There were 2,837 home closings reported for the month of March 2015, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 12% increase from the 2,530 closings in March of 2014. Numbers for the first quarter of 2015 were 6,904 closings, up 12% compared to the first quarter of 2014.
“It is encouraging to see pending sales up over 3,000 units again, especially this early in the year. Our region hasn’t seen this for the month of March since 2007. Last year we didn’t reach 3,000 units pending until May. With those many units pending now, it is safe to say our area is primed for an active and prosperous spring and summer,” said GNAR President Cindy Stanton.
The median residential price for a single-family home during March was $222,400 and for a condominium it was $171,831.
Inventory at the end of March was 12,775, down from 14,894 in March 2014.