There were 2,441 closings during the month of December, according to figures provided by the Greater Nashville Association of Realtors. This is a 13.7 percent increase from the 2,147 closings reported during December of 2012! Fourth quarter closings for 2013 were up as well. 7,197 closings happened during the period as compared to 6,657 from 2012’s fourth quarter. That increase represents an 8 percent increase.
Looking at 2013 as a whole, GNAR reports that there were 30,917 homes sold in the region during last year, a figure up 18.5 percent from 2012 which saw 26,097 homes sold.
“December home sales were up more than 13 percent over December 2012, our region’s best December since 2006. Each county included in our data experienced an increase in residential closings and median price, and more than half saw similar increases in condominiums,” said GNAR President Hagan Stone. “For the first time since 2007, closings for the year exceeded 30,000 units. This tops pre-recession numbers and sets up a great beginning for 2014.”
“Trends going into 2014 are positive and very encouraging to Realtors in the Greater Nashville and Middle Tennessee area. Our region is showing healthy signs of stability, something we shouldn’t take for granted,” continued Stone.
Let’s break the numbers down a bit:
There were 2,032 sales pending at the end of December 2013, compared with 1,857 sales pending at the same time in the previous year. The average number of days a single-family home spent on the market in December was 73 days.
The median residential price for a single-family home during December was $198,838 and for a condominium it was $156,122. This compares with last year’s median residential and condominium prices of $187,900 and $149,178, respectively.
Inventory at the end of December was 13,580, down from 15,054 in December 2012.
“Though prices are rising, homebuyers should not be discouraged, it is still a great time to buy a home,” added Stone. “It’s also a great time to sell a home. The Greater Nashville area has about a five-month supply of inventory. Single-family homes and condominiums have about a four-month supply. Ideally, we’d like to have six-to-eight months available.”
“As inventory remains low, those well-maintained and properly marketed homes are leaving the market quickly and at prices beneficial to buyers and sellers. Working with a Realtor to get your property on the market now, or prepared to enter the market in early spring is encouraged.”
Take a look at our current Nashville area homes for sale here.