2016 Marked Best Year for Sales in a Decade

2016 Marked Best Year for Sales in a Decade
Article by Daily Real Estate News | January 24, 2017

Existing-home sales finished out 2016 as the best year since the housing boom days, the National Association of REALTORS® reported Tuesday.

Total existing-home sales – which are completed transactions that include single-family homes, townhomes, condos, and co-ops – closed 2016 at 5.45 million sales, surpassing 2015 (5.25 million). It was the highest total for existing-home sales since 2006 (6.48 million), NAR reported.

“Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market,” says Lawrence Yun, NAR’s chief economist. “However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in much of the country in December.

The final month of 2016 saw existing-home sales drop 2.8 percent to a seasonally adjusted annual rate of 5.49 million, NAR reported. Sales in December were now only 0.7 percent higher than a year ago. Low housing supplies continue to press on the market.

“While a lack of listings and fast rising home prices was a headwind all year, the surge in rates since early November ultimately caught some prospective buyers off guard and dimmed their appetite or ability to buy a home as 2016 came to an end,” Yun says.

5 Key Stats From December’s Housing Report

Here’s a closer look at some key indicators from NAR’s December existing-home sales report.

byregiondec2016Home prices: Median existing-home price for all housing types in December was $232,200, up 4 percent from a year ago ($223,200).

Days on the market: Thirty-seven percent of homes sold in December were on the market for less than a month. Properties, on average, stayed on the market for 52 days in December, up from 43 days in November but down from a year ago (58 days). Non-distressed homes took an average of 50 days to sell while short sales sales took the longest at a median of 97 days on the market in December. Foreclosures sold in 53 days, on average.

Cash sales: All-cash sales comprised 21 percent of transactions in December, down from 24 percent a year ago. Individual investors make up the bulk of cash sales. They accounted for 15 percent of homes purchased in December, unchanged from a year ago.

Distressed sales: Foreclosures and short sales ticked up to 7 percent in December, up from 6 percent in November. Still, distressed sales are down from 8 percent a year ago. Foreclosures made up 5 percent of sales in December while short sales comprised 2 percent of sales. Foreclosures sold for an average discount of 20 percent below market value in December while short sales were discounted 10 percent.

Inventories: Total housing inventory at the end of December fell 10.8 percent to 1.65 million existing homes available for sale — the lowest level since NAR began tracking the supply of all housing types in 1999. Inventory is now 6.3 percent lower than a year ago. It is at a 3.6-month supply at the current sales pace.

“Housing affordability for both buying and renting remains a pressing concern because of another year of insufficient home construction,” says Yun. “Given current population and economic growth trends, housing starts should be in the range of 1.5 million to 1.6 million completions and not stuck at recessionary levels. More needs to be done to address the regulatory and cost burdens preventing builders from ramping up production.”

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 012417

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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Home Sales Steady in Middle Tennessee Through Third Quarter

Home Sales Steady in Middle Tennessee Through Third Quarter
Article by Greater Nashville Association of REALTORS® | October 6, 2016

GNAR-225x100NASHVILLE, Tenn. (Oct. 6, 2016) – There were 3,474 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORS®. That number is up 0.8 percent from the 3,444 closings reported for the same period last year.

Third quarter numbers experienced a 1.2 percent decrease from 2015 with 10,920 closings reported, compared to last year’s third quarter closings of 11,046.

Year-to-date closings for the Greater Nashville area are 29,372. That total is up 3.9 percent from the 28,252 closings reported through the third quarter of 2015.

“The monthly, quarterly and year-to-date numbers are actually very similar, despite only two of the three showing an increase,” said GNAR President Denise Creswell. “Year-over-year sales for the month and the quarter are essentially flat, which is to be expected this time of year. Our region’s ability to remain stable given the inventory shortage is a strong indication of the healthy market we have.”

“Through the third quarter each county in our reporting area has experienced an increase in median sales price. Eight of the nine counties increased in sales, also,” said Creswell. “Pending sales are solid going into the last quarter of the season indicating we should finish the year well. It’s apparent investing in homeownership is still a priority for the residents of Middle Tennessee.”

There were 3,577 sales pending at the end of September, compared with 3,244 pending sales at this time last year. The average number of days on the market for a single-family home was 50 days, compared with 56 days for September 2015.

The median residential price for a single-family home during September was $256,900, and for a condominium, it was $188,495. This compares with last year’s median residential and condominium prices of $236,866 and $171,325, respectively.

Inventory at the end of September was 11,886, down from 13,141 in September 2015.

“Despite a small decline in sales, buyers and sellers remain in the marketplace,” said Creswell. “Sellers should remember they are responsible for putting the best property on the market, even in light of fewer homes for sale. They can’t take for granted that a potential buyer will act on any property simply to make a purchase, despite the property’s condition.

“For buyers, Realtors can’t stress enough how important it is to be pre-approved and ready to act. That has been true all year, and as inventory conditions tighten this fall, it’s critical. Those properties that are well-maintained and property marketed and priced will enter and exit the market rapidly.”

### 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 100616

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

The Hot List: 20 Markets Soaring in September

The Hot List: 20 Markets Soaring in September
Article by Daily Real Estate News | September 30, 2016

realtordotcom-logoSeptember is shaping up to be the hottest fall in the last decade, according to realtor.com®’s latest housing report. Homes for sale in September are moving 4 percent more quickly than last year, despite prices zooming to record highs.

The median home price was $250,000 in September, about 9 percent higher than a year ago and marking a new high for September, realtor.com® reports.

“The fundamental trends we have been seeing all year remain solidly in place as we enter the slower time of the year,” says Jonathan Smoke, realtor.com’s chief economist. A shortage of homes for sale on the market mixed with high demand is triggering price increases across many markets, he says.

So, which housing markets in September stood out the most? Realtor.com®’s data team factored in the number of days homes are spending on the market and the number of views that listings received at its site.

They pinpoints these cities as the hottest real estate markets in the nation in September — those in which inventories are moving 23 to 43 days more quickly than the national average, and listings are garnering 1.4 to 3.7 more views.

  1. San Francisco
  2. Vallejo
  3. Denver
  4. Dallas
  5. San Diego
  6. Stockton
  7. Fort Wayne
  8. Sacramento
  9. San Jose
  10. Waco
  11. Modesto
  12. Columbus
  13. Yuba City
  14. Detroit
  15. Santa Rosa
  16. Colorado Springs
  17. Santa Cruz
  18. Kennewick
  19. Nashville
  20. Grand Rapids

Source: “The Hottest U.S. Real Estate Markets for September 2016,” realtor.com® (Sept. 29, 2016); REALTOR® Magazine Online, Daily Real Estate News 093016

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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(615) 371-2474 office • (615) 371-2475 facsimile • 2 Cadillac Drive, Brentwood TN 37027 address

Middle Tennessee Housing Market Unchanged for August 2016

Middle Tennessee Housing Market Unchanged for August 2016
Press Release by Greater Nashville Association of REALTORS®| September 7, 2016

GNAR-225x100NASHVILLE, Tenn. (Sept. 7, 2016) – There were 3,741 closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a .8 percent decrease compared to the 3,770 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area have increased 4.4 percent. There were 25,898 closings, compared with 24,808 closings reported through August of last year.

“Home sales for our market were essentially flat for August,” said GNAR President Denise Creswell. “Technically, we were down from last August, but by less than one percent. Considering the time of year and the continued struggle with inventory, a slight decrease in sales is not unexpected.

There were 3,717 sales pending at the end of August, compared with 3,647 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 August was $253,000, and for a condominium it was $189,900. This compares with last year’s median residential and condominium prices of $235,000 and $169,000, respectively.

Inventory at the end of August was 12,288, down from 13,511 in August 2015.

“We have entered the time of year that is typical for the housing market to begin experiencing a slowdown. Once schools are back in session and the holidays begin to approach, the market always slows,“ said Creswell. “Despite that, our market still has a strong number of sales pending. While not all of those sales will make it to the closing table, it’s a good indicator that we have active buyers and sellers going into the fall.”

### 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 090716

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

Middle Tennessee Home Sales Gain in June Amid Tight Inventory

Middle Tennessee Home Sales Gain in June Amid Tight Inventory
Press Release by Greater Nashville Association of REALTORS® | July 7, 2016

GNAR-225x100NASHVILLE, Tenn. (July 7, 2016) – There were 3,869 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®. That figure is up 1.7 percent compared to the 3,804 closings reported for June 2015.

Second-quarter numbers are also up, with 10,851 closings reported, a 5.3 percent increase from the 10,302 closings reported through the second quarter of 2015. Year-to-date closings for Greater Nashville are up 7.2 percent with 18,452 closings compared to the 17,206 closings reported through midyear 2015.

“Home sales in Middle Tennessee continue to make headlines not only locally, but nationally,” said GNAR President Denise Creswell. “It was exciting to see the most recent news from Freddie Mac that Nashville is the nation’s strongest housing market.”

“Freddie Mac points to the areas payment-to-income ratios, job growth, on-time mortgage payments and purchase applications as reasons for the top ranking.”

The median residential price for a single-family home during June was $260,148, and for a condominium it was $186,495. Last year’s median residential and condominium prices for June were $240,000 and $172,500, respectively.

There were 3,876 sales pending at the end of June, compared with 3,853 pending sales at this time last year. The average number of days on the market for a single-family home was 54 days.

Inventory at the end of June was 12,358, down from 13,823 in June 2015.

“Interest rates continue to hover at all-time lows making it an excellent time to purchase a home,” said Creswell. “And with solid median prices, potential sellers have a good opportunity to make a move as the inventory is needed to maintain a healthy 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: GNAR Press Release 070716

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

Successful May Keeps Nashville Pacing with National Home Sales Trends

Successful May Keeps Nashville Pacing with National Home Sales Trends
Article by Greater Nashville Association of REALTORS® | June 7, 2016

HouseForSaleNASHVILLE, Tenn. (June 7, 2016) – There were 3,698 closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 3.9 percent over the 3,558 closings reported for May 2015.

Year-to-date closings total 14,583. That is an 8.8 percent increase compared to the 13,402 closings reported through May 2015.

“May was another strong month for the housing market,” said GNAR President Denise Creswell. “The successes and challenges we face locally are in-line with the rest of the country.

“Our median price rose 10 percent in May compared to 2015. The most recent national numbers from April show median price is up 6.3 percent, so we’re similar in growth. Middle Tennessee is also following national trends with housing supply. Our inventory levels made slight gains in the condo and multi-family areas in May compared to the previous month, but are still down overall when compared year-to-year. Inventory levels nationally are also struggling, down 3.6 percent for April of this year compared to 2015.”

There were 3,930 sales pending at the end of the month, compared to the 3,730 pending sales at this time last year. Single-family homes averaged 57 days on the market in May.

The median residential price for a single-family home during May was $258,900 and for a condominium it was $194,000. This compares with last year’s median residential and condominium prices of $235,000 and $175,000, respectively.

Inventory at the end of May was 12,122, down from 13,764 in 2015.

“Last month, Realtors from across the country met in Washington, D.C. for the National Association of Realtors Legislative Meetings. One of the biggest takeaways from those meetings was the proposed changes to the FHA condominium loan program,” said Creswell. “The changes announced by Housing and Urban Development Secretary Julian Castro address streamlining the recertification process, reducing the owner-occupancy requirements and the limits on the types of property insurance FHA considers acceptable coverage.

“Condos are often excellent and affordable properties for first-time buyers. As competition is so tough in the entry-level market, anything that can be done to make homeownership more attainable for eligible first-time buyers is a positive move in the industry,” said Creswell.

Source: GNAR 060716

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

Nashville’s February Home Sales Strongest in Nearly a Decade

Nashville’s February Home Sales Strongest in Nearly a Decade
Press Release by Greater Nashville Association of REALTORS® | March 7, 2016

HouseForSaleNASHVILLE, Tenn. (March 7, 2016) – There were 2,293 home closings reported for the month of February, according to data provided by the Greater Nashville Association of REALTORS®.

This represents an increase of 9.7 percent from the 2,091 closings reported in February 2015. Year-to-date closings through February 2016 are 4,460, a 9.7 percent increase from the 4,067 closings reported through February 2015.

“Growing consumer confidence, a gentle increase in inventory and a healthy economy all contributed to making February another solid month in home sales,” said GNAR President Denise Creswell. “Our region closed over 2,200 units last month. Like January of this year, February hasn’t been this strong since 2007.

“Several days of unseasonably warm weather certainly aided this month’s activity. Whether you believe the predictions of Punxsutawney Phil or not, Middle Tennessee’s real estate market is set to see an early spring,” said Creswell.

There were 2,735 sales pending at the end of the month, compared with 2,458 pending sales at this time last year. The average number of days on the market for a single-family home was 65 days.

The median residential price for a single-family home during February was $235,000, and for a condominium it was $174,380. This compares with median residential and condominium prices of $206,000 and $163,125, respectively, at this time last year.

Inventory at the end of February was 11,677, down from 12,445 in February 2015.

“Inventory crept up a little this month, and we expect it to tick up each month as we head towards the summer,” said Creswell. “Though inventory affects the market, other issues like transit options also matter to those looking to buy a home. Realtors encourage everyone to take the Nashville MTA/RTA’s ‘Decide Your Ride’ survey. Meaningful transit options help to maintain and elevate property values, which is a benefit for current and future homeowners.”

### 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 030716

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

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