March 06, 2014

GREATER NASHVILLE HOME SALES CONTINUE TO INCREASE

NASHVILLE, Tenn. (March 6, 2014)—There were 1,857 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of REALTORS®.

This represents an increase of 4 percent from the 1,784 closings reported in February 2013. Year-to-date closings through February 2014 are 3,636, a 6.4 percent increase from the 3,418 closings reported through February 2013.

“The home sales data for February indicates the market is remaining stable, both in growth and in sales price compared to last year,” said GNAR President Hagan Stone. “As the weather turns warmer and we enter the official spring buying and selling season, we hope to see the same sustainability we’ve experienced over the past few months.

“However, while the current trends remain positive, it is important that we begin to focus on keeping our city and region vibrant and attractive to businesses by implementing some long-term planning.”

Comparison of sales by category is:

  February 2013 February 2014
CLOSINGS 1,784 1,857
Residential 1,481 1,509
Condominium 180 216
Multi-Family 24 15
Farms/Lands/Lots 99 117


There were 2,221 sales pending at the end of the month, compared with 2,269 pending sales at this time last year. The average number of days on the market for a single-family home was 78 days.

The median residential price for a single-family home during February was $189,000, and for a condominium it was $165,000. This compares with median residential and condominium prices of $175,000 and $138,473, respectively, at this time last year.

Inventory at the end of February was 14,129, down from 15,651 in February 2013. The current inventory of properties by category, compared to last year, is:

February 2013 February 2014
INVENTORY 15,651 14,129
Residential 9,491 8,717
Condominium 1,223 1,054
Multi-Family 213 149
Farms/Land/Lots 4,724 4,209


“Though still down from a year ago, inventory is increasing,” added Stone. “And with more people considering putting their homes on the market, it is important for sellers to understand that buyers are expecting homes to be market ready and priced correctly in order to seriously consider a purchase. If you plan to buy a home or put yours on the market, working with a Realtor is the first step in the right direction.”

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.

Media Contact:
Jasmine Wiley 615-780-3342
Jasmine.Wiley@dvl.com

Client:
http://www.gnar.org