There were 2,135 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 28.5% from the 2,989 closings reported for Nashville the same period last year.Year-to-date closings are down compared to last year with 7,898. That is a 28% decrease compared to the 10,979 closings reported through April 2007.
There were 2,342 sales pending at the end of April, compared with 3,339 sales that were pending at the same time last year. The median residential price during April was $180,000 and for a condominium it was $162,000. That compares with median residential and condominium prices at this time last year of $177,900 and $163,900 respectively.
The average number of days on the market for a single-family residence was 80 days. Inventory at the end of April was 24,670. That compares with an inventory of 20,129 at the end of April 2007.
These increasing inventory levels will most certainly lead to higher foreclosure levels in 2008 over those of 2007. We also look for the Nashville rental market to heat up this summer. If you are looking for a Nashville rental home, we suggestion you contact Summit Property Management: Nashville Property Management
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