Is this the start of a new trend?
The latest real estate market stats from the Greater Nashville Realtors came out over the weekend and there was one big surprise for me.
And we will get to that in a minute.
Here’s Nashville by the numbers. [Click here for the data]
June’s volume resulted in 3,887 home sales. This is nothing to sneeze at. In fact, the 2017 second quarter was the strongest second quarter on record for Nashville Real Estate. And that says something because this is typically our busiest time of the year for sales.
This also resulted in a 0.5% increase over June 2016. It’s amazing that Nashville is still breaking records with this low inventory environment.
Inventory for June 2017 was down 10.4% over last year. While this is significant, the inventory picked up nearly 300 homes from the previous month. We haven't seen an increase like that since last year.
Is this the start of a new trend? It’s doubtful, but let’s hope the inventory continues to grow in 2017. Even if it is small gains.
Sales prices took a huge leap in June to a median of $293,753. This is the time of year when prices peak, so I do not expect this trend to continue. This price was 12.9% higher than the same month last year and more than 5% greater that the previous month.
I’m expecting a slight dip in July or August and then more modest gains for the rest of the year.
The big surprise for me was the number of sales did not hit 4,000 units in June. It’s possible that could happen in July, but June is historically our biggest month for sales volume.
Here’s what Scott Troxel, President of the Greater Nashville REALTORS®, had to say, “The second quarter was our housing market’s strongest on record. The last time our market performed this well in the second quarter was 2006, with 11,046 closings. We’re a few units short of being ahead of midyear 2006, but with half a year left for sales, I suspect we’ll come close to the 2006 record of more than 40,000 annual closings.”
It’s a good time to be in Nashville.
If you have questions about the market, hit reply and I’ll get you an answer right away.
The Daily Deal in Nashville is this ranch home in Pegram that needs your TLC. It’s attractively priced at less than 100,000.