June 2012 Home Sales | Nashville Real Estate
While some recent national real estate reports have been a little less than encouraging, Nashville’s June report released by the Greater Nashville Association of Realtors show that the case for the Middle Tennessee real estate market is singing a different tune.
“Home sales news in Greater Nashville is strong evidence that ‘all real estate is local,’” said GNAR President Kendra Cooke. “While recent national reports may not have been encouraging, home sales activity here remains very brisk. And, that activity is proving to be sustainable, as the June, second-quarter and year-to-date figures are all up more than 20 percent compared to the same periods last year. With median prices up and more than 2,500 sales pending, it is clear that the market in this region is improving and growing.”
There were 2,453 home closings reported in the month of June 2012, according to figures provided by GNAR. This figure represents a 20.8 percent from the 2,031 closings reported for May 2011. Second quarter numbers for 2012 are in and show a 24.7 percent increase from the same time last year, with 7,139 closings reported up from 2011’s 5,723. Year-to-date closings for the Greater Nashville area are up 24.5 percent with 11,994 compared to the 9,631 closings reported through mid-year 2011.
There were 2,585 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 $182,000, $160,000 for a condominium. This compares with last year’s median residential and condominium prices of $176,300 and $150,000, respectively.
Inventory at the end of June was down from last year’s 22,043 at 19,136.
President Cooke says that there is now less than an eight-month supply of overall inventory as well as less than a six-month supply of residential inventory. She explains that homes that are really ready for the market are moving quickly through it, but warns those desiring to sell to take the necessary measures to prepare their home. “Buyers are not interested in those properties that have not been properly prepared both inside and outside and priced property,” she said. To take a look at our current listings, visit here.