Still Looking Up – Nashville October Home Sales

Fall-Nashville

As a pleasant surprise, Nashville home sales in October were up 22 percent from October 2013, reporting 2,469 closings.  According to figures provided by the Greater Nashville Association of REALTORS there were 3,015 home closings reported for the month of October.

This time of year, we typically see the number of closings begin to decline. Having two consecutive months of double-digit, year-over year increases this late in the year is unexpected, yet welcome news. Continued improvement in job growth combined with continued warmer weather is keeping buyers in the market.” said GNAR President Hagan Stone.
Year to date closings for the Greater Nashville were 27,957, compared with 26,189 reported in October of 2013.  This means an increase of 6.8 percent so far this year.

“Given the state of our current market, the number of sales pending and the two months that remain in the year, exceeding last year’s total closings seems within reach.” continued Stone.
There were 2,401 sales pending at the end of October last year compared with 2,730 pending at the end the month this year.
Here is a comparison of October home sales by category:

October 2013 October 2014
Total Closings 2,469 3,015
Residential 2,032 2,485
Condominium 281 332
Multi-Family 20 23
Farm/Land/Lots 136 174

The average amount of time for a single-family home in Nashville is still at 68 days.   The best deals go very quickly and it’s still a seller’s market.

Inventory for October this year was just below last year, making Nashville home sales very competitive.

October 2013 October 2014
Inventory 15,957 15,051
Residential 9,935 9,609
Condominium 1,191 972
Multi-Family 194 143
Farm/Land/Lots 4,637 4,327

While home sales do tend to slow during the winter and holiday season that hasn’t happened yet and there are still buyers out there.  Some of the most serious buyers can come during the holidays.  If you are looking to sell or buy a home don’t let the cold weather keep you from a good opportunity.

The best way to get the most of the winter season will be by working with a REALTOR.  If you need someone who knows the market and the way around Nashville, I can work with you to get the most value for your investment!