There were 2,606 home closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS (pdf). This figure represents a 27.3 percent increase from the 2,047 closings reported for the same period last year.
Year-to-date closings for the Greater Nashville area have increased 25.4 percent. There were 17,174 closings, compared with 13,699 closings reported through August of last year.
“The August home sales numbers indicate that the Greater Nashville real estate market is demonstrating an important characteristic – sustainability,” said GNAR President Kendra Cooke. “There have been four consecutive months with closings above 2,400 – the first occurrence since 2007. This is encouraging evidence these positive trends could continue in the coming months.
“Pending sales are particularly strong and prices are stable. The continuation of very low interest rates is also a key factor in creating the active regional housing market,” said Cooke. “Middle Tennessee continues to receive much positive attention, with both businesses and families moving here, resulting in even more growth. Our market is faring better than other areas of the country and we are exceeding many current national trends.”
There were 2,572 sales pending at the end of August, compared with 2,055 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 August was $175,000, and for a condominium it was $147,634. This compares with last year’s median residential and condominium prices of $171,900 and $152,000, respectively. Inventory at the end of August was 18,223, down slightly from 21,362 in August 2011.
“Inventory in Greater Nashville needs to increase,” added Cooke. “There is only a seven-month overall supply currently available, and just a five-month supply for single-family residential. Today’s buyer is looking for opportunity to buy, but they are primarily interested in homes virtually ready for occupancy. Sales can be missed very easily if properties are not prepared and priced correctly.”
If you’re interested in selling, we’d love to put your house on the market to increase that inventory! Contact us today, and one of our outstanding agents will be happy to help you.