Here is a 3 month look into sales for the greater Nashville area.
There has been some great momentum in the local market over the last 2 months specifically - July & August. Both have seen significant increases from the same month last year 15.8% & 28.4% respectively. Both months have brought the market to nearly the same place we were one year ago (including tax credits and incentives).
This is a very good sign considering there has been no similar offering and still a great deal of purchasing is happening… All figures and statements are provided by GNAR (Greater Nashville Association of REALTORS).
- GREATER NASHVILLE HOME SALES INCREASE FOR SECOND CONSECUTIVE MONTH
NASHVILLE, Tenn. (Sept. 8, 2011) – There were 2,047 home closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS. This figure represents a 28.4 percent increase from the 1,594 closings reported for the same period last year.
Year-to-date closings for the Greater Nashville area have decreased 4.6 percent. There were 13,699 closings, compared with 14,362 closings reported through August of last year.
“There was an increase in closings in all categories during the month of August – a continued sign the market is stable and showing some encouraging signs,” said GNAR President Alice Walker. “For the second consecutive month, pending sales have increased, condo prices are up and single-family home prices are consistent.
“The comparison of closings to last year continues to support a distorted view of the market. In the first half of this year, we were comparing to months where the tax credit was in place in 2010. That drew many buyers into the market sooner than they planned, but left fewer buyers in the market once the tax credit expired. So what we are really seeing now is a stable market that looks stronger when compared to the weaker market that followed the expiration of the tax credit last year.”
A comparison of sales by category for August is:
August 2010 August 2011
CLOSINGS 1,594 2,047
Residential 1,352 1,711
Condominium 153 211
Multi-Family 19 35
Farms/Land/Lots 70 90
There were 2,055 sales pending at the end of August, compared with 1,716 pending sales at this time last year. The average number of days on the market for a single-family home was 90 days.
The median residential price for a single-family home during August was $171,900, and for a condominium it was $152,000. This compares with last year’s median residential and condominium prices of $174,500 and $141,890, respectively.
Inventory at the end of August was 21,362, down slightly from 24,119 in August 2010. The current inventory of properties by category, compared to last year, is:
AUGUST 2010 AUGUST 2011
INVENTORY 24,119 21,362
Residential 15,008 13,353
Condominium 2,350 1,880
Multi-Family 426 351
Farms/Land/Lots 6,335 5,778
“Inventory is slightly lower than last year, but there continues to be a good supply of properties throughout Middle Tennessee,” added Walker. “With closings up and inventory lower compared to August of last year, there is currently approximately a 10-month supply available. The market is much more in balance than it was at this time last year when the supply was more than 15 months. There are still plenty of homes available in a variety of price ranges throughout Greater Nashville, and conditions remain favorable for those interested in purchasing a home.”
- JULY MARKS FIRST HOME SALES INCREASE IN 2011
NASHVILLE, Tenn. (Aug. 9, 2011) – There were 2,021 home closings reported for the month of July, according to figures provided by the Greater Nashville Association of REALTORS®. This represents a 15.8 percent increase from the 1,745 closings reported for the same period last year.
Year-to-date closings for the Greater Nashville area are 11,652. That is a decrease of 8.7 percent from the 12,768 closings reported through July 2010.
“The July homes sales increase reflects what we’ve been saying during the past 6 months – the market is steadily recovering,” said GNAR President Alice Walker. “Due to the first-time and existing home-buyer tax credits last year, the comparisons this year have been distorted. Even though tax credits had some residual impact through September, it was this time last year that the majority of the tax credit activity ended. Now we are beginning to see a more equitable comparison, which is very favorable for July.
“Pending sales are up, condominium prices are on the rise and single-family home prices are steady. Those are all certainly encouraging signs for the Middle Tennessee housing market. .”
A comparison of sales by category for July is:
July 2010 July 2011
CLOSINGS 1,745 2,021
Residential 1,463 1,692
Condominium 179 219
Multi-Family 25 14
Farms/Land/Lots 78 96
There were 1,997 sales pending at the end of July, compared with 1,667 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 July was $179,900, and for a condominium it was $158,000. This compares with last year’s median residential and condominium prices of $181,000 and $149,900, respectively.
Inventory at the end of July was 21,993, down from 24,258 in July 2010. The current inventory of properties by category, compared to last year, is:
JULY 2010 JULY 2011
INVENTORY 24,258 21,993
Residential 15,172 13,891
Condominium 2,417 1,982
Multi-Family 430 353
Farms/Land/Lots 6,239 5,767
“The situation with inventory has changed significantly. Overall, based on the current level of sales, there is a supply of just over 10 months. For single-family residential inventory, the supply is approximately eight months, which is more of a balanced market than has been the case for some time,” Walker said.
“With interest rates still at record lows for now, it remains a great time to become a homeowner in Greater Nashville. Even with circumstances favoring those who are in a position to buy a home, the real estate market is still very complex. Those considering the purchase or sale of a home should consult with a Realtor, a real estate professional, to guide and assist them through the transaction,” she said.
- GREATER NASHVILLE HOME SALES CONSISTENT AT MID-YEAR
NASHVILLE, Tenn. (July 7, 2011) – There were 2,031 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS. That figure is down 16 percent compared to the 2,416 closings reported for June 2010.
Second-quarter numbers are down, with 5,723 closings reported, a 16.2 percent decrease from the 6,831 closings reported through the second quarter of 2010. Year-to-date closings for the Greater Nashville area are down 12.6 percent with 9,631 compared to the 11,023 closings reported through mid-year 2010.
“Current home sales data for Greater Nashville and Middle Tennessee continue to reflect the challenges affecting the overall economy,” said GNAR President Alice Walker. “The tax credits in place last year continue to make it difficult to accurately compare numbers. But, it is encouraging to see that both closings and pendings remain consistent. While prices will change from month to month, the range of fluxuation is within a range that would also indicate general stability – much more than is being experienced in other parts of the country.”
“While the market continues to work toward recovery, discussions by government leaders about topics like changes to the Mortgage Interest Deduction (MID) and Qualified Residential Mortgage (QRM) regulation (including down payment requirements as high as 20 percent!), continue to cause hesitation for potential buyers,” said Walker. “Hopefully those leaders will end those considerations and do more to find ways to strengthen and enhance the housing and real estate market.”
Walker said that current and future homebuyers can learn more about the process of purchasing a home by attending the upcoming Mayor’s Home Ownership Fair sponsored by Nashville Mayor Karl Dean, which is set for Sunday, July 17 from 1-5 p.m. at Bridgestone Arena.
A comparison of sales by category for June is:
June 2010 June 2011
CLOSINGS 2,416 2,031
Residential 1,980 1,708
Condominium 354 225
Multi-Family 19 13
Farms/Land/Lots 63 85
A comparison of sales by category for the second quarter is:
Q2 2010 Q2 2011
CLOSINGS 6,831 5,723
Residential 5,732 4,725
Condominium 824 637
Multi-Family 58 53
Farms/Land/Lots 217 308
A comparison of year-to-date sales by category for mid-year is:
Y-T-D 2010 Y-T-D 2011
CLOSINGS 11,023 9,631
Residential 9,194 8,008
Condominium 1,336 1,034
Multi-Family 109 102
Farms/Land/Lots 384 487
The median residential price for a single-family home during June was $176,300, and for a condominium it was $150,000. Last year’s median residential and condominium prices for June were $181,312 and $145,000, respectively.
There were 2,130 sales pending at the end of June, compared with 1,976 pending sales at this time last year. The average number of days on the market for a single-family home was 89 days.
Inventory at the end of June was 22,043, down slightly from 23,640 in June 2010. The current inventory of properties by category, compared to last year, is:
JUNE 2010 JUNE 2011
INVENTORY 23,640 22,043
Residential 14,775 13,988
Condominium 2,398 2,015
Multi-Family 395 342
Farms/Land/Lots 6,072 5,698
“Inventory is down slightly in all categories,” added Walker. “But, there are still plenty of great properties to choose from during these summer buying and selling months. We are still confident that people will continue to make Middle Tennessee home. Realtors can provide them with accurate and precise information on the Greater Nashville market and professional counsel to help navigate the increasing complicated transaction process.”
