There were 2,469 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of Realtors. This figure is up 6.79 percent from the 2,312 closings reported for the same period last year.
Year-to-date closings through October are 26,189, a 20.39 percent increase from the 21,752 closings reported through October 2012. The total closings year-to-date in 2013 exceeds the 26,097 total closings for all of last year, with two full months remaining.
“An increase in home sales is always welcome news. While the rate of increase is less than what it has been, double-digit increases are really not sustainable. It was good to experience many months of increases at that level as part of the recovery to the recession,” said GNAR President Price Lechleiter. “Median prices are now in a range that makes the sale of a home more realistic for an increasing number of owners. While prices will continue to change from month to month, they are also more stable than in recent years.”
Taking a closer look by the numbers, there were 2,401 sales pending at the end of October, compared to last October’s 2,376 pending sales. A single-family home spent an average of 75 days on the market in Ocotober.
The median residential price for a single-family home was $200,000, and for a condominium, $148,000. Those numbers compare with last year’s median residential and condominium prices of $175,100 and $157,900, respectively. Inventory at the end of October was 15,957, compared to 17,217 in October 2012.
GNAR President Lechleiter added that low inventory remains a bit of a concern, with Nashville only holding about a 5-month supply. “More properties would be helpful,” he explained, adding, “but typically fewer homes come on the market in the fourth quarter.” He finished, stating “Greater Nashville continues to perform very well compared to other markets and in light of economic and government uncertainties that remain.”