The month of July saw a 27 percent increase in home sales. The middle Tennessee market shows no signs of stopping its uphill slope of positivity. July will be added to the books as yet another month in 2012 with successful numbers showing the ever-increasing growth and strength of the Nashville real estate market.
“The July homes sales increase reflects the sustained strengthening being experienced in Greater Nashville market this year,” said GNAR President Kendra Cooke. “This is the highest number of closings in one month since June 2008. The Greater Nashville region is fortunate to be experiencing continued improvement in home sales. The more diverse and stable employment environment here, compared with other parts of the country, is making a major difference in the regional economic recovery overall, and is certainly helping in home sales.”
There were 2,574 home closings reported in the month of July 2012, according to figures provided by GNAR. This figure represents a 27.4 percent from the 2,021 closings reported for July 2011. Year-to-date closings for the Greater Nashville area are up 25 percent with 14,568 compared to the 11,652 closings reported through July 2011.
There were 2,648 sales pending at the end of the month, compared with 1,997 pending sales at this time last year. Moreover, the average number of days on the market for a single-family home was 81 days with a median residential price for a single-family home at $181,250, $156,220 for a condominium. This compares with last year’s median residential and condominium prices of $179,900 and $158,000, respectively.
Inventory at the end of July was down from last year’s 21,993 at 18,868.
Available inventory is down 16 percent from last year, with a 7-month supply available overall and a mere 5-month supply available for single-family homes. President Cooke says that the market could really use a larger supply and stressed how quickly well-prepared homes are selling in the current market. Homes that are adequately prepared for the market and priced correctly go fast, and buyers are being more and more selective. Selective buyers are focusing on properties that show well, appear well-prepared and require little repair or servicing. Click here to read some tips on how to get your home ready for the market.
To take a look at our current listings, visit here.