The month of September saw 1,832 home closings, a number up 16.9 percent from the same period last year; the third quarter reported 5,900 closings, a number 20 percent higher than last year’s third quarter which reported 4,906 closings.
Year-to-date sales, however, are slightly down. Current year-to-date-closings for the Greater Nashville area are 15,531, 2.5 percent percent down from last year’s closing which were reported at 15,929 through the third quarter of 2010.
“Most every category saw an increase in closings compared to September last year. The increase in sales of farms, land and lots is particularly important as those sales are often indicators of coming developments,” said GNAR President Alice Walker.
At the end of September, there remained 1,729 sales pending, a number higher than September 2010, which was 1,588 pending sales. The average single-family home spends 94 days on the market.
“The Greater Nashville market continues to strengthen and fare better than many other cities,” Walker said.
The median residential price for a single-family home during September was $163,000, and for a condominium, it was $144,900. This compares with last year’s median residential and condominium prices of $171,820 and $155,000, respectively.
Walker explained that the median price for a single-family home is only slightly under the the national median price, which sits at $168,300. Walker sad, “That keeps the Greater Nashville area attractive to both companies and families.”