowest level since NAR began tracking the supply of all housing types in 1999.

“Depressed new and existing inventory conditions led to several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets,” Yun says. “The exception for the most part is in the Northeast, where price growth is flatter because of healthier supply conditions.”

Nationwide, a boost in home prices and mortgage rates at the end of the year slightly weakened affordability compared to a year ago. That came despite a solid uptick in the national family median income.

To buy a single-family home at the national median price, a buyer making a 5 percent down payment would need an income of $51,017; they would need an income of $48,332 for a 10 percent down payment; and they would need an income of $42,962 for a 20 percent down payment, according to NAR.

“Even a pick-up in wage growth may be insufficient to compensate the impact of higher mortgage rates and home prices,” Yun says. “Increased homebuilding will be crucial to alleviate supply shortages and stave off the affordability hit.”

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 021017

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Best January on Record for Middle Tennessee Housing Market

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Best January on Record for Middle Tennessee Housing Market
Press Release by Greater Nashville REALTORS® | February 7, 2017

natcheztracebridgemidtn

Natchez Trace Bridge

NASHVILLE, Tenn. (Feb. 7, 2017) – There were 2,411 home closings reported for the month of January, according to figures provided by Greater Nashville REALTORS®. This figure is up 11.2 percent from the 2,167 closings reported for the same period last year.

“Our market just proved you can buy and sell a home during the winter,” said Greater Nashville REALTORS President Scott Troxel. “The winter months are actually a good time for serious buyers. There are fewer properties on the market, but there is also less competition for those properties.

“Not only did we see the best January on record, our market performed better in January than it did in either January or February of last year,” continued Troxel. “Pending sales numbers are also higher. Punxsutawney Phil might have seen his shadow, suggesting six more weeks before we see spring weather, but our data indicates our market may enter the spring selling season sooner.”

There were 2,755 sales pending at the end of the month, compared with 2,212 pending sales at this time last year. The average number of days on the market for a single-family home was 57 days.

The median residential price for a single-family home during January was $261,500 and for a condominium it was $184,350. This compares with last year’s median residential and condominium prices of $242,668 and $179,900, respectively.

Inventory at the end of January was 10,025, compared with 11,352 in January 2016.

“One item to watch will be the impact of President Trump’s suspension on the 25-basis point reduction of mortgage interest premiums on FHA loans,” said Troxel. “Many first-time and low- to moderate-income buyers look to FHA loans as part of their path to homeownership. Realtors are letting the administration know both the importance and impact of FHA loans on the housing market.”

### Greater Nashville 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: Press Release by Greater Nashville REALTORS®, 020717

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Middle Tennessee Home Sales Finish with a Strong Fourth Quarter

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Middle Tennessee Home Sales Finish with a Strong Fourth Quarter
Press Release by Greater Nashville REALTORS® | January 9, 2017

franklintheat125x150NASHVILLE, Tenn. (Jan. 9, 2017) – There were 3,280 closings during the month of December, according to figures provided by Greater Nashville REALTORS® (formerly the Greater Nashville Association of REALTORS). This is a 2.7 percent increase from the 3,194 closings reported for the same period in 2015.

Fourth quarter closings were 9,582 for the Middle Tennessee area. That total is an 11 percent increase from the 8,621 closings during the fourth quarter of 2015.

Final numbers for 2016 indicate there were 38,954 homes sold in the region. Compared to the 36,873 closings in 2015, the total sales for 2016 were up 5.6 percent.

“2016 was an excellent year for real estate in Middle Tennessee,” said Greater Nashville REALTORS President Scott Troxel. “Median prices rose, which was a plus for those selling last year. For buyers, interest rates remained low and for those who we were ready for homeownership, the opportunity to buy was there.

“In particular, the fourth quarter of the year was very solid. According to the data we have available to us, the last quarter of 2016 was the strongest fourth quarter for home sales our region has experienced,” said Troxel. “In terms of the market as a whole, it was the best Greater Nashville has seen in a decade.”

There were 2,612 sales pending at the end of December, compared with 2,678 pending sales at this time last year. The average number of days on the market for a single-family home was 50 days.

The median price for a residential single-family home was $266,408, and for a condominium it was $180,000. This compares with last year’s median residential and condominium prices of $242,945 and $194,183, respectively.

Inventory at the end of December was 9,901 down from 10,846 in December 2015.

“We have a healthy foundation to build on as we enter 2017. For those who will be buying or selling real estate this year, the marks of a good economy – job growth, wage growth, consumer confidence – remain,” said Troxel. “Inventory will continue to plague Nashville’s market, as well as many other markets across the country. Working with a real estate professional, a Realtor, will be a marked advantage to consumers in search of the right property.”

### Greater Nashville 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 REALTORS® Press Release 010917

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Written by Kenneth Bargers

January 9, 2017 at 2:25 pm

The Hottest Housing Markets in December

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The Hottest Housing Markets in December
Article by Daily Real Estate News

parthenonathena-c-112616

Athena at the Parthenon (Nashville)

Demand among home buyers doesn’t seem to be decreasing heading into the winter months. The median list price remained the same from November to December, when usually it decreases.

The current median price reached a record high for December of $250,000, which is 9 percent higher than a year ago, according to realtor.com®’s latest housing report. Further, the median number of days that properties are staying on the market is about 88 days for December, which is five days faster than a year ago.

California cities continue to dominate some of the fastest housing markets, making up 12 of the top 20 markets. San Francisco continued to hold on to the number one spot for the fourth month in a row.

Realtor.com® analyzed markets to determine where homes are selling the fastest and buyers are checking out listings the most (based on realtor.com® views). Here are the 20 markets that topped its list for December:

  1. San Francisco CA
  2. Dallas TX
  3. Vallejo CA
  4. San Jose CA
  5. San Diego CA
  6. Denver CO
  7. Stockton CA
  8. Columbus OH
  9. Sacramento CA
  10. Detroit MI
  11. Yuba City CA
  12. Santa Rosa CA
  13. Fresno CA
  14. Colorado Springs CO
  15. Oxnard CA
  16. Fort Wayne IN
  17. Los Angeles CA
  18. Nashville TN
  19. Midland TX
  20. Modesto CA

Source: “America’s Hottest Markets for Real Estate in December,” realtor.com® (Dec. 22, 2016); REALTOR® Magazine Online, Daily Real Estate News 122216

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Middle Tennessee Sees Largest Home Sales Gain in November

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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
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

October Was a Hot Month for Home Sales in Middle Tennessee

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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
(615) 512-9836 cellular • (615) 915-5901 facsimilekb@bargers-solutions.com email
bargers-solutions.com webkennethbargers.com blogSearch Properties
(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address
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