Recently released data is showing the Nashville area real estate market exceeded 2,500 closings in February, and while that’s certainly an impressive number, both 2006 and 2007 saw even more closings during that same month.
Overall market activity throughout the Nashville market still jumped by 9% compared to February of last year, however, continuing the market’s upward trend heading into the beginning of the busy spring season.
So far in 2017, the Nashville area has seen 4,918 closings in all, which represents a 10.3% increase from the 4,460 closings through January and February of last year. Some industry experts are attributing warmer temperatures and a milder February to the substantial jump in activity last month, while others are saying it’s simply a continuation of the current boom that really started to take off this time last year.
At the end of February, 2,899 sales were pending, which is also up from 2,735 pending sales in February of 2016. Single-family home listings also only sat on the market for 54 days last month, which is down from 65 days one year prior.