Nashville’s Real Estate market saw a 27.3 percent increase in home closings from August 2011 to August 2012. There was 2,606 closings reported last month according to the Greater Nashville Association of Realtors, up from 2,047 closings reported during August of last year.
Year-to-date closings increased too–by 25.4 percent! There were 17,174 closings this year compared with 13,699 last August. The increase in home sales seen over the past year is proving a lot of really good things about the Nashville real estate market according to GNAR President Kendra Cooke.
“The August home sales numbers indicate that the Greater Nashville real estate market is demonstrating an important characteristic – sustainability,” Cooke said. “There have been four consecutive months with closings above 2,400 – the first occurrence since 2007. This is encouraging evidence these positive trends could continue in the coming months.”
Let’s break down the numbers a bit more. There were 2,572 sales pending at the end of August, compared with 2,055 pending sales at the same time last year. The average number of days a single-family house spent on the market was 81 days. The median residential price for a single-family home during August was $175,000, $147,634 for a condominium. Those prices compare with last year’s median prices of $171,900 and $152,000 respectively. Inventory at the end of August was 18,223, down slightly from 21,362 in August 2011.
“Pending sales are particularly strong and prices are stable,” Cooke explained, adding,”Middle Tennessee continues to receive much positive attention, with both businesses and families moving here, resulting in even more growth. Our market is faring better than other areas of the country and we are exceeding many current national trends.”