October 8, 2013

September Home Sales Continue to Increase; 3rd Quarter Numbers Up 19%

Franklin TN Real Estate, Brentwood TN Real Estate, Home Sales Continue to Increase
Franklin TN Real Estate, Brentwood TN Real Estate, Home Sales Continue to IncreaseThere were 2,626 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORS®.  That number is up 15.9 percent from the 2,266 closings reported for the same period last year.
  Third quarter numbers have increased from 2012 with 8,861 closings reported, which is 19 percent higher than last year’s third quarter closings of 7,446.
  Year-to-date closings for the Greater Nashville area are 23,720. That total is up 22 percent from the 19,440 closings reported through the third quarter of 2012.
  “September, third-quarter and year-to-date figures are all up compared to the same periods last year. And, we are now within less than 2,500 closings to exceed the total number of closings for all of last year,” said GNAR President Price Lechleiter. “Median prices continue to increase while remaining affordable. This is good news for sellers and buyers alike and reinforces home ownership as a strong financial investment.”
  “The strongest time of the year for the housing industry is spring and summer. During the fall and winter months home sales typically show reduced monthly closings. But year-over-year comparisons continue to indicate significant increases. This is very encouraging.”
  A comparison of sales by category for September is:
September 2012 September 2013      
CLOSINGS  2,266 2,626
Residential 1,881 2,152
Condominium 253 310
Multi-Family 19 24
Farms/Land/Lots 113 140
  A comparison of sales by category for the third quarter is:
3rd Quarter 2012 3rd Quarter 2013      
CLOSINGS  7,446 8,861
Residential 6,190 7,331
Condominium 847 1,018
Multi-Family 65 76
Farms/Land/Lots 344 436
  A comparison of sales by category year-to-date is:
YTD 2012 YTD 2013   
CLOSINGS 19,440 23,720
Residential 16,104 19,647
Condominium 2,146 2,610
Multi-Family 201 234
Farms/Land/Lots 989 1,229
  There were 2,487 sales pending at the end of September, compared with 2,291 pending sales at this time last year.  The average number of days on the market for a single-family home was 70 days, compared with 82 days for September 2012.
  The median residential price for a single-family home during September was $195,660, and for a condominium, it was $159,092.  This compares with last year’s median residential and condominium prices of $175,000 and $153,900, respectively.
  Inventory at the end of September was 16,263, down from 17,897 in September 2012.  The current inventory of properties by category, compared to last year, is:
September 2012 September 2013     
INVENTORY      17,897 16,263
Residential 11,005 10,183
Condominium 1,369 1,214
Multi-Family 267 185
Farms/Land/Lots 5,256 4,681
  “Inventory remains down, but we are still at a healthy market level with slightly over a 6-month supply. But, competition for purchase of good properties is increasing significantly. Buyers should be fully prepared to act quickly in order to purchase the home they want.” added Lechleiter. For those considering putting their home on the market, be sure it is market ready and properly priced. Your Realtor can help you address those, and other issues, to make your home attractive to today’s buyers.”
Courtesy of Greater Nashville Association of REALTORS.