The Greater Nashville Association of Realtors (GNAR) recently released their March 2013 real estate statistics which shows first quarter home sales up by 3 percent, despite the slight dip in home sales during the past year.
In total, there were 2,530 home closings reported for the month of March 2014. This represents a 1.2 percent decrease compared to last March’s 2,562 closings, but Stone says this is no cause for concern.
“During the month of March – a typically busy time of year for Realtors – our region experienced some poor winter weather. Even the most serious of buyers don’t want to get out looking for a home in the cold, icy or snowy conditions,” Hagan explained, continuing, “Also, March is the month of spring break for most of our region’s school systems. Vacation plans and children at home can cause a decrease in the time to look for a buy a new home.”
Let’s dig in to some more of the June/second-quarter home sale statistics:
There were 2,720 sales pending at the end of March, according to figures provided by GNAR. That number compares with 2,727 pending sales at this time last year.
The median residential price for a single-family home during June was $195,000 and for a condominium it was $169,900. Last year’s median residential and condominium prices for March were $169,000 and $147,000, respectively.
Inventory at the end of March was low, at 14,894, down from 16,049 in March 2013.
“As expected, inventory is increasing. Prices for both single-family residential and condominiums have continued to increase as well. This is encouraging for a healthy, sustainable market,” added Stone. “As our region enters the spring selling season and more properties enter the market, it is important you’ve worked with a Realtor to be sure property is prepared, priced and presentable for its best performance on the market.”
If you are interested in giving the real estate market a-go this year 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.