Nashville News: Home Sales Up by 11 Percent

The Tennessean :: Getahn Ward :: February 9, 2015
Home Sold

The Nashville region experienced the strongest year-over-year gain in January home sales since the recession.

The 11.1 percent increase — from approximately 1,976 residential properties changing hands — took place in what’s historically the worst-performing month of the year.
But the inventory of homes on the market is down 5.8 percent from January 2014, which area Realtors see as a concern especially for first-time and price-conscious buyers. “However, moving into the spring selling season we expect to see more available properties appearing on the market,” said Cindy Stanton, president of the Greater Nashville Association of Realtors.
The 2,204 sales pending at the end of January indicates the trend of year-over-year monthly improvement in home sales will continue for February. But the level of increase beyond that depends on the number of new listings to hit the market and pricing levels, said Richard Exton, a Nashville appraiser.
Since mid-2014, the median price of single-family homes in the Nashville region have been stable in the $215,000 range recorded for January, according to GNAR’s tracking that also showed the median price of condos stable at around $172,250. “If we can gain some inventory and maintain this stable pricing, then we will continue to see increases in sales,” Exton said.
Nationwide, the National Association of Realtors forecasted existing home sales would rise 6.6 percent this year to around 5.26 million after falling 3.1 percent last year. The national median existing-home price is expected to increase between 4 percent and 5 percent after rising 5.8 percent last year.
Each year, home sales typically improve month over month and peak in June or July.
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The Nashville area’s inventory of single-family homes at the end of January was 8,036 versus 8,534 a year earlier, according to GNAR. Sales pending at the end of last month were up 11 percent versus the end of January 2014..

Although median prices have remained stable month-over-month, they’re up significantly year-over-year. For single-family homes, January’s median price of $215,000 was up 10 percent from that month in 2014. For condos, the $172,250 median price was up 4.4 percent from January 2014.

In Williamson County, there were 274 home closings in January, up 9.1 percent from January 2014. “The only real concern at present is the need for additional inventory,” said Chip Kerr, president of the Williamson County Association of Realtors.

Last month, the median price for a single-family home in Williamson was $411,332, while the median price for a condo was $297,000.

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News Source: The Tennessean


 
 
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