Middle Tennessee Home Sales Begin Taking Shape for Spring

Middle Tennessee Home Sales Begin Taking Shape for Spring
Press Release by Greater Nashville REALTORS® | April 9, 2018

House 1040NASHVILLE, Tenn. (April 9, 2018) – There were 3,446 home closings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure represents a .7 percent increase compared to the 3,420 closings in March 2017.

Data for the first quarter of 2018 showed 8,210 closings, down 1.5 percent from the 8,338 closings during the first quarter of 2017.

“March is the early start of the spring home buying and selling season, and it marked a turning point for sales in the region with our first increase in year-over-year sales this year,” said Greater Nashville REALTORS® President Sher Powers. “The data shows what is typical for this time of year, with increases in closings, price and inventory. The strong number of pending home sales indicates a solid season ahead for our market.”

There were 4,076 sales pending at the end of March, compared with 3,739 pending sales at this time last year. The average number of days on the market for a single-family home was 34 days.

The median residential price for a single-family home during March was $297,915 and for a condominium it was $218,600. This compares with last year’s median residential and condominium prices of $273,500 and $199,900, respectively.

Inventory at the end of March was 8,521, down slightly from 8,568 in March 2017.

“April is recognized nationally as Fair Housing Month. This year is even more significant as we celebrate the 50th anniversary of the Fair Housing Act. REALTORS® are long-standing proponents of equal opportunity in housing and will continue working to ensure quality housing is available for all,” said Powers.

••• 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 040918

Greater Nashville: Decreased Inventory Options Keep Home Buyers at Bay in February

Greater Nashville: Decreased Inventory Options Keep Home Buyers at Bay in February
Press Release by Greater Nashville REALTORS® | March 7, 2018

House 1033NASHVILLE, Tenn. (March 7, 2018) – There were 2,466 home closings reported for the month of February, according to data provided by Greater Nashville REALTORS®.

This represents a decrease of 1.6 percent from the 2,507 closings reported in February 2017. Year-to-date closings through February 2018 are 4,764, a 3.1 percent decrease from the 4,918 closings reported through February 2017.

“The winter months of December, January and February had an available housing supply of about 1.3 months available, causing some buyers to elect to wait until the potential for a larger inventory selection in spring to purchase a home,” said Greater Nashville REALTORS President Sher Powers. “A less than two percent drop in sales reflects a symptom that a thriving city will experience as more people want to live here.”

There were 3,307 sales pending at the end of the month, compared with 2,899 pending sales at this time last year. The average number of days on the market for a single-family home was 36 days.

The median residential price for a single-family home during February was $289,093, and for a condominium, it was $214,250. This compares with median residential and condominium prices of $258,950 and $192,400, respectively, at this time last year.

Inventory at the end of February was 8,359, down from 8,464 in February 2017.

“As spring approaches, housing inventory is expected to increase, as will housing competition,” said Powers. “The desirability of living in Greater Nashville has caused limited supply, particularly in the entry level and up to the median point price ranges. This is an opportunity to have conversations with affordable housing providers regarding new construction, infill and density.”

Source: Greater Nashville REALTORS® Press Release 030718

Nashville Area Housing Market Holds Steady Entering the Fourth Quarter

Nashville Area Housing Market Holds Steady Entering the Fourth Quarter
Press Release by Greater Nashville REALTORS® | November 7, 2017

Nashville Zoo Image 1NASHVILLE, Tenn. (Nov. 7, 2017) – There were 3,267 home closings reported for the month of October, according to figures provided by Greater Nashville REALTORS®. This figure is down 1.7 percent from the 3,324 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area were 34,059 at the end of October. That is an increase of 4.2 percent from the 32,696 closings, reported through October 2016.

“Through all of 2017, the Middle Tennessee region witnessed significant increases in year-over-year sales,” said Greater Nashville REALTORS® President Scott Troxel. “October showed a modest decline in the number of properties sold. Residential properties saw just 15 fewer sales in October compared to 2016. A minor adjustment like this is not cause for alarm. Our market’s dynamics are very positive, both in the local economy and the housing market. We expect to see a typical lull in the fall and holidays, followed by renewed energy in January.”

There were 3,358 properties under contract at the end of the month, compared to the 3,083 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 October was $277,642 and for a condominium, it was $208,000. This compares with last year’s median residential and condominium prices of $261,000 and $186,000, respectively.

Active inventory at the end of October was 9,564, down from 10,177 in 2016.

“REALTORS® had hoped proposed tax reform would lead to needed changes; unfortunately, the current proposals are going to hurt current and potential homeowners,” said Troxel. “Measures like placing limits on the use of the Mortgage Interest Deduction and the elimination of deductions for state and local sales and income tax will reverse the incentives for homeownership. Considering that homeowners pay between 80 and 90 percent of all federal incomes taxes, they shouldn’t be penalized through tax reform. REALTORS® are working fervently to protect homeownership and homeowners.”

### 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 110717


Kenneth Bargers, REALTOR® License 318311 ♦ Pilkerton Realtors License 257352
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Nashville’s October 2011 Home Sales Continue to Show Positive Trend…

GREATER NASHVILLE HOME SALES INCREASE FOR FOURTH CONSECUTIVE MONTH

NASHVILLE, Tenn. (Nov. 9, 2011) – There were 1,728 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 15.6 percent from the 1,495 closings reported for the same period last year.

Year-to-date closings through October are 17,259, a less than 1 percent decrease from the 17,424 closings reported through October 2010.

“October marks the fourth consecutive month of increased sales for Middle Tennessee,” said GNAR President Alice Walker. “The purchases resulting from the tax credit incentive last year were all completed by the September deadline, so the comparison of closings is now a clean comparison.

“Greater Nashville continues to receive positive attention and accolades that makes the region increasingly attractive to both corporations and families. Many of these new residents are coming from markets highly affected by the economic downturn. While single-family and condominium prices are down from last year, it’s still a single-digit difference. Newcomers seem pleased with buying opportunities, both in inventory and price, available to them here in the Middle Tennessee area.”

There were 1,742 sales pending at the end of the month, compared with 1,439 pending sales at this time last year. The average number of days on the market for a single-family home was 92 days.

The median residential price for a single-family home during October was $162,000, and for a condominium it was $139,515. This compares with last year’s median residential and condominium prices of $173,525 and $152,950, respectively.

Inventory at the end of October was 20,165, compared to 22,826 in October 2010.

“Even though overall inventory is marginally down, pending sales are also up again for October,” added Walker. “Entering the holiday season, where home sales typically slow down, continued increases in pending transactions are a positive sign for a stabilizing market. Also, for those with their homes on the market, it is helpful to know that buyers using their time to look for a home during this season are usually quite serious.”

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®; Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Greater Nashville Home Sales Continue Recent Trends; Pending Sales Reach 2000

There were 1,783 home closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 28.9 percent decrease compared with 2,508 closings in May of 2008.

Year-to-date closings are down compared to last with year with 7,149. That is a 31.2 percent decrease compared to the 10,406 closings reported through May 2008.

There were 2,000 sales pending at the end of May, compared with 2,489 pending sales at this time last year.  The average number of days on the market for a single-family home was 92 days.

The median residential price for a single-family home during May was $169,900 and for a condominium it was $156,250.  This compares with last year’s median residential and condominium prices of $189,975 and $159,000, respectively.

Inventory at the end of May was 25,096, down from 24,598 in 2008.

This is the first time since September of last year that we have seen pending sales at the 2,000 level ,” Nichols added.  “For buyers, this is a very important time.  Many factors remain in their favor with interest rates low, inventory plentiful and even support from government programs.  However, those factors will not remain that way indefinitely. If interest rates increase, that could add significantly to the cost of a home.   So, acting now would be to their advantage.  For sellers, making their homes attractive and pricing them properly is critical to getting them sold.“

Source:   Greater Nashville Association of REALTORS®