The real estate market here in Middle Tennessee turn a turn for the better in 2012, making waves and setting records that haven’t been seen in several years. December 2012 certainly helped end the year on a high note, with an increase in closings and an assurance given that 2013 is going to be another strong year.
There were 2,147 closings during the month of December, according to the Greater Nashville Association of Realtors. That number is 21.1 percent higher than the 1,773 closings reported a year prior, in December 2011. 2012’s fourth quarter closings also made some waves being up 30.7 percent from 2011, with 6,657 reported in 2011 in comparison to the 5,093 reported in 2011.
“December home sales were up more than 20 percent over December 2011, and for the ninth consecutive month, over 2,000,” said GNAR President Price Lechleiter. “Single-family residential closings alone this month exceeded the total closings for all categories combined in December 2011. And, for the first time since 2007, year-end home sales numbers surpassed 26,000. Lechleiter continued, saying, “the Greater Nashville and Middle Tennessee real estate market is showing healthy signs of recovery, something our region shouldn’t take for granted. The same growth is not necessarily being experienced in other parts of the state and nation. Our diverse economy, progressive local and regional leadership and even the TV show, “Nashville” highlight our city and create a positive spirit and outlook. That results in both businesses and families being attracted here.”
With all that being said, let’s break down the numbers a bit.
There were 1,857 sales pending at the end of December 2012, compared with 1,652 pending sales at the same time in December 2011. The average number of days on the market for a single-family home was 82 days, and the median residential price for a single-family home was $187,900, up from last December’s median price of $168,500. ($149,178 for a condominium, versus $140,062 from December 2011.)
Inventory at the end of December was 15,054, down from 17,216 in December 2011.
“In December, the median price for single-family homes was up more than 10 percent and up 6 percent for condominiums. Though prices are rising, homebuyers still have a very favorable environment as affordability remains high and interest rates continue to be at historic lows,” added Lechleiter. “Trends going into 2013 are positive and encouraging for buyers, sellers and Realtors in the Greater Nashville and Middle Tennessee area.”
The positive year was felt everywhere, too, not just in the heart of Nashville. “All nine counties in our primary service area experienced significant increases in home sales, with many of them exceeding 20 percent for the year. And, modest increases in residential median prices were a clear trend throughout the region.”
In total, there were 26,097 homes sold in 2012 in Middle Tennessee, a figure up 26.5 percent from 2011’s 20,624 closings.
If you are ready to buy or sell your home, contact us and let us help! We can help you prepare your home for the market and get it sold quickly and conversely, can help you find your new home, sweet home. To see our current listings in the greater Nashville area, click here.