According to the most recently available statistics, November 2012 sales bumped up by 38 percent in comparison to last year. Moreover, the city experienced a 27 percent increase for the first eleven months of 2012 compared to the previous year. In addition, even pending home sales are showing notable increases, with an additional 412 more dwellings pending than November 2011.
Experts within Nashville market point out that the local inventory continues to fall. As a matter of fact, research show that the current number of houses for sale is at its lowest level since 2006. Real estate agents say that a scarcity of inventory is great for the market, as it tends to prompt undecided buyers to engage and expedite dealings with their agents and sellers.
It also has the tendency to drive prices up proportionately with demand – a trend that observers expect to see from a recovering market. As of today, Nashville only has less than eight months of inventory, wherein six months is comprised of single family dwellings. The total number of residences available for sale is less than the predicted 17,000 for November, while the average days these listings stay posted on the market have slightly increased to 84 days.
Studies also reveal home sales prices staying on the positive side since March earlier this year. The median price during the previous month is $179,000, thereby denoting a 7 percent increase from the $167,500 median price witnessed during the same month of last year.
On the other hand, the median condo price was gauged at $152,000 in November 2012, which denotes a slight decrease from $158,690 for the same month of 2011.
The Ashton Real Estate Group of RE/MAX Advantage
The #1 Real Estate Team in Tennessee and #2 RE/MAX team in the World!