October Home Sales

 

GREATER NASHVILLE HOME SALES UP 22.7 PERCENT

Major increase in closings is first since October 2006

There were 2,145 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of REALTORS®.  This figure is up 22.7 percent from the 1,748 closings reported for the same period last year. This is the first time since October of 2006 that Greater Nashville home sales have recorded and increase in home sales on a year-to-year comparison for the month.

Year-to-date closings through October are 17,598, and 18.4 percent decrease from the 21,581 closings reported through October 2008.

“It is truly welcome news that home sales in Greater Nashville increased so dramatically in October,” said GNAR President Mike Nichols.  “And while one month does not make a trend, having a significant number of sales pending for the next month is also encouraging."

“This is undeniable evidence that the $8,000 tax credit has been meaningful in stimulating home sales. There is no question that many of these sales were initiated due to the tax credit and it is certainly our hope that, with the expansion and extension of this tax credit through next spring, we will continue to see positive sales in the area.”

“This is really positive news for the area economy beyond those directly involved in the home sales transactions. Many new homeowners purchase appliances, furniture, floor covering, landscaping, lighting and other household items that help make their new house become their new home.”

A comparison of sales by category for October is:

	October 2008	October 2009
CLOSINGS	1,748	2,145
Residential	1,458	1,776
Condominium	202	289
Multi-Family	21	16
Farms/Lands/Lots	67	64

There were 2,106 sales pending at the end of the month, compared with 1,504 pending sales at this time last year.  The average number of days on the market for a single-family home was 85 days.

The median residential price for a single-family home during October was $160,000, and for a condominium it was $144,000.  This compares with last year’s median residential and condominium prices of $170,000 and $152,500, respectively.

Inventory at the end of October was 23,398, compared to 24,043 in October 2008.  The current inventory of properties by category, compared to last year, is:

 

	October 2008	October 2009
INVENTORY	24,043	23,398
Residential	14,628	14,158
Condominium	2,541	2,417
Multi-Family	419	450
Farms/Land/Lots	6,455	6,373

 “Inventory is down overall and actually down significantly in the single-family homes category,” said Nichols. “Based on October’s numbers, we are at about an eight-month supply in that category, which is much more in balance than what has been the case for some time. There are still plenty of options in all categories, but the supply is in a more healthy range than it was earlier in the year.”

 

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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