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Best May on Record for Middle Tennessee Housing Market

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Best May on Record for Middle Tennessee Housing Market
Greater Nashville REALTORS® Press Release, June 7, 2017

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NASHVILLE, Tenn. (June 7, 2017) – There were 3,943 closings reported for the month of May, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 6.6 percent over the 3,698 closings reported for May 2016.

Year-to-date closings total 15,606. That is a 7 percent increase compared to the 14,583 closings reported through May 2016.

“Greater Nashville made May a record-setting month by continuing year-over-year sales gains,” said Greater Nashville REALTORS President Scott Troxel. “In spite of the low supply levels, Middle Tennessee joins the majority of the country in experiencing healthy market trends.

“The National Association of Realtors predicts an overall annual increase in home sales of 3.5 percent. Last year, locally we experienced an annual increase of 5.6 percent over 2015; based on current pacing, I expect we will see somewhere between the estimated national prediction and the five percent increase we saw last year.”

There were 3,540 properties under contract at the end of the month, compared to the 3,730 properties under contract at this time last year. The average number of days on the market for a single-family home was 27 days.

The median residential price for a single-family home during May was $279,142 and for a condominium it was $205,000. This compares with last year’s median residential and condominium prices of $258,900 and $194,000, respectively.

Active inventory at the end of May was 8,557, down from 9,623 at this time last year.

“The addition of large companies like Ikea and the abundant positive media Nashville is receiving from the Predators place in the Stanley Cup Finals continue to push our region to the forefront of places where people and businesses want to be.

“The desire for homeownership is not going away,” said Troxel. “Greater Nashville REALTORS is committed to homeownership being an option for all. From being part of conversations about increased affordable housing and the need for transit to the recent completion of our 21st Habitat for Humanity home build last month, we are active in the complete picture of what is valuable and critical to housing in Middle Tennessee.”

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.

*RealTracs, Inc., the regional Multiple Listing Service through which we obtain our market statistics, recently adjusted its statistical reporting in order to more accurately reflect market activity. Beginning in June 2017, Greater Nashville REALTORS will report on the following:

  • Closings – listed properties that have closed in the month
  • Median Closed Price – the median price of listed properties that have closed in the month
  • Days on Market – the average number of days from Listing Date to Binding Contract Date (of an offer to purchase) for listed properties within a month
  • Under Contract Inventory – the total number of properties that are listed, are under contract and have not closed
  • Active Inventory – the total number of listed properties being marketed that are not under contract

Adjustments to historic statistical data have been made to reflect the recalculated days on market for April 2017 and for May 2016.

Source: Greater Nashville REALTORS®, Press Release 060717

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

June 7, 2017 at 6:39 pm

Middle Tennessee: Housing Market Shows Signs of Evening Out in April

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Housing Market Shows Signs of Evening Out in April
Press Release by Greater Nashville REALTORS® | May 8, 2017

NASHVILLE, Tenn. (May 8, 2017) – There were 3,325 home closings reported for the month of April, according to figures provided by the Greater Nashville REALTORS®. This represents an increase of 1.3 percent from the 3,284 closings reported for April 2016.

Year-to-date closings total 11,663. That is a 7.1 percent increase compared to the 10,885 closings reported through April 2016.

“The second quarter of home sales, which is typically one of the strongest, started with positive gains,” said Scott Troxel, Greater Nashville REALTORS President. “Year-to-date sales are up by almost one thousand units, making it likely we will see 40,000 or more closings this year, something we haven’t seen since 2006.

“While year-over-year sales were up for the month of April, there was a slowing down from the previous month,” said Troxel. “The struggle between low inventory and rising sales is beginning to even out. While supply is increasing, it has a way to go still to meet up with buyer demand. All indicators show we will continue to have growth in our market at a more even pace.

There were 3,540 sales pending at the end of the month, compared to the 3,198 pending sales at this time last year. The average number of days on the market for a single-family home was 47 days.

The median residential price for a single-family home during April was $275,000 and for a condominium it was $195,255. This compares with last year’s median residential and condominium prices of $250,000 and $193,473, respectively.

Inventory at the end of April was 11,062, down from 12,244 in 2016.

“The increase in year-over-year home sales for April was slightly lower than the gains we’ve seen the in the past several months. This dip is not a decline in the desire for homeownership. In fact, it’s the market catching up with itself,” said Troxel. “Achieving double-digit gains each month compared to the prior year in nearly impossible to sustain without a matching growth in inventory. Smaller, steady gains are more desirable and contribute to a long-term healthier market.”

Source: Greater Nashville REALTORS®, Press Release 050817

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

May 8, 2017 at 7:45 pm

Despite Weather, Middle Tennessee Home Sales Strong in January

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Despite Weather, Middle Tennessee Home Sales Strong in January
Press Release by Greater Nashville Association of REALTORS® | February 8, 2016

GNAR-225x100NASHVILLE, Tenn. (Feb. 8, 2016) – There were 2,167 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 9.7 percent from the 1,976 closings reported for the same period last year.

“As expected, 2016 home sales picked up where 2015 left off. Closings were up almost 10 percent over January of 2015,” said GNAR President Denise Creswell. “Beginning the year with over 2,000 closings is an encouraging start. The last time our region saw a January with more than 2,000 closings was 2007. Our January numbers have consistently increased since 2010.

“The continuing upward trend in home sales is a positive, however there are challenges to housing that still need to be addressed,” continued Creswell. “Most notably is the need for more affordable housing. Many buyers are going outside of the Greater Nashville area to find more affordable options, so hopefully soon there will be some additional programs in place to provide more economical options for buyers.”

There were 2,212 sales pending at the end of the month, compared with 2,204 pending sales at this time last year. The average number of days on the market for a single-family home was 64 days.

The median residential price for a single-family home during January was $242,668 and for a condominium it was $179,900. This compares with last year’s median residential and condominium prices of $215,000 and $172,250, respectively.

Inventory at the end of January was 11,352, compared with 12,663 in January 2015.

“Despite inventory levels being down from a year ago, they are up from December of last year,” said Creswell. “Buyers are looking for options and, with spring on the way, we expect some additions to inventory. It’s not too soon to begin thinking about placing your home on the market, and getting ahead of the spring season could be an advantage.”

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 020816

Greater Nashville Home Sales Strong through August

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Greater Nashville Home Sales Strong through August
Press Release by Greater Nashville Association of REALTORS® | September 8, 2015

GNAR-225x100NASHVILLE, Tenn. (Sept. 8, 2015) – There were 3,770 closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 16.7 percent increase over the 3,226 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area have increased 13.7 percent. There were 24,808 closings, compared with 21,820 closings reported through August of last year.

“For the fourth consecutive month and the seventh time this year, our region has seen a double-digit increase in area home sales,” said GNAR President Cindy Stanton. “Year-to-date we have already had more closings than 2008, 2009, 2010 and 2011 saw in their respective full years. We are on pace to finish 2015 with the type of annual sales we experienced a decade ago.”

There were 3,647 sales pending at the end of August, compared with 3,062 pending sales at this time last year. The average number of days on the market for a single-family home was 56 days.

The median residential price for a single-family home during August was $235,000, and for a condominium it was $169,000. This compares with last year’s median residential and condominium prices of $219,000 and $169,000, respectively.

Inventory at the end of August was 13,511, down from 15,477 in August 2014.

“The median price for residential homes increased over last year while remaining virtually flat compared to last month,” stated Stanton. “Condominium prices have also remained nearly unchanged compared to this time last year and last month. This stabilization of prices is a healthy indicator for our 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: Greater Nashville Association of REALTORS®, GNAR Press Release 090815
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Greater Nashville Real Estate: The New Year Begins with 18 Percent Increase

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THE NEW YEAR BEGINS WITH 18 PERCENT INCREASE
Press Release by GNAR, February 7, 2013

NASHVILLE, Tenn. (Feb. 7, 2013) – There were 1,634 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORSÒ. This figure is up 18.7 percent from the 1,377 closings reported for the same period last year.

“This is a very positive start to the year for Middle Tennessee home sales,” said GNAR President Price Lechleiter. “It is especially good news to see an increase of this number over January of 2012, which was up about 25 percent compared to 2011. The positive home sales trend into this year is very encouraging. In fact, we have not had more than 1,500 closings in January since 2008.

“Though these numbers are a great start to the year, challenges still remain for the overall real estate market. It’s difficult to anticipate the impact national economic trends and government choices will have – including decisions on fiscal issues,” continued Lechleiter. “Locally, the economic impact of the increase in home sales goes well beyond the actual transaction. Those sales prompt additional construction jobs for building new homes and help initiate major purchases made by homeowners, such as appliances, furniture, floor coverings and lawn care equipment.”

There were 1,968 sales pending at the end of the month, compared with 1,615 pending sales at this time last year. The average number of days on the market for a single-family home was 81 days.

The median residential price for a single-family home during January was $167,000 and for a condominium it was $150,000. This compares with last year’s median residential and condominium prices of $157,500 and $140,325, respectively.

Inventory at the end of January was 15,478, compared with 17,949 in January 2012.

“Median prices are up modestly for both single-family and condominium homes and pending sales are near 2,000, which is especially encouraging as an indicator of future activity,” said Lechleiter. “Inventory remains at levels comparable to early 2006. However, at this time of the year potential sellers are either putting their homes on the market or doing some fix-up projects preparing to list their homes for sale in the next few months. New home construction is also increasing, providing additional purchase options.”

The Greater Nashville Association of REALTORSÒ is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTORÒ 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 February 7, 2013 | Blog, In The News, produced and distributed by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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