In February, 1,784 home closing were reported by GNAR, which is nearly an 18% increase from February 2012. This is a positive sign showing how the market is turning around. This increase is seen in both the pending sales and the actual purchases compared to last year, and it's the most closings in one month since February of 2008. Monthly closings have now increased every month for the past 18 months, which means Nashville's real estate market is booming.
Pending sales are up over 400 compared to this time last year, along with the average number of days on the market falling to 84 days for a single-family home. Even the median sale price has gone up nearly $30,000 since last year. The inventory of homes is down, which is a good sign and the area isn't seeing the same number of distressed or foreclosure properties compared to a year ago.
This is good news for anybody looking to buy a home in the Nashville area. Whether moving for a new job opportunity, looking to invest in a rental property or looking for a second home in the area, the market is prime. Any new homebuyers won't need to worry about property values plummeting, as they are on the rise. It's also good news for anybody looking to sell, since prices are up and homes are selling faster.
With positive sales trends, a lowering inventory and rising sale prices, it's safe to say the Nashville real estate market is bouncing back from 2008 very well. It's not completely back yet, but it's certainly on the way. Even condominium values are up nearly $20,000 with a similar trend as single-family homes. This is all welcome news and the entire area can take a sigh of relief.
The Ashton Real Estate Group of RE/MAX Advantage
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