Hotter than a snowflake in August
Nashville real estate was sizzling in October.
More than 3,300 homes sold during the month, according to the Greater Nashville Association of REALTORS. This is 10% higher (when you round up) than the same month last year.
And we’ve sold 4.5% more homes in the first 10 months of the year, than we did last year. Â
That’s amazing considering our inventory levels keep declining and builders are at maximum capacity. Â
Even if the last two months of the year are flat, we will still be ahead of 2015.
Much of this has to do with the population explosion that I wrote about recently.
And the growth projections for Nashville are not slowing down. Â
This is having a dramatic affect on prices. Every month in 2016 we have been hovering around the 10% mark in year over year price appreciation. Â
And for October 2016…[drum roll please]
13.5% higher prices in October 2016, than we had in October 2015. Â
While that’s an amazing number, I want to throw a little caution to the wind. Â
When tough times hit, we often find that the faster the prices climb, the harder they fall. Â
Baring any national disaster, I think we are ok for the short term.Â
The real estate economists that I follow expect for our next national slow down to hit around 2019. Give or take a few years.Â
Most of it depends on interest rates. Â
We should expect a slow down when it goes over 5.5%. Today, we’re no where close to that. Â
Don't let me forget the inventory. We currently have just under 12,000 homes for sale in the Greater Nashville Area. Â
This is 8.6% less inventory than we had in October 2015.Â
While this doesn’t look good for buyers, the decline seems to be slowing down. Â
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