Home sales in the Nashville area have increased by an astonishing 27.4% over the last month compared to one year ago, in the strongest sign yet that local real estate markets are on the road to recovery.
The report, which comes from the Greater Nashville Association of Realtors, said that a total of 2,754 homes were sold in Nashville in July, compared to 2,021 homes in July 2011. This figure represents the highest number of homes sold in one month in Nashville since June 2008.
Kendra Cooke, president of the Greater Nashville Association of Realtors, said that the increase in July home sales is a reflection of the sustained growth being experienced by Greater Nashville's real estate market in 2012:
“We’re fortunate enough to be seen continued improvement with respect to home sales. This can be put down to the stable and diverse employment landscape in the city, which is very strong compared to many other parts of the country. Indeed, the city's economy looks to be in good shape, and that is certainly helping the local real estate market,” explained Cooke.
According to the Greater Nashville Association of Realtors, the median sales price for a Nashville single-family home last month was $181,250, compared to $179,900 in July 2011. However, condo prices slipped slightly with median prices down to $156,220, from $158,000 last year. The average single-family home sat on the market for 81 days. Pending sales were also up, with 2,648 deals agreed at the end of the month, compared to 1,997 in July 2011.
Current inventory for the greater Nashville area stands at 18,868. In July 2011, this figure stood at 21,993.
Cooke said that additional inventory in Nashville would actually be welcome in the market.
“Currently, we have a seven month supply, and this is only five months if we're talking about single-family residences. Those properties which are correctly priced and market ready tend to be very popular and sell very quickly. Even so, many buyers continue to be very selective about their purchases, focusing on those homes that are ready to live in, rather than those that need significant maintenance or repair,” said Cooke.
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