Is Nashville the Ricky Bobby of Real Estate?
In recent years, the motto of Nashville seems to be, “I wanna go fast.”
And fast we are going. Each month seems to break a new record and May is no different.
There were nearly 3,700 closings in the month of May which outpaced May 2015 by 3.9%.
Last summer, was off the charts so do expect to see those 10% gains in sales volume each and every month.
The limiting factor on our volume is the lack of inventory in our market. Many people refuse to make that move up (or down) because they are afraid of not being able to find a suitable home. This results in all kinds of alternatives that you would not see in a normal market.
With a few more creative agents, we could likely solve some of this problem by helping people see that there is more than one way to the finish line.
The inventory is down 11.9% over the same month, last year. With a limited number of new homes under construction it is hard to grow sales when people are riding the fence.
Our total, residential inventory was just over 12,000 homes, condos, land and multi-family units at the end of May 2015.
With 3,930 pending sales at the end of May, June looks like another record month.
With the inventory low, prices tend to come at you like a spider monkey.
The median sales price in May 2016 was $258,900 for a single family home as compared to $235,000 for the same month last year. For condos, May 2016’s median sales price was $194,000 versus the $175,000 for May 2015.
We are consistently hitting a 10% year over years sales price growth every month. May 2016 was no exception with a 10.1% gain over the previous year.
Our systems are designed for speed. We help you run fast in this market so you reach the finish line.
Cause, “If you ain’t first, you’re last!”