According to GNAR there were 3,061 home closings reported for the month of May. This represents a 22.4 percent increase from the 2,500 closings reported for May 2012.
Year-to-date closings are 11,821. That total is up 24 percent from the 9,541 closings reported through the same period last year.
“In May, for the first time in nearly six years – since August 2007 – closings surpassed 3,000 units in one month. That’s a major milestone for our region,” said GNAR President Price Lechleiter. “Median prices continue to increase while remaining affordable and there are more than 3,000 sales currently pending. Combined, these numbers show that the Nashville market is not only stabilizing but growing stronger. This is welcome news.”
“While the signs are encouraging, they are far from solid. Key supporting factors such as the availability of FHA financing, the backing of FANNIE MAE and FREDDIE MAC, and the availability of the Mortgage Interest Deduction, which is especially important to first-time buyers, must be kept in place. Realtors continue to communicate with elected officials about the significance of protecting these programs that are so important not just to the real estate market, but to the overall economy.”
A comparison of sales by category for May is:
|May 2012||May 2013|
There were 3,069 sales pending at the end of the month, compared with 2,671 sales pending at this time last year. The average number of days on the market for a single-family home was 73 days.
The median residential price in May was $195,000 for a single-family home and $166,900 for a condominium. This compares with last year’s median residential and condominium prices $179,000 and $160,000, respectively.
Inventory at the end of May was 16,760, down from the 19,503 reported in May of 2012.
The current inventory of properties by category, compared to last year, is:
|May 2012||May 2013|
“As expected, inventory is down from last year and about the same number as last month,” added Lechleiter. “The limited inventory creates opportunities and challenges for both buyers and sellers. While median prices are increasing, they are not yet at the level some sellers want or need in order to sell, so inventory is limited. That means the market-ready, properly-priced properties that do come on the market are very popular and are selling quickly.”
“In these times, the value of a real estate professional becomes even more evident. Realtors use their experience and training to help buyers and sellers navigate the trends and uncertainties of the current market and enable both of these groups to have a positive transaction experience.”
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.