Greater Nashville Home Sales Post Double Digit Increase for Third Quarter
Press Release by Greater Nashville Association of REALTORS® | October 7, 2015
NASHVILLE, Tenn. (Oct. 7, 2015) – There were 3,444 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORS®. That number is up 10.3 percent from the 3,122 closings reported for the same period last year.
Third quarter numbers have increased from 2014 with 11,046 closings reported, which is 15 percent higher than last year’s third quarter closings of 9,606.
Year-to-date closings for the Greater Nashville area are 28,252. That total is up 13.3 percent from the 24,942 closings reported through the third quarter of 2014.
“The double-digit increases in home sales for the third quarter and year-to-date are further proof of how strong the real estate market and the overall economy is in Middle Tennessee,” said GNAR President Cindy Stanton. “Every county covered in the report showed an increase in residential sales and median price, with most showing the same for their respective condominium markets. As a region we are nearly double the sales for the third quarter compared to the same period less than five years ago in 2011.”
“With so many factors remaining unchanged, we are confident the fourth quarter will be a favorable one for our housing market. A recent report from RealtyTrac showed that because of low interest rates and market conditions, buying the average home now is 48 percent more affordable than pre-recession in 2006,” said Stanton.
There were 3,244 sales pending at the end of September, compared with 3,049 pending sales at this time last year. The average number of days on the market for a single-family home was 56 days, compared with 68 days for September 2014.
The median residential price for a single-family home during September was $236,866, and for a condominium, it was $171,325. This compares with last year’s median residential and condominium prices of $211,400 and $162,000, respectively.
Inventory at the end of September was 13,141, down from 15,182 in September 2014.
“Those who didn’t act during the summer shouldn’t be dissuaded, as fall is still a terrific time to buy or sell a home,” added Stanton. “For buyers, despite lower inventory, there are many great properties available and with likely less competition from other buyers as we enter fall. Those considering selling should take care of any repairs now, maintain their curb appeal and be sure the home is market ready.”
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: Greater Nashville Association of REALTORS®, Press Release 100715
Kenneth Bargers, REALTOR® | Pilkerton Realtors
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