The Real Estate market in the greater Nashville area is “clearly active” and the recovery is continuing, according to GNAR President Price Lechleiter. April 2013 saw 27 percent more closings than last April with year-to-date closings up as well.
There were 2,780 home closings this past April, up from the 2,186 closings reported last year in April. Year-to-date closings stand at 8,760, up from 2012’s 7,041 closings reported through April.
“It is encouraging to see consistency and growth in the number of closings each month,” Lechleiter explained, continuing, “It is worth noting that the last time there were more than 2,700 closings in a month was August 2007 with 3,359.”
While the news is currently positive, there is still significant concern about possible government decisions impacting the housing market. Next week, realtors from Nashville and all over the country will be in Washington, DC, meeting with elected officials and asking them to protect the mortgage interest deduction, preserve the mission and purpose of FHA and restructure Fannie Mae and Freddie Mac to assure that mortgages are available to consumers in all economic conditions.
Let’s break the numbers down a bit:
There were 2,984 sales pending at the end of last month compared with 2,436 pending at the end of last April. The average single-family home spent 76 days on the market. The median residential price for a single-family during April was $185,000 and for a condominium it was $163,800.
The inventory at the end of April was 16,696 down from April 2012’s inventory of 19,622.
“Inventory remains the key short-term issue in the greater Nashville market,” added Lechleiter. “Sellers seem to be waiting until they feel like there is the potential for a good financial return before they put their homes on the market.” He continued on, “It is encouraging to see that median prices for both single-family homes and condominiums are up significantly this month. Some consistency in price increases will likely prompt more people to seriously consider selling their homes.”
Our team here at Nashville on the Move cannot stress enough what a great time it is to sell your home right now in the greater Nashville area. If you are on the fence about whether or not you should sell your home, contact us today and we will talk you through this decision.