There were 2,940 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of REALTORS. This represents an increase of 6.3% from the 2,767 closings reported for April 2014.
Year-to-date closings total 9,844. That is a 7.8% increase compared to the 9,133 closings reported through April 2014.
“April followed the trend of upward home sales that our region has been experiencing for some time now. We are keeping with the slight increases in both sales and median price, which keeps our market healthy and stable,” said Cindy Stanton, GNAR President.
There were 3,198 sales pending at the end of the month, compared to the 2,795 pending sales at this time last year. The average number of days on the market for a single-family home was 66 days.
The median residential price for a single-family home during April was $224,975 and for a condominium it was $169,640. This compares with last year’s median residential and condominium prices of $204,905 and $158,000, respectively.
Inventory at the end of April was 13,521, down from 15,637 in 2014.
“Inventory is increasing as predicted, but not at the rate that can keep up with demand,” said Stanton. “The demand on the limited inventory has prompted buyers to get a head start on the spring buying and selling season, setting us up for a busy summer.”