January Home Sales Accelerate Into 2015 in Nashville

Hello January

January of 2015 was the strongest the Nashville area real estate market has had since 2007, according to GNAR President Cindy Stanton, “While our market began making positive strides in 2013, last year was monumental in establishing a stronger foundation for our market.”

There were 1,976 home closings in January according to the Greater Nashville Association of REALTORS.  This is up 11.1 percent from 1,779 closings in January of 2014.

A comparison of January Home Sales is:

January 2014
 January 2015
Total Closings 1,779  1,976
Residential 1,447  1,589
Condominium 199  236
Multi-Family 22  18
Farm/Land/Lots  111  133

At the end of the month there were 2,204 sales pending compared with the 1,979 pending sales at the end of January in 2014.  The average number of days on the market for a single family home did increase to 77 days.

The average price for a condominium was at $172,250 and for a single family home was at $215,000 in January.  At the end of January inventory was 12,663 which was less than inventory in January of 2014 at 13,962.

Inventory of property from 2014 to 2015 by category is:

January 2014
January 2015
Total Closings 13,962  12,663
Residential  8,534 8,036
Condominium 1,050 795
Multi-Family  168  109
Farm/Land/Lots  4,210  3,723

According to Stanton, “While we certainly moving in the right direction, challenges still remain. The biggest being the low level of inventory. This is particularly true of the first-time buyer and affordable markets. However, moving into the spring selling season we expect to see more available properties appearing on the market.”

If you are thinking about selling your home, don’t wait till Spring. Go ahead and get a head start and beat the competition to the market.  Inventory remains low and the wintry weather hasn’t inhibited buyers, making it a great time to sell!  Call me today for any advice or to get your home listed: 615-500-2748.