Nashville Real Estate – Home Sales Decline, Prices Hold Strong

RISMEDIA, April 15, 2008-There were 2,227 home closings reported for the month of March, according to figures provided by the Greater Nashville Association of Realtors®. This figure represents a 28.7% decrease compared with 3,126 closings in March of 2007.

Numbers for the first quarter were 5,763 closings, down 27.8% from the 7,990 closings during the first quarter of 2007.

“The number of closings is down significantly compared to last year, but the fact that home prices are rising is a good sign that the Greater Nashville market remains stable even in this time of market transition,” said GNAR President Mandy Wachtler. “In some parts of the country, both closings and prices are down by significant percentages. When you take that into consideration, the real estate market in Greater Nashville is doing better than many other cities and regions. And, there continues to be a lot of showing activity, which may result in more closings soon.”

There were 2,308 sales pending at the end of March, compared with 3,218 pending sales at this time last year. The average number of days on the market for a single-family home was 80 days.

The median residential price for a single-family home during March was $178,388 and for a condominium it was $160,573. This compares with last year’s median residential and condominium prices of $173,400 and $153,400, respectively.

Inventory at the end of March was 23,730, up from 19,091 in March 2007.

“The increase in inventory means that buyers will have more meaningful choices. That can be a positive factor as we move into spring and early summer, when typically more people are out and about shopping for homes,” added Wachtler. “Sellers will want to make sure their home is in the best possible condition and priced correctly. In a changing market, the professional support and counsel provided by a Realtor is increasingly valuable to those considering buying, selling or leasing property.”