Nashville Homes and Real Estate For Sale

TWG News


2007 AREA HOME SALES CHART


JANUARY
Closings Median Price Inventory
Total
 2,289 17,264
Residential 1,779 $172,900 11,621
Condominium 287 $150,000 1,859
Multi-Family 40 258
Farms/Land/Lots 183 3,526


Pendings: 2,791
Days on Market/Residential: 72

FEBRUARY
Closings Median Price Inventory
Total
 2,575 17,824
Residential 2,006 $169,900 11,979
Condominium 341 $163,000 1,972
Multi-Family 38 290
Farms/Land/Lots 190 3,583

Pendings: 2,874
Days on Market/Residential: 72

FEBRUARY HOME SALES REMAIN NEAR RECORD NUMBERS

Figures show second-best February on record for Greater Nashville



There were 2,575 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 1.3 percent from the 2,610 closings reported for the same period last year.

"The continuation of Greater Nashville's active and balanced real estate market is good news for home buyers and sellers throughout the region," said Richard Courtney, 2007 President of the Greater Nashville Association of Realtors. "The number of closings during February shows that this market is sustaining a very aggressive pace. the market activity is virtually on track with last year's record-breaking numbers. This is the second-best February ever for home sales in our region."

A comparison of sales by category for February is:



Closings

Residential
Condominium
Multi-family
Farms/Land/Lots		 February 2006
2,610

2,119
266
48
177		 February 2007
2,575

2,006
341
38
190

There were 2,874 sales pending at the end of February, compared with 2,962 sales that were pending at the same time last year. The median residential price during February was $169,900 and for a condominium it was $163,000. That compares with median residential and condominium prices at this time last year of $164,900 and $145,00 respectively. The average number of days on the market for a single-family residence was 72 days.

Inventory at the end of February was 17,824. That compares with an inventory of 13,754 at the end of February 2006. Current inventory of properties by category, compared to the same time last year, is:


Inventory

Residential
Condominium
Multi-family
Farms/Land/Lots		 February 2006
13,754

9,534
1,218
227
2,775		 February 2007
17,824

11,979
1,972
290
3,583

"Inventory has increased significantly over the past year, which is actually good news for the market," Courtney said. "The increased options for potential buyers to consider in a variety of price ranges and locations are to their benefit. Spring is traditionally when home sales activity increases, so it is likely that more people will be shopping for homes in the coming months."
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