Winter Weather Didn’t Slow Nashville February Home Sales
February of 2015 showed an increase of 12.6 percent in Nashville home sales over February of 2014. According to figures by the Greater Nashville Association of REALTORS, there were 2,091 home closings in February.
“The home sales data for February shows just how strong the Middle Tennessee market has become,” said GNAR President Cindy Stone. “While we have seen many months of positive increases, with the extreme winter weather our area faced last month, we were uncertain of the effect it might have on property sales. Remarkably, the market was essentially not phased. As January did before it, this February saw its best monthly sales numbers since 2007.”
At a 12.7 increase from 2014 closings, year to date closings through February 2015 are 4,067.
| February 2014
|| February 2015
In February the median residential price for a condominium was $163,125 and for a single-family home was $206,000.
Inventory continues to be low. According to Stone, “Inventory remains the main challenge in the market, though we will see it uptick as spring nears. The hardest hit market, in regard to inventory, is the first-time buyer range. The inventory supply there is very low. For example, the absorption rate for single-family homes below the January median price of $215,000 just in Davidson County is 2.2 months. Using the same criteria, the absorption rate above the median was 4.8 months. By the time you get to the $600,000 and above range, inventory is plenty at an 8.9 month supply.”
At the end of February it was down to 12,445 from 14,129 in February 2014.
|| February 2015
If you have been thinking about selling a house, according to supply and demand now is the time! Your odds of getting a quicker sale at a higher price are good while inventory is low and so are mortgage rates. Call me and I can help you with your listing: 615-500-2748.