According to figures provided by the Greater Nashville Association of REALTORS®, there were 2,767 home closings reported for the month of April. This shows a .5 percent decrease from the closings reported in April 2013. Inventory at the end of April was down as well to 15,637 from 16,696 the year before.
Year-to-date closings are up compared to 2013 with 8,933. That is a 2 percent increase compared to the 8,760 closings reported through April 2013.
“Home sales are down slightly compared to last year, yet up over last month. Inventory is on the rise, and prices are maintaining,” said GNAR President Hagan Stone. “A second month of minor decrease is no cause for panic. It bears noting that April 2013 was up 27 percent over 2012, which is a large amount. Middle Tennessee is now settling into a more stable market, with growth that is healthy and maintainable.
There were 2,795 sales pending at the end of the month and the average number of days on the market for a single-family home was 70 days.
“Even with an improving market, there is still significant concern about potential legislative decisions impacting the housing market. The wrong decisions could easily have a major negative impact on the overall market in a very short time. Realtors from Nashville, and across the country, will be in Washington, D.C., next week to meet with Congress and ask them to make decisions that will support and protect homeownership.”
The median residential price for a single-family home during April was $204,905 and for a condominium it was $158,000.
“In these times, the value of a real estate professional becomes even more evident. Realtors® use their experience and training to help buyers and sellers navigate the trends and uncertainties of the current market and enable both of these groups to have a positive transaction experience.”