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There were 2,591 home closings reported for the month of June, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 27.8 percent from the 3,588 closings reported for the same period last year.
Second-quarter numbers are also down, with 7,234 closings reported, a 28.2 percent decrease from the 10,080 closings reported through the second quarter of 2007. There were 12,997 closing year-to-date in 2008. That is a 28 percent decrease compared to the 18,070 closings reported through June 2007.
"The Greater Nashville real estate market remains consistent. Closings have been down around 28 percent for the entire year. This keeps the market predictable for buyers and sellers," said Mandy Wachtler, 2008 President of the Greater Nashville Association of Realtors. "There is still growth in the region, especially in the condominium market, and that is great news for the growth of Greater Nashville's urban areas."
A comparison of sales by category for June is:
Closings
Residential
Condominium
Multi-family
Farms/Land/Lots
| June 2007
3,588
2,853
481
47
207
| June 2008
2,591
1,995
485
27
84
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A comparison of sales by category for the Second Quarter is:
Closings
Residential
Condominium
Multi-family
Farms/Land/Lots
| 2nd Qtr. 2007
10,080
8,055
1,288
124
613
| 2nd Qtr. 2008
7,234
5,782
1,071
88
293
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A comparison of sales by category for Year-To-Date is:
Closings
Residential
Condominium
Multi-family
Farms/Land/Lots
| Y-T-D 2007
18,070
14,269
2,342
252
1,207
| Y-T-D 2008
12,997
10,399
1,851
161586
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There were 2,684 sales pending at the end of June, compared with 3,330 sales that were pending at the same time last year. The median residential price during June was $183,615 and for a condominium it was $185,500. That compares with median residential and condominium prices at this time last year of $196,000 and $155,800 respectively. The average number of days on the market for a single-family residence was 76 days.
"The consistent popularity and strong prices of condominiums in the area reflects an important trend toward the desirability of urban living options in Nashville. It is encouraging to see sales in the urban environment continue to grow and strengthen, while at the same time there is a variety of living choices in all price ranges throughout the region," Wachtler said.
Inventory at the end of June was 24,935. That compares with an inventory of 21,236 at the end of June 2007. Current inventory of properties by category, compared to the same time last year, is:
Inventory
Residential
Condominium
Multi-family
Farms/Land/Lots
| June 2007
21,236
14,564
2,377
327
3,959 | June 2008
24,935
15,845
2,592
414
6,084
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"Clearly, the inventory in the region has increased significantly in recent years," Wachtler said. "Buyers in the area have plenty from which to choose. In order to be attractive to buyers, homes need to be priced, prepared and presented well."
The Greater Nashville Association of Realtors® is one of Middle Tennessee's largest professional trade associations and serves as the primary voice for Nashville-area property owners and real estate professionals. REALTOR® is a registered trademark which June be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.
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