GNAR reports increased home sales for in Nashville for September

Home sales on the rise

Despite the low inventory of homes for sale in Nashville, residential real estate sales increased 19% in September! In September of 2013 there were 2,626 closings reported and 3,122 reported for September of 2014 according to the Greater Nashville Association of Realtors.

The current year- to-date closings are 24,942 for the Greater Nashville area, which is up by 5.12% from the 23,720 closings in 2013.

September 2013 September 2014
Residential 2,512 2,541
Condominium 310 384
Multi-Family 24 28
Farm/Land/Lots 140 169
Total Closings 2,626 3,122

“Seeing an increase in home sales in September, third-quarter and year-to-date says a lot about the market in our region. Between July and September, nearly every county in our area saw increases in residential sales, condominium sales or both. These numbers are strong indicators that Middle Tennessee remains healthy and vibrant as we move into the fourth quarter,” said GNAR President Hagan Stone.

“In addition, we are confident that good economic and job growth news like Under Armour’s distribution center in Mt. Juliet, the opening of the Mars Pet Care Global Innovation Center in Thompson’s Station and the groundbreaking on HCA’s Capitol View development will have a positive impact on area home sales in the coming year,” he added.

For September pricing, the median for a condominium, it was $162,000 and residential single-family home was $211,400. This is up from 2013 prices with the median home and condominium prices of about $195,660 and $159,092. At the end of September there were 3,049 sales pending compared with 2,487 at the end of last year.

Stone reported, “Inventory remains at a lower level than we would prefer. As we enter the cooler months and holiday season, fewer sellers will enter the market. For those considering selling your home, be sure the property is prepared, properly priced and presentable. With one of the strongest markets in the country, now is definitely the time to make the move.”

The GNAR reports the average number for a single-family home was 68 days for September. However if you are currently shopping or thinking about looking for a home it’s important to know that if a house is a good deal there is currently only a 48 hour window. Because of low inventory buyers must bid quickly to get the closing. At the end of September inventory was 15,182 down from September 2013 which was 16,263.

It’s currently a seller’s market and now is an excellent time to get the value out of your home! I’m willing to go the extra mile to make sure the process goes smoothly for you. If you are looking to sell contact me today! I can help you through each step of the process.