Nashville Home Sales March Up in 2015

Cherry Tree - Spring

March of 2015 showed a 12 percent increase in home sales over March of 2014 with 2,837 closings this past month.

“It is encouraging to see pending sales up over 3,000 units again, especially this early in the year. Our region hasn’t seen this for the month of March since 2007.” Said GNAR President Cindy Stnadon. “Last year we didn’t reach 3,000 units pending until May. With those many units pending now, it is safe to say our area is primed for an active and prosperous spring and summer.”

Here’s how March Nashville Home Sales in 2015 sales compared with 2014:

 March 2014
 March 2015
Total Closings  2,530  2,837
Residential 2,036  2,313
Condominium  295  334
Multi-Family  28  27
Farm/Land/Lots  171  163

Closings for the first quarter in 2015 were 6,904, which was also up 12 percent from 6,166 in the first quarter of 2014.

“First quarter homes sales and the month of March are up double digits, despite a couple of rounds of harsh winter weather,” said Stanton. “This is indicative of a market that is both vibrant and resilient.”

A comparison of sales by category for the quarter YTD is:

March 2014
 March 2015
Total Closings  6,166  6,904
Residential  4,992  5,559
Condominium  710  799
Multi-Family  65  58
Farm/Land/Lots  399  448

At the end of March there were 3,083 sales pending, compared with 2,720 pending sales at this time last year. A single family home stayed on the market an average of 69 days. 

 Inventory was low again in March ending at 12,775 compared to 14,894 in March 2014.

March 2014
 March 2015
Total Closings  14,894  12,775
Residential  9,439  8,235
Condominium  1,046  867
Multi-Family  151  116
Farm/Land/Lots  4,258  3,557

During March the average price of a condominium was $171,831 and for a residential single-family home was $222,400. Last year the average condominium and residential home prices were $169,000 and $195,000 respectively.

“We have officially entered the spring buying and selling season, as evidenced by the uptick in pendings and median sales prices,” said Stanton. “The current median price is near the prices we saw last summer. This early onset of that rise indicates higher market activity and serious consumers looking to buy now. Lower inventory, particularly in and around the first-time buyer market, is allowing owners of well-maintained and properly marketed homes the ability to sell for close to, if not at, list price.”

If you have been waiting for the right moment to sell your home, now is the time. Buyers are getting out in the spring weather and inventory puts favor with the seller. Call or email me to get your home listed: bt@liveinnashville.com 615-500-2748.