Greater Nashville Home Sales Strong Through August

There were 3,770 closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 16.7 percent increase over the 3,226 closings reported for the same period last year. 
    Year-to-date closings for the Greater Nashville area have increased 13.7 percent. There were 24,808 closings, compared with 21,820 closings reported through August of last year. 
     “For the fourth consecutive month and the seventh time this year, our region has seen a double-digit increase in area home sales,” said GNAR President Cindy Stanton. “Year-to-date we have already had more closings than 2008, 2009, 2010 and 2011 saw in their respective full years. We are on pace to finish 2015 with the type of annual sales we experienced a decade ago.” 
     A comparison of sales by category for August is:

     There were 3,647 sales pending at the end of August, compared with 3,062 pending sales at this time last year. The average number of days on the market for a single-family home was 56 days.
The median residential price for a single-family home during August was $235,000, and for a condominium it was $169,000. This compares with last year’s median residential and condominium prices of $219,000 and $169,000, respectively.
    Inventory at the end of August was 13,511, down from 15,477 in August 2014. The current inventory of properties by category, compared to last year, is:

     “The median price for residential homes increased over last year while remaining virtually flat compared to last month,” stated Stanton. “Condominium prices have also remained nearly unchanged compared to this time last year and last month. This stabilization of prices is a healthy indicator for our market.”