While GNAR reports the number of homes sales in the Middle Tennessee to be down there are positive signs with inventory levels also down…read on!
NASHVILLE, Tenn. (June 9, 2011) – There were 1,945 home closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This represents a 14.3 percent decrease from the 2,270 closings reported for May 2010.
Year-to-date closings are 7,600. That total is down 11.7 percent from the 8,607 closings reported through the same period last year.
“In these times, having just short of 2,000 closings in a month, with over 2,000 sales pending, is positive news,” said GNAR President Alice Walker. “We know last year’s numbers were inflated due to the 2010 home-buyer tax credits, but with home sales up 9 percent from May 2009, the trend is consistent with prior months and generally encouraging. Many Realtors experienced good traffic during the June 4 and 5 Nationwide Open House, reaffirming the interest of potential buyers and the inherent value of becoming a homeowner in Middle Tennessee. Still, the softness of the job market appears to be keeping potential buyers in a very cautious posture.
A comparison of sales by category for May is:
MAY 2010 MAY 2011
CLOSINGS 2,270 1,945
Residential 1,918 1,595
Condominium 250 209
Multi-Family 12 16
Farms/Lands/Lots 90 125
There were 2,023 sales pending at the end of the month, compared with 2,124 pending sales at this time last year. The average number of days on the market for a single-family home was 93 days.
The median residential price in May was $165,900 for a single-family home and $143,000 for a condominium. This compares with last year’s median residential and condominium prices $167,700 and $151,825, respectively.
Inventory at the end of May was 22,514, down from the 24,007 reported in May of 2010. The current inventory of properties by category, compared to last year is:
MAY 2010 MAY 2011
INVENTORY 24,007 22,514
Residential 14,779 14,210
Condominium 2,519 2,083
Multi-Family 439 360
Farms/Land/Lots 6,270 5,861
“Inventory is down from last year, but – as expected – up from last month,” added Walker. “the late spring and summer housing market activity always prompts an increase in the number of homes available. With little change in median home prices, housing options remain strong and prices are stable. The process of purchasing a home has become much more complicated. Options like short sales and foreclosures create both opportunity and risk. Professional counsel from a Realtor is always valuable, but especially so during these changing times.”
The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.
To access full home sales information, including historical data, click here.
