How 2015 Already Beat 2014
At this time last year (November 2014) Nashville had 2,474 sales and 13,715 homes/lots in inventory. For the first 11 months of 2014, we had more than 30,000 homes sold.
Fast forward to today. Our November 2015 numbers show 2,397 sales and 12,433 units of inventory. A small dip in the November sales, but get this.
Are you ready?
33,679 closings to date [1/1/2015 – 11/30/2015]
We are more that 10% over 2014 with a month to go. December has a history of closing strong so we will likely be 20% over 2014 at the end of the year.
November is the first month in 2015 that we have not had a year over year increase. I am not concerned.
First, we are already 10% over the previous year. Due to the TRID implementation in early October, many loans were pushed to close sooner and beat the deadline. We saw this in the sales numbers this fall.
Second, with fewer and fewer homes on the market all year, it is bound to affect on sales. 10% fewer homes on the market means that some buyers do not find the home they need.
Third, fewer homes on a market with active buyers typically leads to higher prices. It’s the law of supply and demand. The average price this November is nearly 8% over last November.
All these signs tell me the market is healthy and this is a temporary blip on the radar.
If you are worried about selling your home this time of year; just remember nearly 2,400 folks did just that in Nashville last month.
This Deal of the Day in Nashville has expired because it sold. To see the latest Daily Deals, click the link below: