Nashville Real Estate – Home Prices Rise, Sales Decline

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RISMEDIA, May 12, 2008-There were 2,135 home closings reported for the month of April, according to figures provided the Greater Nashville Association of Realtors®. This represents a decrease of 28.5 percent from the 2,989 closings reported for April 2007.

Year-to-date closings are down compared to last year with 7,898. That is a 28 percent decrease compared to the 10,979 closings reported through April 2007.

“While home sales are down, the decrease is running on par with previous months. That means the Greater Nashville market is performing with some consistency, even in these times of change. That can work to the advantage of buyers and sellers because they can adapt to the changes and, with the help of a real estate professional, make educated decisions,” said GNAR President Mandy Wachtler. “At this time, Nashville home sales are comparable to 2001, which is much better than some markets around the country which are experiencing home sales and prices comparable to what they had 15 or 20 years ago.”

A comparison of sales by category for April is:

There were 2,342 sales pending at the end of the month, compared to the 3,339 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 April was $180,000 and for a condominium it was $162,000. This compares with last year’s median residential and condominium prices of $177,900 and $163,900, respectively.

Inventory at the end of April was 24,670, up from 20,129 in 2007. The current inventory of properties by category, compared to last year, is:

“With inventory at the highest level in our history, the value of a Realtor becomes even more important,” Wachtler added. “Realtors can use their experience and training to help those they represent adjust to market conditions. Whether you are buying, selling or leasing property, a Realtor’s professionalism and understanding can help make the most of a challenging real estate market.”

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