Nashville’s Real Estate market saw a 33 percent increase in home closings from October 2011 to October 2012. The numbers from 2012 show incredible strength in the Middle Tennessee Real Estate Market.
There were 2,312 closings reported last month according to the Greater Nashville Association of Realtors, up from 1,728 closings reported during October of last year. Year-to-date closings increased too – by 26 percent! There have been 21,752 closings so far this year compared with 17,2591 at the same point last October. The total closings year-to-date in 2012 exceeds the 20,624 total closings reached in all of last year, with two full months yet remaining, which is especially encouraging news according to GNAR President Kendra Cooke.
“Home sales for nine of the ten months in 2012 have been up more than 20 percent compared to last year,” Cooke explained, continuing, “And, for the seventh month in a row Middle Tennessee area cosigns are more than 2,000. What is really encouraging is that the number of pending sales is also staying well above previous levels, meaning the pipeline of closings continues to flow.”
Let’s break down the numbers a bit more. There were 2,367 sales pending at the end of October, compared with 1,742 pending sales at the same time last year. The average number of days a single-family house spent on the market was 83 days. The median residential price for a single-family home during October was $175,100, $157,900 for a condominium. Those prices compare with last year’s median prices of $162,000 and $139,515 respectively. Inventory at the end of October was 17,217, down slightly from 20,165 in October 2011.
“Inventory is much lower than it was a year ago, and it is continuing in that direction,” Cooke explained about the Middle Tennessee Real Estate Market, continuing, “Few people consider this a good time to put their home on the market, due to holiday schedules and other factors. However, for those seriously considering the sale of their home, it is helpful to understand there is good reason to act soon. The seasonal trend is generally fewer closings from November through February, but buyers who are looking during those months, especially around the holidays, are very focused, serious buyers.”
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