May 2012 Home Sales | Nashville Real Estate
The trend of positive real estate news continued yet again in May, a sure sign of a market that is ever-improving and strengthening. Both sales and pending sales increased in May, and the number of closings reported is the highest on record in four years.
“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 Greater Nashville Association of Realtors (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.
There were 2,5o0 home closings reported in May 2012, according to figures provided by GNAR. This figure represents a 28.5 percent from the 1,945 closings reported for May 2011. Year-to-date closings are also up compared to 2011 with 9,542. That is a 25.5 percent increase compared to the 7,600 closings reported through May 2011.
There were 2,671 sales pending at the end of the month, compared with 2,023 pending sales at this time last year. Moreover, the average number of days on the market for a single-family home was 84 days with a median residential price for a single-family home at $179,000, $160,000 for a condominium. This compares with last year’s median residential and condominium prices of $165,900 and $143,000, respectively.
Inventory at the end of May was down from last year’s 22,503 at 19,503. President Cooke says that there is currently an eight-month supply of overall inventory and just a six-month supply of residential inventory. She gives advice for potential sellers: pay special attention to curb appeal! “For potential sellers considering putting their home on the market, preparation is key,” Cooke said. “Addressing any internal or external issue prior to putting your home on the market will help make it attractive to potential buyers.” she said, adding, “Buyers are very discerning and opportunities for sales can be missed if sellers do not prepare their properties well.”