Nashville June 2012 Home Sales

Dated: 08/03/2012

Views: 759

**Reprinted from GNAR website
NASHVILLE, Tenn (July 3, 2012) - There were 2,453 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®.  That figure is up 20.8 percent compared to the 2,031 closings reported for June 2011.
Second quarter numbers are up, with 7,139 closings reported, a 24.7 percent increase from the 5,723 clsoings reported through the second quarter of 2011.  Year-to-date closings from teh Greater Nashville area are up 24.5 percent with 11,994 compared to the 9.631 clsoings reported through mid-year 2011.
"Home sales news in Greater Nashville is strong evidence that 'all real estate is local," said GNAR President Kendra Cooke.  "While recent national reports may not have been encouraging, home sales activity here remains very brisk.  And, that activity is proving to be sustainable, as the June, second-quarter and year-to-date figures are all up more than 20 percent compared to the same periods last year. With median prices up and more than 2,500 sales pending, it is clear that the market in this region is improving and growing."
The current home sales data was provided on the same day as the first Regional Housing Summit held at GNAR with area housing professionals and non-profit organizations providing insights and dialogue on how local resources can help those in this region explore the possiblity of owning a home.  Cooke noted that current and future homebuyers can learn more about the process of purchasing a home by attending the Mayor's Home Ownership Fair sponsored by Nashville Mayor Karl Dean, set for Sunday, July 15 from 1-5 p.m. at Bridgestone Arena.
A comparison of sales by category for June is:
June 2011              June 2012          
CLOSINGS                        2,031                      2,453
Residential                         1,708                      2,066
Condominium                        225                         282
Multi-Family                            13                            12
Farms/Lands/Lots                   85                            93
A comparison of sales by category for the second quarter is:
2nd Quarter 2011         2nd Quarter 2012
CLOSINGS                         5,723                            7,139
Residential                          4,725                            5,955
Condominium                         637                              815
Multi-Family                             53                                60
Farms/Lands/Lots                  308                               309
A comparison of year-to-date sales by category for mid-year is:
Y-T-D 2011              Y-T-D 2012
CLOSINGS                  9,631                     11,994
Residential                   8,008                       9,914
Condominium               1,034                      1,299
Multi-Family                     102                         136
Farms/Lands/Lots            487                         645
The median residential price for a single-family home during June was $182,000, and for a condominium it was $160,000.  Last year’s median residential and condominium prices for June were $176,300 and $150,000, respectively.
There were 2,585 sales pending at the end of June, compared with 2,130 pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.
Inventory at the end of June was 19,136, down from 22,043 in June 2011.  The current inventory of properties by category, compared to last year, is:
June 2011   June 2012     
INVENTORY          22,043     19,136
Residential             13,988     11,812
Condominium           2,015       1,583
Multi-Family                 342         293
Farms/Land/Lots       5,698       5,448
“Inventory is continuing to decrease, which is the case in all categories this month,” added Cooke. "There is now less than an eight-month supply currently available in Greater Nashville and less than a six-month supply for single-family residential.  Homes that are truly market-ready are moving, well, but buyers are not interested in those proeprties that have not been properly prepared both inside and outside and priced properly"
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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TJ Anderson

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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