Nashville Tennessee Home Sales Remain Flat in May
Year-to-date closings are 7,600. That total is down 11.7 percent from the 8,607 closings reported through the same period last year.
“In these times, having just short of 2,000 closings in a month, with over 2,000 sales pending, is positive news,” said GNAR President Alice Walker. “We know last year’s numbers were inflated due to the 2010 home-buyer tax credits, but with home sales up 9 percent from May 2009, the trend is consistent with prior months and generally encouraging. Many Realtors experienced good traffic during the June 4 and 5 Nationwide Open House, reaffirming the interest of potential buyers and the inherent value of becoming a homeowner in Middle Tennessee. Still, the softness of the job market appears to be keeping potential buyers in a very cautious posture.
There were 2,023 sales pending at the end of the month, compared with 2,124 pending sales at this time last year. The average number of days on the market for a single-family home was 93 days.
The median residential price in May was $165,900 for a single-family home and $143,000 for a condominium. This compares with last year’s median residential and condominium prices $167,700 and $151,825, respectively.
Inventory at the end of May was 22,514, down from the 24,007 reported in May of 2010.
“Inventory is down from last year, but – as expected - up from last month,” added Walker. “the late spring and summer housing market activity always prompts an increase in the number of homes available. With little change in median home prices, housing options remain strong and prices are stable. The process of purchasing a home has become much more complicated. Options like short sales and foreclosures create both opportunity and risk. Professional counsel from a Realtor is always valuable, but especially so during these changing times.”