2011 HOME SALES INCREASE IN GREATER NASHVILLE - FIRST INCREASE SINCE 2006
December and 4th Quarter Also Show Significant Increases
NASHVILLE, Tenn. (Jan. 9, 2012) - There were 1,773 closings during the month of December, according to figures provided by the Greater Nashville Association of REALTORS„¥. This is an 18.2 percent increase from the 1,500 closings reported for the same period in 2010.
Fourth quarter closings are 5,093 for Greater Nashville. That total is up 17.9 percent from the 4,321 closings during the fourth quarter of 2010.
Final numbers for 2011 show there were 20,624 homes sold in the region, according to figures provided by the Greater Nashville Association of REALTORS„¥. Compared to the prior year, the final figures are up 1.8 percent. There were 20,250 closings in 2010.
"2011 was a very important year for home sales. It is the first year since 2006 that there was an increase over the number of closings in the prior year. While the increase is small, it is a very encouraging sign. The year-over-year increase is most significant because in 2011 there were no stimulus or tax-credit incentives like those available in 2010," said GNAR President Kendra Cooke. "The double-digit increase for closings in December marks the sixth consecutive month of increased home sales, so the 4th quarter numbers are also up significantly.
There were 1,652 sales pending at the end of December, compared with 1,273 pending sales at this time last year. The average number of days on the market for a single-family home was 94 days.
The median residential price for a single-family home during December was $168,500, and for a condominium it was $140,062. This compares with last year's median residential and condominium prices of $174,500 and $140,000, respectively.
Inventory at the end of December was 17,216, down from 19,411 in December 2010.
"Prices are lower but remaining fairly stable and inventory is down. As a matter of fact, inventory is down to levels not seen since about this time in 2007. Even with the decrease there is about a 9 or 10 month supply overall," added Cooke.
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.
ZIP Code: 37027 Location Characteristics: Brentwood is the most upscale, affluent town in the state.
About Lucy & Bill Rudolph and Lisa Rudolph Turner:
Lucy and I are part of a dying breed of "born and bred" Southerners. We were raised in the South with traditional values of family, church, work and a healthy sense of helping your neighbor. We feel like Nashville and Middle Tennessee still hold those values close to its heart and enjoy living and working in a community with such a strong foundation.
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