“The increase in January is a very positive start to the year for Middle Tennessee home sales. Though single digit, the number is proof that the market remains stable and growing,” said GNAR President Hagan Stone. “2013 was a year of meaningful improvement for home sales. We look forward to what the rest of 2014 will bring.”
Breaking the numbers down a bit, here are some of January’s real estate stats:
There were 1,979 sales pending at the end of the month, compared with 1,968 pending sales at the same time last year.
The average number of days on the market for a single-family home was 72 days.
The median residential price for a single-family home during January was $195,000 and for a condominium it was $165,000. This compares with last year’s median residential and condominium prices of $167,000 and $150,000, respectively.
Inventory at the end of January was 13,962, compared with 15,478 in January 2013.
“Inventory, while still down from last year, is up from last month by about 300 units. This is typical, as sellers begin to put homes on the market now in preparation for the spring buying season,” added Stone. “This is also good for buyers as it offers them more options and choices.”