With 2011 behind us, real estate specialists with the Greater Nashville Association of Realtors have just announced that records show that home sales increased last year in Nashville for the first time since 2006! This is incredible news for Nashville home owners and prospective buyers.
The strong home sales in 2011 in the greater Nashville area were surely supported by the significant increases seen in the fourth quarter, including December. According to figures from GNAR, there were 1,773 closings in December, a number 18.2 percent higher than 2010’s 1,500 reported closings during the same period.
There were 1,652 sales pending at the end of December as compared with 1,272 sales pending at this time last year. The average length of time a single-family home spent on the market was 94 days.
“The fact that the number of pending sales is also up, and by a meaningful amount, gives Realtors in Greater Nashville and Middle Tennessee some reason to be optimistic as we start a New Year,” said GNAR President Kendra Cooke.
Year-to-date sales, which were slightly down for November 2011, were able to rise up and be slightly higher for December 2011, with year-to-date sales reaching 20,624 up from 20,250 for the same period in 2010.
The median residential price for a single-family home during December was $168,500, and for a condominium, it was $140,062. This compares with last year’s median residential and condominium prices of $174,500 and $140,000, respectively.
President Cooke explained that home selection throughout Nashville and Middle Tennessee remains good and that conditions are extremely favorable for those interesting in buying a home. She added a piece of advice for those that may be wishing to sell this year, which is to be sure to maintain property both inside and out in order to be successful in this competitive market.