The trend of positive real estate news continued once again in April with home sales increasing and pending sales remaining strong. This encouraging trend shows no signs of stopping and recent news suggests that home prices will begin to rise this year.
President for the Greater Nashville Association of Realtors Kendra Cooke said the trends are the best the area has seen since June 2010, which was the initial deadline for the First Time Buyer Tax Credit. “While some of the increase can be attributed to normal seasonal trends, the high number of closings is a clear indication that the real estate market in this region is showing significant improvement,” she explained, adding “the continuation of historically low interest rates, increasing economic confidence and increasing rental rates are all factors having a positive impact on real estate sales.”
There were 2,186 home closings reported for in April 2012, according to figures provided by GNAR. This figure represents a 25 percent from the 1,747 closings reported for April 2011. Year-to-date closings are also up compared to 2011 with 7,041. That is a 24.5 percent increase compared to the 5,655 closings reported through April 2011.
There were 2,436 sales pending at the end of April, compared with 1,909 pending sales at this time last year. Moreover, the average number of days on the market for a single-family home was 88 days with a median residential price for a single-family home at $165,120, $141,190 for a condominium. This compares with last year’s median residential and condominium prices of $159,070 and $148,000, respectively.
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