According to GNAR there were 3,258 home closings reported for the month of July. Year-to-date closings for the Greater Nashville area are 18,594. That is an increase of 3.2 percent from the 18,010 closings reported through July 2013.
“The Greater Nashville area continues to see signs of a healthy market. July and year-to-date figures are all up more than three percent compared to the same periods last year and pending sales remain strong. This is welcome news,” said GNAR President Hagan Stone. “The continuation of excellent visibility and positive economic news for Greater Nashville is attracting more people to the area, and seems to be building confidence in those already living here.”
The small increments of growth we have experienced over the last few months are maintainable and promote a stable market. With several months of positive trends behind us, we hope solid sales continue into the fall.”
A comparison of sales by category for July is:
| JULY 2013 | JULY 2014 | |
| CLOSINGS | 3,151 | 3,258 |
| Residential | 2,635 | 2,728 |
| Condominium | 357 | 352 |
| Multi-Family | 23 | 36 |
| Farms/Land/Lots | 136 | 142 |
There were 3,201 sales pending at the end of July, compared with 3,083 pending sales at this time last year. The average number of days on the market for a single-family home was 64 days.
The median residential price for a single-family home during July was $221,000 and for a condominium it was $170,000. This compares with last year’s median residential and condominium prices of $204,000 and $154,500, respectively.
Inventory at the end of July was 15,919, down from 16,651 in July 2013. The current inventory of properties by category, compared to last year, is:
| JULY 2013 | JULY 2014 | |
| INVENTORY | 16,651 | 15,919 |
| Residential | 10,434 | 10,407 |
| Condominium | 1,286 | 1,141 |
| Multi-Family | 173 | 156 |
| Farms/Land/Lots | 4,758 | 4,215 |
“Our market continues to see positive signs, but like the rest of the country we continue to struggle with inventory,” added Stone. “If you are considering making a new home purchase and your current home is well-maintained, this is an excellent time to be a seller. There are many equipped and knowledgeable Realtors® in the area ready to work with you.”
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.
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To access full home sales information, including historical data, click here.
