Nashville Home Sales Decline 10% March Nashville Real Estate

There were 1,673 home closings reported for the month of March 2011, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 9.6 percent decrease compared with 1,851 closings in March of 2010.

Numbers for the first quarter of 2011 were 3,908 closings, down 6.8 percent from the 4,192 closings during the first quarter of 2010.

“While March home sales are down nearly 10 percent from last year, they are actually up almost 10 percent from March 2009,” said GNAR President Alice Walker. “That is significant because homes sales in the first half of 2010 were increased significantly due to the availability of the first-time homebuyers tax credit. So, based on the comparison from 2009 and the gradual increase in home sales so far this year, encouraging trends are developing as we move into the spring and summer months. It’s even more encouraging that single-family home and condominium prices have increased from where we were last year.”

There were 1,910 sales pending at the end of March, compared with 2,231 pending sales at this time last year. The average number of days on the market for a single-family home was 97 days.

The median residential price for a single-family home during March was $165,000 and for a condominium it was $143,000. This compares with last year’s median residential and condominium prices of $159,250 and $137,450, respectively.

Inventory at the end of March was 21,647, down from 24,123 in March 2010.

“Inventory is down from last year but up from last month,” added Walker. “There should be no surprise that more homes become available at this time of year. The traditional home buying season begins about this time every year so those considering a move choose this time to prepare their homes for sale and put them on the market. Pricing and preparation for sale are critical issues and the professional services of a Realtor is of more value than ever to address those and other items in a real estate market very different from what it was just a few years ago.”

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