Middle Tennessee Housing Market Unchanged for August

NASHVILLE, Tenn. (Sept. 7, 2016) – There were 3,741 closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a .8 percent decrease compared to the 3,770 closings reported for the same period last year.
Year-to-date closings for the Greater Nashville area have increased 4.4 percent. There were 25,898 closings, compared with 24,808 closings reported through August of last year.
“Home sales for our market were essentially flat for August,” said GNAR President Denise Creswell. “Technically, we were down from last August, but by less than one percent. Considering the time of year and the continued struggle with inventory, a slight decrease in sales is not unexpected.
A comparison of sales by category for August is:

August 2015 August 2016
CLOSINGS 3,770 3,741
 Residential 3,173 3,117
 Condominium 410 437
 Multi-Family 34 23
 Farms/Land/Lots 153 164

There were 3,717 sales pending at the end of August, compared with 3,647 pending sales at this time last year. The average number of days on the market for a single-family home was 51 days.
The median residential price for a single-family home during August was $253,000, and for a condominium it was $189,900. This compares with last year’s median residential and condominium prices of $235,000 and $169,000, respectively.
Inventory at the end of August was 12,288, down from 13,511 in August 2015. The current inventory of properties by category, compared to last year, is:

August 2015 August 2016
INVENTORY 13,511 12,288
 Residential 8,904 8,412
 Condominium 988 823
 Multi-Family 124 98
 Farms/Land/Lots 3,495 2,955

“We have entered the time of year that is typical for the housing market to begin experiencing a slowdown. Once schools are back in session and the holidays begin to approach, the market always slows,“ said Creswell. “Despite that, our market still has a strong number of sales pending. While not all of those sales will make it to the closing table, it’s a good indicator that we have active buyers and sellers going into the fall.”

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Kevin Martelli

Kevin Martelli is a licensed and insured real estate agent serving the Nashville, Tennessee area. Kevin is a proud member of Greater Nashville Realtors. He is a Realtor and an Affiliate Broker at Pareto Realty, LLC.