The Greater Nashville Association of Realtors (GNAR) recently released their report for Middle Tennessee’s February home sales. At this point, we shouldn’t be surprised at the good numbers revealed by the report, since the market here in Middle Tennessee has been increasing and strengthening for over a year now!
There were 1,784 home closings report for the month of February, a figure that represents an 18 percent increase since last February. Year-to-date closings through February are 3,418, an 18.2 percent increase from the 2,892 closings reported through February 2012.
GNAR President Price Lechleiter reported that February home sale data indicates another increase in both home purchases and pending sales compared to last year. Further, this month also marks the highest amount of closings in February since 2008. This month is the 18th consecutive month of increased year-over-year closings.
“The housing market recovery in this region is proving to be sustainable, particularly in light of the seasonal increases in home sales activity anticipated in the coming months. The current trends are certainly positive, but long-term planning is needed to keep our city and region vibrant and attractive in the future. With that in mind, GNAR is fully engaged in the NashvilleNext
initiative and commends those who are leading that process,” Lechleiter explained.
Here’s a look at February’s home sale numbers:
There were 2,269 sales pending at the end of the month, compared with 1,832 pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.
The median residential price for a single-family home during February was $175,000, and for a condominium it was $138,473. This compares with median residential and condominium prices of $159,900 and $145,000, respectively at this time last year. Inventory at the end of February
was 15,651 down from 18,271 in February 2012.
Lechleiter says the numbers discovered from the February home sales brings welcome news to the Real Estate industry. “According to the National Association of Realtors, pending home sales were up over last year in every region of the country, including the South. In the Greater Nashville area, there were more than 2,000 pending sales last month. Pending sales have not been above
2,000 since February 2008, so this is welcome news,” added Lechleiter. “Inventory is consistently lower than what it was in recent years. With positive sales trends and low inventory, it is likely that more people will consider putting their homes on the market soon. It is important for sellers to understand that buyers are expecting homes to be market ready and priced correctly in order to seriously consider a purchase.”
Take a look at our current listings here, and as always, give usa call if you are interested in buying or selling your home.