Figures show second-best February on record for Greater Nashville
| There were 2,575 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 1.3 percent from the 2,610 closings reported for the same period last year. "The continuation of Greater Nashville's active and balanced real estate market is good news for home buyers and sellers throughout the region," said Richard Courtney, 2007 President of the Greater Nashville Association of Realtors. "The number of closings during February shows that this market is sustaining a very aggressive pace. the market activity is virtually on track with last year's record-breaking numbers. This is the second-best February ever for home sales in our region." A comparison of sales by category for February is:
There were 2,874 sales pending at the end of February, compared with 2,962 sales that were pending at the same time last year. The median residential price during February was $169,900 and for a condominium it was $163,000. That compares with median residential and condominium prices at this time last year of $164,900 and $145,00 respectively. The average number of days on the market for a single-family residence was 72 days. Inventory at the end of February was 17,824. That compares with an inventory of 13,754 at the end of February 2006. Current inventory of properties by category, compared to the same time last year, is:
"Inventory has increased significantly over the past year, which is actually good news for the market," Courtney said. "The increased options for potential buyers to consider in a variety of price ranges and locations are to their benefit. Spring is traditionally when home sales activity increases, so it is likely that more people will be shopping for homes in the coming months." 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 February be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. ### |
