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Nashville Real Estate Market Reports
2012 HOME SALES BEGIN WITH INCREASE
NASHVILLE, Tenn. (Feb. 9, 2012) – There were 1,377 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 25 percent from the 1,101 closings reported for the same period last year.
“The New Year has started with positive news for home sales in the Greater Nashville area,” said GNAR President Kendra Cooke. “The data shows a 25 percent increase from 2011. In fact, we had more residential closings in January 2012 then we did total closings in January 2011.
“January home sales have increased each year since 2009, and January also marks the first year-over-year double-digit increase since 2005. So, while it is an encouraging start to the year, it is still a challenging time in the overall real estate market due to more stringent lending standards and governmental challenges. However, new and expanding businesses and a strengthening economy in our region, along with campaigns like “Business is Good” by the Nashville Area Chamber of Commerce give us reason to be positive. ”
JANUARY 2012 Home Sales
A comparison of sales by category for January is:
January 2011 CLOSINGS 1,101 Residential 918 Condominium 117 Multi-Family 16 Farms/Lands/Lots 50
January 2012 1,377 1,116 158 15 88
There were 1,615 sales pending at the end of the month, compared with 1,270 pending sales at this time last year. The average number of days on the market for a single-family home was 95 days.
The median residential price for a single-family home during January was $157,500 and for a condominium it was $140,325. This compares with last year’s median residential and condominium prices of $165,500 and $131,500, respectively.
Inventory at the end of January was 17,949, compared with 20,347 in January 2011. The current inventory of properties by category, compared to last year, is:
January 2012 17,949 10,971 1,526 319 5,133
“The level of inventory has decreased from last
December,” said Cooke. “While sellers typically take their homes off the market toward the end of the year, those same sellers, and new potential sellers, begin to list and relist their homes at the beginning of the new year. So it is likely we’ll see an increase in inventory as we go into the spring and summer months. People considering selling their homes should consult a Realtor about how to prepare and price their property for the best results.”
January 2011 INVENTORY 20,347 Residential 12,595 Condominium 1,922 Multi-Family 361 Farms/Land/Lots 5,469
January, but is up from
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.
