Nashville Home Sales Continue Upward Climb

Months marks an 11.6% increase from February 2005
RISMEDIA, March 13 ? There were 2,610 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of REALTORS.

This figure represents an 11.6 percent increase from the 2,337 closings reported in February 2005. Year-to-date closings through February are 4,981, a 12 percent increase from the 4,448 closings reported through February 2005.

?Home sales in Greater Nashville continued the strong start to this year with a double-digit increase over last year,? said GNAR President Christie Wilson. ?This region is fortunate to have such a strong housing market, particularly in light of national stories about slowing growth being experienced in many other parts of the country.?

There were 2,962 sales pending at the end of the month, compared with 2,813 pending sales at this time last year. The average number of days on the market for a single-family home was 64 days, compared with 79 days for February 2005.

The median residential price for a single-family home during February was $164,900, and for a condominium it was $145,000. This represents an increase from last year’s median residential and condominium prices of $150,000 and $129,000, respectively.

Inventory at the end of February was 13,754, up from 13,133 in February 2005.

?Inventory is up 4.7 percent compared to last year, and that’s great news for buyers,? said Wilson. ?The available inventory is likely to continue to increase for the next several months, as is consistent with seasonal trends. However, when the number of closings is compared with the amount of inventory, the market still appears to be very balanced and healthy throughout Greater Nashville.?