2013 is off with a bang! There were 18 percent more closings in January 2013 than January 2012, marking a positive start to the year for Middle Tennessee home sales.
In numbers, that is 1,634 home closings in January 2013 versus 1,377 in January 2012. GNAR President Price Lechleiter shares why he finds this so encouraging. “It is especially good news to see an increase of this number of January of 2012, which was up about 25 percent compared to 2011. The positive home sales trend into this year is very encouraging. In fact, we have not had more than 1,500 closings in January since 2008.” Encouraging indeed!
There were 1,968 home sales pending at the end of January, compared with 1,615 pending at the same time last year. The average number of days a single-family home spent on the market was 81 days.
The median residential price for a single-family home during January was $167,000 and for a condominium, $150,000. These numbers compare with January 2012’s prices of $157,500 and $140,325, respectively.
“Median prices are up modestly for both single-family and condominium homes and pending sales are near 2,000, which is especially encouraging as an indicator of future activity,” explained Lechleiter, continuing, “Inventory remains at levels comparable to early 2006. However, at this time of the year, potential sellers are putting their homes on the market or doing some fix-up projects preparing to list their homes for sale in the next few months. New construction is also increasing, providing additional purchase options.”
Are you considering selling your home and/or purchasing a new one this year? Now is the time! Take a look at our current listings here (we added two new ones just yesterday!) and as always, send us an email or give us a call if we can help you with your real estate needs in any way!