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Greater Nashville: Housing Market Positive Trends Continue Into Second Half of the Year

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Housing Market Positive Trends Continue Into Second Half of the Year
Press Release by Greater Nashville REALTORS® | August 7, 2017

House 1013NASHVILLE, Tenn. (August 7, 2017) – There were 3,872 closings reported for the month of July, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 4.5 percent over the 3,705 closings reported for July 2016.

Year-to-date closings total 23,365. That is a 5.5 percent increase compared to the 22,157 closings reported through July 2016.

“Median home price is up again compared to the same month last year. As supply and demand continue to be at odds, prices can be expected to continue to rise,” said Greater Nashville REALTORS® President Scott Troxel. “However, median price is down from last month.

“It’s far too soon to tell if the drop in median price from June to July is evidence of a trend. It’s very likely there were proportionally more ‘starter’ homes sold in July than the number of starter homes sold in June. My experience is that different sectors of the market are more engaged and less-engaged at different times of the year.”

There were 3,887 properties under contract at the end of the month, compared to the 3,426 properties under contract at this time last year. The average number of days on the market for a single-family home was 25 days.

The median residential price for a single-family home during July was $288,243 and for a condominium it was $203,000. This compares with last year’s median residential and condominium prices of $267,000 and $189,986, respectively.

Active inventory at the end of July was 9,151, down from 10,133 in 2016.

“Affordability is a serious issue, but it’s not the sole issue affecting our housing market,” said Troxel. “It’s imperative we as residents, Realtors, businesses and a community work together to find solutions for matters like transit and continue to support our education systems.

“Greater Nashville REALTORS® is actively participating in all of these areas, advocating for both the business and the homeowner side of the housing industry. These items impact our housing market and we all want Middle Tennessee to continue to be a place individuals, families and businesses want to call home.”

Source: Greater Nashville REALTORS®, Press Release 080717

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!
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Strongest Second Quarter on Record for Nashville Area Housing Market

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Strongest Second Quarter on Record for Nashville Area Housing Market
Press Release by Greater Nashville REALTORS® | July 7, 2017

NASHVILLE, Tenn. (July 7, 2017) – There were 3,887 homes sold in the month of June, according to figures provided by Greater Nashville REALTORS®. That figure is up 0.4 percent compared to the 3,869 closings reported for June 2016.

Second-quarter closings are 11,155, a 2.8 percent increase from the 10,851 closings reported through the second quarter of 2016. Year-to-date closings for Greater Nashville are up 5.6 percent with 19,493 closings compared to the 18,452 closings reported through midyear 2016.

“The second quarter was our housing market’s strongest on record,” said Greater Nashville REALTORS® President Scott Troxel. “The last time our market performed this well in the second quarter was 2006, with 11,046 closings. We’re a few units short of being ahead of midyear 2006, but with half a year left for sales, I suspect we’ll come close to the 2006 record of more than 40,000 annual closings.

“Closings for the month of June were virtually flat. This is no surprise given the current disparity between supply and demand in the market.”

The median residential price for a single-family home during June was $293,753, and for a condominium it was $199,350. Last year’s median residential and condominium prices for June were $260,148 and $186,495, respectively.

There were 3,914 properties under contract at the end of June, compared with 3,863 at this time last year. The average number of days on the market for a single-family home was 25 days.

Inventory at the end of June was 8,842, down from 9,865 in June 2016.

“The data for June and second quarter home sales prove our market has the necessary stamina to continue forward,” said Troxel. “Even with challenges, buyer demand is still strong and homeownership remains a priority for many of our residents. Working with a Realtor who brings knowledge, experience and professionalism to the transaction helps to remove any anxiety a buyer or seller may have about finding success in one of the country’s most thriving markets.”

Source: Greater Nashville REALTORS®, Press Release 070717

Kenneth Bargers REALTOR® License 318311  |  Pilkerton Realtors License 257352
(615) 512-9836 cellular  •  (615) 915-5901 facsimile  •  kb@bargers-solutions.com email
bargers-solutions.com web  •  kennethbargers.com blog  •  Search Properties
(615) 371-2474 office  •  (615) 371-2475 facsimile  •  2 Cadillac Drive, Brentwood TN 37027 address
The greatest compliment you can give is a referral!

Time on Market Hits New Low in April

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Time on Market Hits New Low in April
National Association of REALTORS®   article by Daily Real Estate News | May 24, 2017

Low inventory pushed existing-home sales down in April and sped up the median number of days a home sat on the market to a new low of 29 days, the National Association of REALTORS® reported Wednesday. That is the shortest time frame since NAR began tracking such data in May 2011. The previous record was 32 days, which was reached last May.

Though homes are selling faster, inventory woes persist. Total existing-home sales—which are completed transactions of single-family homes, townhomes, condos, and co-ops—decreased 2.3 percent to a seasonally adjusted annual rate of 5.57 million in April. RegionalApril2017However, sales are still 1.6 percent higher than a year ago.

“Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace of homes coming off the market,” says Lawrence Yun, NAR’s chief economist. “Demand is easily outstripping supply in most of the country, and it’s stymieing many prospective buyers from finding a home to purchase.”

Total housing inventory at the end of April stood at 1.93 million existing homes available for sale, NAR reported. That’s 9 percent lower than a year ago, when inventory stood at 2.12 million. At the current sales pace, unsold inventory is at a 4.2-month supply.

“REALTORS® continue to voice the frustration their clients are experiencing because of the insufficient number of homes for sale,” Yun says. “Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher.”

Here are a few additional housing indicators from NAR’s latest report:

  • The median existing-home price for all housing types last month was $244,800, up 0.6 percent from a year ago.
  • Short sales took the longest to sell at a median of 88 days on the market in April. Foreclosures sold in a median of 46 days. Foreclosures and short sales comprised 5 percent of sales in April, down from 7 percent a year ago. Broken out, 3 percent of sales were foreclosures and 2 percent were short sales. Foreclosures sold for an average discount of 18 percent below market value, while short sales were discounted 12 percent.
  • First-time home buyers comprised 34 percent of sales in April, matching the highest percentage since last September.
  • All-cash transactions made up 21 percent of sales in April, down from 24 percent a year ago. Individual investors make up the biggest bulk of cash sales. They purchased 15 percent of homes, up from 13 percent a year ago.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 052417

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

Home Sales Zoom to Highest Pace in Decade

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Home Sales Zoom to Highest Pace in Decade
Article by Daily Real Estate News | April 21, 2017

This spring’s housing mantra: Going, going, gone! “Severe” housing shortages are prompting existing homes to sell significantly faster this year, propelling home sales to the highest pace in more than a decade, the National Association of REALTORS® reported Friday.

Publication1Strong sales gains in the Northeast and Midwest were behind most of the nationwide 4.4 percent month-over-month increase in existing-home sales in March. The West was the only major region of the U.S. to see a modest decline in sales activity last month.

“The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month,” says Lawrence Yun, NAR’s chief economist. “Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does.”

Total existing-home sales—which include completed transactions for single-family homes, townhomes, condos, and co-ops—reached a seasonally adjusted annual rate of 5.71 million in March. The sales pace is 5.9 percent above a year ago. Further, existing-home sales are now the strongest month of sales since February 2007 (5.79 million).

Here’s a closer look at some of the key indicators from NAR’s latest housing report, reflecting March housing numbers:

Home prices: The median existing-home price for all housing types was $236,400, up 6.8 percent from a year ago when it averaged $221,400.

Days on the market: Properties stayed on the market for an average of 34 days in March, down significantly from 47 days a year ago. Short sales took the longest to sell at a median of 90 days in March; foreclosures sold in 52 days; and non-distressed homes took a median of 32 days—which is the shortest length of time since NAR began tracking such data in May 2011. Forty-eight percent of homes sold in March were on the market for less than a month.

All-cash sales: All-cash transactions comprised 23 percent of sales in March, down from 25 percent a year ago. Individual investors make up the biggest bulk of cash sales. They purchased 15 percent of homes in March, up from 14 percent a year ago.

Distressed sales: Foreclosures and short sales made up 6 percent of existing-home sales in March, down from 8 percent a year ago. Broken out, 5 percent of sales in March were foreclosures and 1 percent were short sales. On average, foreclosures sold for a discount of 16 percent below market value; short sales were discounted an average of 14 percent.

Inventories: Housing inventory at the end of March rose 5.8 percent to 1.83 million existing homes available for sale. Inventory is 6.6 percent lower than a year ago (1.96 million). Unsold inventory is now at a 3.8-month supply at the current sales pace.

“Bolstered by strong consumer confidence and underlying demand, home sales are up convincingly from a year ago nationally and in all four major regions despite the fact that buying a home has gotten more expensive over the past year,” Yun says.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 042117

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

The 10 Crowning Markets of the Spring Season

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The 10 Crowning Markets of the Spring Season
Article by Daily Real Estate News | April 18, 2017

Which housing markets are emerging as top performers this spring season? Ten X, an online real estate marketplace vendor, factored in pricing, sales, affordability, permit activity, economic and demographic growth, and forward-looking data such as economic and population forecasts, to come up with a list of housing market champs for this spring.

They are listed below, along with year-over-year changes in seasonally adjusted median prices and sales of existing homes:

  1. Tampa, Florida
    Home prices: +13.12%
    Home sales: +7.31%
  2. Dallas, Texas
    Home prices: +10.64%
    Home sales: +2.94%
  3. Columbus, Ohio
    Home prices: +9.60%
    Home sales: +6.62%
  4. Las Vegas, Nevada
    Home prices: +9.67%
    Home sales: +11.37%
  5. Jacksonville, Florida
    Home prices: +11.86%
    Home sales: +7.27%
  6. Nashville, Tennessee
    Home prices: +9.08%
    Home sales: +10.63%
  7. Raleigh, North Carolina
    Home prices: +8.56%
    Home sales: +7.95%
  8. Orlando, Florida
    Home prices: +7.31%
    Home sales: 7.95%
  9. Portland, Oregon
    Home prices: +11.12%
    Home sales: 9.29%
  10. Salt Lake City, Utah
    Home prices: +8.62%
    Home sales: +11.10%

Source: “The 15 Hottest Housing Markets of Spring ’17,” National Mortgage News (April 17, 2017); REALTOR® Magazine Online, Daily Real Estate News 041817

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 See Strong Spring Start in March

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Middle Tennessee Home Sales See Strong Spring Start in March
Press Release by Greater Nashville REALTORS® | April 7, 2017

HomeforSale500w 0417NASHVILLE, Tenn. (April 7, 2017) – There were 3,420 home closings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure represents an 8.9 percent increase compared to the 3,141 closings in March 2016.

Data for the first quarter of 2017 showed 8,338 closings, up 9.7 percent from the 7,601 closings during the first quarter of 2016.

“March was a very strong month for our region’s housing market with sales up almost 9 percent,” said Greater Nashville REALTORS® President Scott Troxel. “We were exactly 96 units short of tying the mark for the best March on record, which is March 2006. A stronger economy and growing consumer confidence enable our region to continue to experience positive growth that rivals our market’s best years.”

“Mortgage interest rates have risen slightly in the past month, which can nudge potential buyers to act more quickly,” said Troxel. “Interest rates are very important for homebuyers and they get that. The rate can begin to impact whether a buyer can qualify for the home they want. Locking in at the lowest interest rate is a motivating factor for many buyers.”

There were 3,602 sales pending at the end of March, compared with 3,285 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 residential price for a single-family home during March was $273,500 and for a condominium it was $199,900. This compares with last year’s median residential and condominium prices of $245,000 and $181,894, respectively.

Inventory at the end of March was 10,710, down from 11,951 in March 2016.

“April is Fair Housing Month, and as Realtors, we strive to help all who desire to own a home to become a homeowner. We are advocates for all current and future homeowners, and we will continue working to ensure housing is available to all,” said Troxel.

### 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 040717

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

April 11, 2017 at 9:59 pm

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
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

March 7, 2017 at 8:59 pm

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