|
There were 2,135 home closings reported
for the month of April, according to figures provided by the Greater
Nashville Association of Realtors®. This represents a decrease of 28.5 percent from the 2,989 closings reported for the same period last
year.
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 time 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 Mandy Wachtler, 2008 President of the Greater Nashville Association of Realtors. "At this time, Nashville area 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:
Closings
Residential
Condominium
Multi-family
Farms/Land/Lots |
Apr. 2007
2,989
2,389
352
38
210
|
Apr. 2008
2,135
1,713
281
27
114
|
There were 2,342 sales pending at the end of April,
compared with 3,339 sales that were pending at the same time last year. The
median residential price during April was $180,000 and for a
condominium it was $162,000. That compares with median residential and
condominium prices at this time last year of $177,900 and $163,900 respectively.
The average number of days on the market for a single-family residence was 80
days.
Inventory at the end of April was 24,670. That compares
with an inventory of 20,129 at the end of April 2007. Current inventory of
properties by category, compared to the same time last year, is:
Inventory
Residential
Condominium
Multi-family
Farms/Land/Lots |
Apr. 2007
20,129
13,638
2,241
318
3,932
|
Apr. 2008
24,670
15,741
2,602
391
5,936
|
"With inventory at the highest level in our history, the value of a Realtor becomes even more important," Wachtler said. "Realtors can use their experience and training to help those they represent adjust to market to 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."
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 and real estate professionals. REALTOR® is a
registered trademark which April be used only by real estate professionals
who are members of the National Association of REALTORS® and subscribe to
its strict Code of Ethics.
### |
|
