The Nashville real estate market continues to hit milestones as it climbs its way up the ladder! The Greater Nashville Association of Realtors (GNAR) recently released their June real estate and second-quarter statistics and–though we feel like a broken-record by this time repeating this once again–the good news continues to pour in.
The major accomplish reached by the market in the second-quarter comes in the form of the median residential home price, which exceeded $200,000 for the first time! The median home price for a single-family home in June was $205,950, in comparison to last June’s $182,000. The previous high median home price was $196,000 back in June of 2007.
Let’s dig in to some more of the June/second-quarter home sale statistics:
There were 3,038 homes sold in the month of June, according to figures provided by GNAR. That figure is up 23.8 percent compared to the 2,453 closings reported for June 2012.
Second-quarter numbers are up, with 8,879 closings reported, a 24.4 percent increase from the 7,139 closings reported through the second quarter of 2012. Year-to-date closings for the Greater Nashville area are up 23.8 percent with 14,859 compared to the 11,994 closings reported through mid-year 2012.
“June, second-quarter and year-to-date figures are all up more than 20 percent compared to the same periods last year,” said GNAR President Price Lechleiter. He continued, “….Seeing prices increase may encourage some people to consider selling, which would be helpful in light of the fact that inventory remains low. Quality properties are selling very quickly right now.”
As aforementioned, the median residential price for a single-family home during June was $205,950, and for a condominium it was $159,000. Last year’s median residential and condominium prices for June were $182,000 and $160,000, respectively.
There were 3,091 sales pending at the end of June, compared with 2,585 pending sales at this time last year. The average number of days on the market for a single-family home was 73 days.
Inventory at the end of June was 16,576, down from 19,136 in June 2012. (Yes, let us repeat ourselves once again, now is the time to sell!!)
Lechleiter touched on the inventory. “Increasing sales during the summer season is typical, but the number of closings would likely be even higher if more quality inventory were available. There is currently only about a 4-month supply of single-family homes, not counting the fact that more than 3,000 of the available properties have contracts pending,” he explained. “Buyers are well-represented and know what they are looking for in their home searches. Potential sellers should remember that homes that are truly market-ready are moving well, but buyers are only interested in the properties that have been prepared and priced properly.”
If you are interested in giving the real estate market a-go by selling your home and buying a new one, contact us today! We promise to make the process go as smoothly as possible from start to finish and get your house sold in an efficient manner. Check out our current Nashville real estate listings here.