Number of closings is best in four years
There were 2,500 home closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This represents a 28.5 percent increase from the 1,945 closings reported for May 2011.
Year-to-date closings are 9,541. That total is up 25.5 percent from the 7,600 closings reported through the same period last year.
“With increases in each category, and significant growth in both residential and condominium sales, this is the best month for closings in the region since May of 2008 – four years ago,” said GNAR President Kendra Cooke. “Median prices have increased since last year and more than 2,600 sales are currently pending. Combined, these numbers show that the Greater Nashville real estate market is continuing to stabilize, and even strengthen.”
A comparison of sales by category for May is:
|May 2011||May 2012|
There were 2,671 sales pending at the end of the month, compared to the 2,023 pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.
The median residential price in May was $179,000 for a single-family home and $160,000 for a condominium. This compares with last year’s median residential and condominium prices $165,900 and $143,000, respectively.
Inventory at the end of May was 19,503, down from the 22,514 reported in May of 2011.
“Based on the increased level of closings, there is currently an eight-month supply of overall inventory and a just a six-month supply of residential inventory,” added Cooke. “For potential sellers considering putting their home on the market, preparation is key. ‘Curb appeal’ is important and addressing any internal or external issue prior to putting your home on the market will help make it attractive to potential buyers. Buyers are very discerning and opportunities for sales can be missed if sellers do not prepare their properties well.”
Source: The Greater Nashville Association of REALTORS®, one of Middle Tennessee’s largest professional trade associations which serves as the primary voice for Nashville-area property owners.