October Home Sales Increase More Than 33%

Year-To-Date Closings Exceed Total Closing for All of 2011

There were 2,312 home closings reported for the month of October in Nashville, according to figures provided by GNAR – Greater Nashville Association of REALTORS.  This figure is up 33.7 percent from the 1,728 closings reported for the same period last year.

Year-to-date closings through October are 21,752, a 26 percent increase from the 17,259 closings reported through October 2011. The total closings year-to-date in 2012 exceeds the 20,624 total closing for all of last year, with two full months remaining.
“Home sales for nine of the ten months in 2012 have been up more than 20 percent compared to last year,” said GNAR President Kendra Cooke. “And, for the seventh month in a row Middle Tennessee area closings are more than 2,000. What is especially encouraging is that the number of pending sales is also staying well above previous levels, meaning the pipeline of closings continues to flow.”
“Closings are up in every category with the exception of multi-family homes.  Median prices are up significantly for both single-family homes and condominiums, which is very welcome news. And, inventory is continuing to reduce. Total supply is now less than eight months’ overall, and less than six months for single-family homes.”

A comparison of sales by category for October is:

 

October 2011 October 2012         
CLOSINGS  1,728 2,312
Residential 1,446 1,917
Condominium 188 264
Multi-Family 17 14
Farms/Lands/Lots 77 117

 

There were 2,367 sales pending at the end of the month, compared with 1,742 pending sales at this time last year.  The average number of days on the market for a single-family home was 83 days.
The median residential price for a single-family home during October was $175,100, and for a condominium it was $157,900.  This compares with last year’s median residential and condominium prices of $162,000 and $139,515, respectively.
Inventory at the end of October was 17,217, compared to 20,165 in October 2011.  The current inventory of properties by category, compared to last year, is:

 

October 2011 October 2012     
INVENTORY      20,165 17,217
Residential 12,537 10,539
Condominium 1,731 1,275
Multi-Family 352 249
Farms/Land/Lots 5,546 5,154

 

“Inventory is much lower than it was a year ago, and is continuing in that direction,” added Cooke. “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 for fewer closings from November through February, but buyers who are looking during those months, and especially around the Holidays, are very focused, serious buyers. And, with the election finally behind us, it is possible that those waiting on the outcome will begin to act. If you do plan to put your home on the market, be sure it is market ready and properly priced. Your Realtor can help you address those, and other issues, to make your home attractive to today’s buyers.”

 

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 October real estate stats in Nashville , including historical data, click here.

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(all data current as of 9/1/2014)

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