Here’s the Nashville Real Estate Market Report – November 2012
November 2012 – Nashville Real Estate Sales
Nashville Real Estate continues its upward sales trend for 2012. In November 2012, there were 2,198 properties sold in the Greater Nashville Area. November Sales are up 38% from the same period in 2011. For the first ten months of 2012, Nashville is 27% ahead of 2011. Total Sales have already surpassed 2011. Pending Sales continue to trend higher, which is a good trend for 2013. Nashville has 412 additional properties pending this month than in November of 2011.
November 2012 – Nashville Real Estate Inventory
Total Inventory in the Nashville Real Estate Market has been low compared to recent years. The total supply of properties in November 2012 is approximately 7.5 months inventory. Last month, I predicted that the inventory would sink below 17,000 properties by December. We have already made it and I expect further reductions by the end of the year. The last time Nashville had inventory levels below 17,000 was in 2006. Normally, the holidays are a slower time of the year. However, It is a good time to put your home on the market. The buyers looking now are serious about purchasing a home.
November 2012 – Nashville Real Estate Average Price
The 2012 Nashville Real Estate Monthly Median Price has been above 2011 levels since March 2012. For November 2012, Nashville is 7% higher than the November 2011. The median price for a residential home was $179,900 for November 2012 versus $167,500 for the same period in 2011. The average Days on Market for a residential home in November 2012 increased slightly to 84 days. The median price of a condominium in November 2012 was $152,000 versus $158,690 for the same month in 2011.
2012 is the turnaround year for Nashville Real Estate. We expect these trends to continue in 2013. There are some great opportunities for both sellers and buyers.
The data was provided by the Greater Nashville Association of Realtors, Middle Tennessee’s largest trade association for Real Estate Professionals.
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