GREATER NASHVILLE HOME SALES REMAIN ACTIVE AND HEALTHY
NASHVILLE, Tenn. (Sept. 8, 2014) There were 3,226 home closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 4.6 percent increase over the 3,084 closings reported for the same period last year.
Year-to-date closings for the Greater Nashville area have increased 3.4 percent. There were 21,820 closings, compared with 21,094 closings reported through August of last year.
"Home sales during August increased 4.6 percent over last year. And, the total number of closings during the month exceeded 3,000," said GNAR President Hagan Stone. "These numbers are a strong indication that the Greater Nashville market continues to demonstrate an important characteristic sustainability. With pending home sales up more than 3,000, we hope the market will remain active and healthy in the coming months.
"In addition, an important part of sales growth is job growth. Just last week, both AIG and Warby Parker made announcements that will add a total of 450 new jobs in the area. The continuation of excellent visibility and positive economic news for Greater Nashville will attract more people to the area and build confidence in the whole community."
A comparison of sales by category for August is:
|
|
August 2013
|
August 2014
|
|
CLOSINGS
|
3,084
|
3,226
|
|
Residential
|
2,544
|
2,676
|
|
Condominium
|
351
|
363
|
|
Multi-Family
|
29
|
35
|
|
Farms/Lands/Lots
|
160
|
152
|
There were 3,062 sales pending at the end of August, compared with 2,888 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 August was $219,000, and for a condominium it was $169,000. This compares with last year's median residential and condominium prices of $194,000 and $167,834, respectively.
Inventory at the end of August was 15,477, down slightly from 16,250 in August 2013. The current inventory of properties by category, compared to last year, is:
|
|
August 2013
|
August 2014
|
|
INVENTORY
|
16,250
|
15,477
|
|
Residential
|
10,156
|
10,106
|
|
Condominium
|
1,215
|
1,045
|
|
Multi-Family
|
175
|
150
|
|
Farms/Land/Lots
|
4,704
|
4,176
|
"Both condominium and single-family median prices continue to rise and days on market continue to drop," added Stone. "Inventory is continuing to decrease, which is the case in all categories this month. Now is certainly a good time to consider selling your home. There is demand from buyers for well-prepared and properly priced properties."
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.
