March was a good month for the Nashville real estate market, seeing the highest sales since March 2007. Read on to get a better look at the current state of the real estate market here in Middle Tennessee.
There were 2,562 home closings reported for the month of March 2013, according to figures provided by the Greater Nashville Association of Realtors. This figure represents at 30.5 percent increase compared with the 1,963 closings in March of last year.
“The housing market is very active. Seasonal trends and increased activity are combining to create more confidence that the housing market will continue to improve here in Greater Nashville,” explained GNAR President Price Lechleiter. “This region is very fortunate in that we are experiencing recovery, stabilization and strengthening of the market more quickly than many other markets. Pending sales for March are the highest they’ve been since January 2007, and the increase in the residential and condo median prices is a welcome sign.”
There were 2,727 sales pending at the end of March, compared with 2,239 pending sales at the same time last year. A single-family home spent an average of 80 days on the market with a median price of $169,000. The median price for a condominium was $147,900. These prices compare with last year’s median residential and condominium prices of $168,500 and $135,000, respectively. Inventory at the end of March was 16,049, down from 18,984 in March 2012.
Lechleiter said the inventory is currently the most sensitive area of the real estate market. “With a supply of just over six months overall and less than five month’s supply specifically for single-family homes, it is clear that demand is higher than supply,” he explained, continuing, “good properties, properly prepared and priced, are moving very quickly; the market is very competitive.”
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