Ninth Straight Month of Increased Nashville TN Real Estate Home Sales
Online, July 29, 2010 (Newswire.com) - Ninth Straight Month of Increased Nashville TN Real Estate Home Sales
The Greater Nashville Association of Realtors (GNAR) recently announed that home sales for the month of June 2010 were up 15.5% to 2,416 closings compared to June 2009 (2,091). For the second quarter 2010, closings increased 24.7% over the same period in 2009, from 5,478 closings to 6,831. Following a similar pattern, the mid-year results for 2010 showed a jump of 19.3% in closings vs. the first 6 months of 2009 (11,023 closings from 9,240).
According to GNAR President Lucy Smith, every middle TN county saw home sales growth through the end of June and it marked the 9th consecutive month that the Greater Nashville TN real estate experienced an increase in home sales. Ms. Smith was further encouraged that Congress extended the Homebuyer Tax Credit closing deadline an additional 90 days to September 30, which will give many homebuyers sufficient time to close on their purchases. Ms. Smith added that "as interest rates remain remarkably low, now is a great time to explore the possibility of homeownership."
Additional Nashville TN real estate statistics that are closely monitored are pending sales, average days on market (DOM), median sales prices, and overall inventory levels. Pending sales were 1,976 at the end of June '10, compared to 2,141 one year prior. The average DOM was 83 days, down slightly from 89 days in early 2010. The median sales price for a single-family home in June '10 was $181,312 vs. $177,000 in June '09, a 2.4% increase. The median sales price for a condominium was $145,000 compared to $152,870 a year before, a 5.4% drop. Inventory levels were down slightly to 23,640 in June '10 from 24,552 last year.
Ms. Smith noted that while inventory was down slightly, buyers still have a abundant 10-month supply from which to choose. In conclusion, she stated that the Nashville TN real estate market "remains healthy and we are optimistic families and others will continue to make Middle Tennessee home."