SEPTEMBER HOME SALES STEADY, PENDING SALES STILL STRONG

There were 1,935 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORS®.  That number is down 6.7 percent from the 2,075 closings reported for the same period last year. 

Third quarter numbers have decreased from 2008 with 6,213 closings reported, which is 9.1 percent lower than last year’s third quarter closings of 6,836.

Year-to-date closings for the Greater Nashville area are 15,453. That total is down 22.1 percent from the 19,833 closings reported through the third quarter of 2008.

“Home sales remain at a steady, consistent level currently” said GNAR President Mike Nichols. “There have been about 2,000 closings per month for the past several months and, while we did not quite make it to that level, we are certainly in that range again in September. The fact that pending sales remain above 2,000 confirms that the pipeline for future closings is also consistent.”

“A critical point for potential homebuyers right now is that the $8,000 tax credit only available for about 50 more days,” Nichols said. “These days, some closings can get complicated, causing transactions to take longer.  So, it is likely that paperwork would need to be in process no later than mid-November in order to take advantage of the tax-credit incentive.”

A comparison of sales by category for September is:

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

A comparison of sales by category year-to-date:

There were 2,120 sales pending at the end of September, compared with 2,001 pending sales at this time last year.  The average number of days on the market for a single-family home was 86 days, compared with 79 days for September 2008.

The median residential price for a single-family home during September was $160,000, and for a condominium it was $142,500.  This compares with last year’s median residential and condominium prices of $168,900 and $148,500, respectively.

Inventory at the end of September was 23,975, down from 24,270 in September 2008.  The current inventory of properties by category, compared to last year, is:

“Inventory is down overall, but is also fairly stable presently. There is a wide variety of homes from which to choose in all price ranges and throughout the region,” Nichols said. “For potential first-time home buyers, the current attractive inventory combined with the $8,000 tax credit make this a very important time to consider serious action on making a purchase.”

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners.  REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

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