The Greater Nashville Realtors released sales data from October, and according to the release, year-over-year sales did in fact drop last month, although just barely. In all, the month of October registered 3,267 home closings, which represents just a minimal 1.7% decline from the 3,324 home closings reported in October of 2016.
Not surprisingly, though, year-to-date closings are still up from 2016, showing a 4.2% jump from 32,696 closings through October 2016 to 34,059 closings so far this year.
Going back to last month’s data, a breakdown of what’s selling shows 2,745 residential closings, 329 condominium closings, 24 multi-family property closings, and 169 farms/land/lots closing. Furthermore, the median residential price at the end of last month jumped from $261,000 last October to $277,642, while the median condo price is up from $186,000 to $208,000 year-over-year.
In somewhat of a surprise, residential inventory is actually up a tick compared to this time last year, jumping from 6,472 residential listings at the end of last October to 6,504 residential listings at the close of last month. Condo inventory is still on the decline, though, falling from 628 available listings at the end of October 2016 to just 604 available units last month.