The Nashville 2015 Real Estate Review
Looking back is a double edge sword, so I do not like to dwell on it long. Sure, we need to see where we were so we can measure our progress. However, if we dwell too long on the past, we lose track of the present and don’t plan for the future.
With that said, here is our quick look back at December and 2015 in Nashville.
December 2015 ended with a bang in Nashville. Nearly 3,200 homes were sold during the month which is huge! This is 12.5% higher than the same month in 2014 and the highest number of December sales in Nashville since 2006.
In addition, we have almost 2,700 homes pending in December. These are homes that are under contract with no contingencies. They will likely close in the first quarter of 2016. Once again, this is the highest level of pending sales since 2006.
Happy New Year to Nashville!
The median price for a single family home was nearly $243,000, an increase of 13.8% over the same month in 2014. For a condo, the median price in December was a little more than $194,000, a 12.2% increase over last year.
The increase in sales took its toll on inventory all year long. We ended the year with inventory down 10.3% over last year. The biggest category loser was Land and Lots. Land and Lot inventory is down 20% over last year. 2015 was good for builders. Hopefully, they can help get the supply closer to the demand in 2016.
Now that our look back is over..
If you are waiting for the perfect time to sell your home, 2016 will be another big opportunity for Nashvillians. However, it takes some time and preparation to do it right.
Give me a call so we can discuss a strategy for your success in the New Year!
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