Nashville’s Real Estate market saw a 38 percent increase in home closings from November 2011 to November 2012. The numbers from 2012 continue show ever-growing strength in the Middle Tennessee Real Estate Market.
There were 2,198 closings reported last month according to the Greater Nashville Association of Realtors, up from 1,582 closings reported during November of last year. Year-to-date closings increased too – by 27 percent! There have been 23,950 closings so far this year compared with 18,851 at the same point last November. The total closings year-to-date in 2012 exceeds the 20,624 total closings reached in all of last year, with a few more weeks yet remaining, which is encouraging news according to GNAR President Kendra Cooke.
“2012 has been a year of meaningful improvement for home sales. These numbers are evidence that the market in this region is improving on a more consistent basis,” said GNAR President Kendra Cooke. “The Greater Nashville area is well on its way to having more than 25,000 closings for the first time since 2007. These signs are welcome as we near the end of the year and begin to look toward 2013.”
Let’s break down the numbers a bit more. There were 2,069 sales pending at the end of November, compared with 1,567 pending sales at the same time last year. The average number of days a single-family house spent on the market was 84 days. The median residential price for a single-family home during November was $179,900, $152,000 for a condominium. Those prices compare with last year’s median prices of $167,500 and $158,690, respectively. Inventory at the end of November was 16,577, down significantly from 19,292 in November 2011.
“Inventory is down, which is a result of both active sales and a seasonal trend. It is currently under 17,000 units, the lowest it’s been since 2006,” explained GNAR President Kendra Cooke.
It is likely that inventory will increase in early 2013, but it’s worth pointing out that there are yet good options available for those of you who may still be considering a home purchase yet this year!
If you are ready to buy or sell your home, contact us and let us help! We can help you prepare your home for the market and get it sold quickly and conversely, can help you find your new home, sweet home. To see our current listings in the greater Nashville area, click here.