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Nashville Home Inventory Increasing
Nashville Home Inventory Increasingby T.J. Anderson
All I can say is: oh, thank God. After a pretty abysmal season of not being able to find much of anything to show my clients who want to buy a home, I can now say--and recent reports confirm this--that Nashville home inventory is picking up. Please remember that Music City inventory had grown so low that I spent the winter groveling with Nashvillians to sell their homes, even issuing a Save the Nashville Homebuyer PSA.
However, the Greater Nashville Association of Realtors (GNAR) just put out its March 2014 real estate report, in which GNAR President Hagan Stone said, “As expected, inventory is increasing. Prices for both single-family residential and condominiums have continued to increase as well. This is encouraging for a healthy, sustainable market. As our region enters the spring selling season and more properties enter the market, zit is important you’ve worked with a realtor to be sure property is prepared, priced and presentable for its best performance on the market.”
The report states that 722 more homes were on the market at the end of March as compared to the end of February, marking the highest month-over-month increase in more than a year.
The GNAR report also showed that there were 2,530 home closings last month. This figure actually shows a 1.2 percent decrease in sales compared with 2,562 closings in March of 2013. Overall, numbers for the first quarter of 2014 were 6,166 closings, up 3 percent from the 5,980 closings during the first quarter of 2013. Still, that 1.2 percent sales decrease has gotten the press proclaiming,
"Nashville home sales take first dip in three years..." -Source“First quarter data indicates the market is still stable, both in growth and in sales prices compared to last year,” said Stone.
So why the decrease--even though it was ever so slight--in March sales compared to last year?
Stone said, “During the month of March--a typically busy time of year for realtors--our region experienced some poor winter weather. Even the most serious of buyers don’t want to get out looking for a home in the cold, icy, or snowy conditions. Also, March is the month of spring break for most of our region’s school systems. Vacation plans and children at home can cause a decrease in the time to look for a buy a new home.”
A Moody's Analytics economist told The Tennessean that he suspects that rising mortgage interest rates also contributed to the decrease, as well as a low home inventory.
The figure that perhaps stands out the most to me about these monthly GNAR reports is the median residential price and how drastically it's changed in such a short period of time. Get this: Last month the median residential price for a single-family home in Nashville was $195,000, and for a condominium it was $169,900. This compares with last year’s median residential and condominium prices of $169,000 and $147,000, respectively.
Nashville, where are you going to go next?
TJ Anderson is a Nashville Realtor with Benchmark Realty who's helped countless clients both buy a home and sell a home in Nashville, Tennessee. He blogs about Nashville regularly, from Nashville-area....
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