The trend of positive real estate news continued in March, with home sales increasing and pending sales remaining strong.
President for the Greater Nashville Association of Realtors Kendra Cooke said the trends are encouraging, with the number of home closings increasing by more than 17 percent from this time last year. ” Our expectation is that the positive trends will continue as we move into the spring and summer months,” she explained, adding “though there are still significant economic challenges, it is clear that the Greater Nashville and Middle Tennessee real estate market is stabilizing and strengthening.”
There were 1,963 home closings reported for the month of March 2012, according to figures provided by GNAR. This figure represents a 17.3 percent increase compared with 1,673 closings in March of 2011. Numbers for the first quarter of 2012 were 4,855 closings, up 24.2 percent from the 3,908 closings during the first quarter of 2011.
There were 2,239 sales pending at the end of March, compared with 1,910 pending sales at this time last year. Moreover, the average number of days on the market for a single-family home was 92 days with a median residential price for a single-family home at $168,500, $135,000 for a condominium. This compares with last year’s median residential and condominium prices of $165,000 and $143,000, respectively.
Inventory at the end of March was down from last year’s 21,647 at 18.,984. Inventory numbers being slightly down reflects the traditional home-buying season being underway, explaines Cooke. “Right now there is less than 10 months of inventory overall. For single-family residential there is less than eight months of inventory available. It is good that more people are considering selling their homes, as the number of buyers is clearly increasing.”
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