2015 Summer Home Sales Kick off With a Big Bang in Nashville

bluebonnet forest

For the Nashville May home sales there were 3,588 closings reported.  According to the Greater Nashville Association of REALTORS this was a 15.6 percent increase from the 3,079 closings reported for May 2014.

“The summer is always a hot time for home sales. Middle Tennessee hasn’t seen a month of May this strong since 2007, said Cindy Stanton, GNAR President. “This is the first time since June of 2007 that we have exceeded 3,500 units sold in one month. The steady increase in home sales is the sign of a vibrant market.”

“The excitement continues with the number of pending home sales. There were 3,730 pending sales at the end of May. We haven’t experiences pending sales numbers like these since June of 2006. While not all of those pending sales may make it to the closing table, they are a good indicator of the solid activity in the housing industry we can expect in the coming months.”

A comparison of sales by category for May is:

 March 2014
 March 2015
Total Closings  3,079  3,558
Residential 2,544  2,953
Condominium 347  411
Multi-Family 21 19
Farm/Land/Lots 167  175

At the end of the month, there were 3,730 sales pending, compared with the 3,108 home sales at the same time last year.  A home was on the market for an average of 61 days. At this rate sales are expected to remain high in June as well.

The average price for a condo during May was $175,000 and for a single-family home was $235,000.  This compares with last year’s average residential and condo prices of $209,900 and $174,000 respectively.

The total year-to-date closings were $13,402.  That is an 11.5 percent increase compared to 2,012 closings reported by May of 2014.

Inventory for Greater Nashville at the end of May was down from 15,962 in 2014 to 13,764.  The current inventory of properties by category compared to last year is:

 March 2014
 March 2015
Inventory 15,962  13,764
Residential 10,414  9,067
Condominium 1,128  980
Multi-Family 146 130
Farm/Land/Lots  4,274 3,587

The low inventory means homes don’t stay on the market long so buyers have to act quickly in addition to expecting possibly being outbid.  Because low inventory continues it’s crucial to find a REALTOR with knowledge of the market, available and coming properties and of Nashville.   Weather you are looking to buy or sell I have the expertise for the job!  Email: bt@liveinnashville.com or call 615-500-2748.