There were 1,033 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 6 percent from the 974 closings reported for the same period last year.
“The year has started with positive news for home sales in Greater Nashville,” said GNAR President Lucy Smith. “The extended and expanded tax credit continues to be a significant factor in prompting people to consider both buying and selling homes. As the deadline approaches in April, it is possible that activity will increase as people take advantage of this exceptional opportunity. Prices did decline in January, which is due largely to the first-time home buying activity prompted by the tax credit."
A comparison of sales by category for January is:
|
January 2009 |
January 2010 |
CLOSINGS |
974 |
1,033 |
Residential |
821 |
821 |
Condominium |
103 |
164 |
Multi-Family |
16 |
10 |
Farms/Lands/Lots |
34 |
38 |
There were 1,295 sales pending at the end of the month, compared with 1,282 pending sales at this time last year. The average number of days on the market for a single-family home was 99 days.
The median residential price for a single-family home during January was $159,000, and for a condominium it was $154,550. This compares with last year’s median residential and condominium prices of $165,000 and $165,000, respectively.
Inventory at the end of January was 22,233, down from 22,509 in January 2009. The current inventory of properties by category, compared to last year, is:
|
January 2009 |
January 2010 |
INVENTORY |
22,509 |
22,233 |
Residential |
13,551 |
13,414 |
Condominium |
2,358 |
2,293 |
Multi-Family |
320 |
442 |
Farms/Land/Lots |
6,280 |
6,084 |
“Inventory is virtually the same as it was a year ago, being down less than 2 percent," said Smith. "Every category except multi-family properties is actually down slightly from a year ago. Based on the current level of closings, there is an ample supply to provide a healthy number of homes throughout the Greater Nashville area for buyers to consider as they take advantage of low interest rates and tax credit opportunities to purchase a home soon."
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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