Nashville Business Journal
January 9, 2012
Nashville-area home sales climbed 18.2 percent in December, marking the sixth consecutive month of higher year-over-year sales.
There were 1,773 home closings reported during December, according to the Greater Nashville Association of Realtors.
For the year, 20,624 homes sold in the area, up 1.8 percent from 2010. “2011 was a very important year for home sales,” said GNAR President Kendra Cooke in a press release. “It is the first year since 2006 that there was an increase over the number of closings in the prior year. While the increase is small, it is a very encouraging sign. The year-over-year increase is most significant because in 2011 there were no stimulus or tax credit incentives like those available in 2010.
In December, homes sold on average for $166,500, and condominiums fetched $140,062. Last year’s median residential and condominium prices were $174,500 and $140,000, respectively.
Approximately 1,652 sales were pending at the end of December, compared with 1,273 pending sales a year ago. Homes that sold in December sat on the market for an average of 94 days, according to GNAR.
At the end of the year, inventory was 17,216, down from 19,411 a year ago. “Prices are lower, but remaining fairly stable and inventory is down,” Cooke said. “As a matter of fact, inventory is down to levels not seen since about this time in 2007. Even with the decrease, there is about a nine-or 10-month supply overall. For residential, the supply is only about 7 months and for condos about 8 months.”