There were 2,416 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®. That figure is up 15.5 percent compared to the 2,091 closings reported for June 2009.
Second-quarter numbers are also up, with 6,831 closings reported, a 24.7 percent increase from the 5,478 closings reported through the second quarter of 2009. Year-to-date closings for the Greater Nashville area are up 19.3 percent with 11,023 compared to the 9,240 closings reported through mid-year 2009.
“The current home sales data for Greater Nashville and Middle Tennessee show encouraging signs for our market,” said GNAR President Lucy Smith. “For the ninth consecutive month we have seen an increase in home sales and every county saw home sales growth through mid-year. More good news is that Congress passed an extension of the Homebuyer Tax Credit closing deadline. This legislation gives many Middle Tennesseans an additional 90 days to complete their transactions. Originally, buyers under contract by April 30 needed to close by June 30 to qualify, but now have until Sept. 30 to close on their transactions. And, as interest rates remain remarkably low, now is a great time to explore the possibility of homeownership.”
In that regard, Smith says current and future homebuyers can learn more about the process of purchasing a home by attending the upcoming Mayor’s Home Ownership Fair sponsored by Nashville Mayor Karl Dean, which is set for Sunday, July 25 from 1-5 p.m. at Bridgestone Arena.
A comparison of sales by category for June is:
|
June 2009 |
JUNE 2010 |
CLOSINGS |
2,091 |
2,416 |
Residential |
1,770 |
1,980 |
Condominium |
234 |
354 |
Multi-Family |
21 |
19 |
Farms/Land/Lots |
66 |
63 |
A comparison of sales by category for the second quarter is:
|
2nd Quarter 2009 |
2nd Quarter 2010 |
CLOSINGS |
5,478 |
6,831 |
Residential |
4,601 |
5,732 |
Condominium |
642 |
824 |
Multi-Family |
49 |
58 |
Farms/Land/Lots |
186 |
217 |
A comparison of sales by category for mid-year is:
|
Y-T-D 2009 |
Y-T-D 2010 |
CLOSINGS |
9,240 |
11,023 |
Residential |
7,750 |
9,194 |
Condominium |
1,088 |
1,336 |
Multi-Family |
97 |
109 |
Farms/Land/Lots |
305 |
384 |
The median residential price for a single-family home during June was $181,312, and for a condominium it was $145,000. Last year’s median residential and condominium prices for June were $177,700 and $152,870, respectively.
There were 1,976 sales pending at the end of June, compared with 2,141 pending sales at this time last year. The average number of days on the market for a single-family home was 83 days.
Inventory at the end of June was 23,640, down slightly from 24,552 in June 2009. The current inventory of properties by category, compared to last year, is:
|
June 2009 |
JUNE 2010 |
INVENTORY |
24,552 |
23,640 |
Residential |
15,035 |
14,775 |
Condominium |
2,568 |
2,398 |
Multi-Family |
401 |
395 |
Farms/Land/Lots |
6,548 |
6,072 |
“Inventory is down slightly in all categories,” added Smith. “But, with a 10-month supply of homes, buyers still have plenty from which to choose. The Greater Nashville real estate market remains healthy and we are optimistic families and others will continue to make Middle Tennessee home.”
The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.
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