October Greater Nashville Home Sales Up 22.7 Percent
Posted by Wesley Willoughby on Thursday, November 19th, 2009 at 6:54pm.
GREATER NASHVILLE HOME SALES UP 22.7 PERCENT
Major
increase in closings is first since October 2006
By GNAR http://www.gnar.org/mlsrelease.htm
There were 2,145 home closings reported for the month
of October, according to figures provided by the Greater Nashville Association
of REALTORS®. This figure is up 22.7 percent from the 1,748
closings reported for the same period last year. This is the first time since
October of 2006 that Greater Nashville home sales have recorded and increase in
home sales on a year-to-year comparison for the month.
Year-to-date closings through
October are 17,598, and 18.4 percent decrease from the 21,581
closings reported through October 2008.
“It is truly welcome news that home sales in Greater
Nashville increased so dramatically in October,” said GNAR President Mike
Nichols. “And while one month does not make a trend, having a significant
number of sales pending for the next month is also encouraging."
“This is undeniable evidence that
the $8,000 tax credit has been meaningful in stimulating home sales. There is
no question that many of these sales were initiated due to the tax credit and
it is certainly our hope that, with the expansion and extension of this tax
credit through next spring, we will continue to see positive sales in the
area.”
“This is really positive news for
the area economy beyond those directly involved in the home sales transactions.
Many new homeowners purchase appliances, furniture, floor covering,
landscaping, lighting and other household items that help make their new house
become their new home.”
A comparison of sales by category for October is:
|
|
October
2008 |
October
2009 |
|
CLOSINGS |
1,748 |
2,145 |
|
Residential |
1,458 |
1,776 |
|
Condominium |
202 |
289 |
|
Multi-Family |
21 |
16 |
|
Farms/Lands/Lots |
67 |
64 |
There were 2,106 sales
pending at the end of the month, compared with 1,504 pending sales at this time
last year. The average number of days on the market for a single-family
home was 85 days.
The median residential price for a
single-family home during October was $160,000, and for a condominium it
was $144,000. This compares with last year’s median residential
and condominium prices of $170,000 and $152,500, respectively.
Inventory at the end of October was 23,398,
compared to 24,043 in October 2008. The current inventory of properties
by category, compared to last year, is:
|
|
October 2008 |
October 2009 |
|
INVENTORY |
24,043 |
23,398 |
|
Residential |
14,628 |
14,158 |
|
Condominium |
2,541 |
2,417 |
|
Multi-Family |
419 |
450 |
|
Farms/Land/Lots |
6,455 |
6,373 |
“Inventory is down overall and
actually down significantly in the single-family homes category,” said Nichols.
“Based on October’s numbers, we are at about an eight-month supply in that
category, which is much more in balance than what has been the case for some
time. There are still plenty of options in all categories, but the supply is in
a more healthy range than it was earlier in the year.”
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