Nashville Area Home Sales Up 15.5% June 2010

nashville area homes salesJune marks the 9th consecutive month of increased homes sales. There were 2,416 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®. That figure is up 15.5 percent compared to the 2,091 closings reported for June 2009.

Second-quarter numbers are also up, with 6,831 closings reported, a 24.7 percent increase from the 5,478 closings reported through the second quarter of 2009. Year-to-date closings for the Greater Nashville area are up 19.3 percent with 11,023 compared to the 9,240 closings reported through mid-year 2009.

“The current home sales data for Greater Nashville and Middle Tennessee show encouraging signs for our market,” said GNAR President Lucy Smith. “For the ninth consecutive month we have seen an increase in home sales and every county saw home sales growth through mid-year. More good news is that Congress passed an extension of the Homebuyer Tax Credit closing deadline. This legislation gives many Middle Tennesseans an additional 90 days to complete their transactions. Originally, buyers under contract by April 30 needed to close by June 30 to qualify, but now have until Sept. 30 to close on their transactions. And, as interest rates remain remarkably low, now is a great time to explore the possibility of homeownership.”

A comparison of sales by category for June

                                      June 2009           June 2010
Total Closings              2,091                     2,416
Residential                   1,770                     1,980
Condominium              234                         354
Multi-Family                   21                           19
Farms/Land/Lots         66                            63

A comparison of sales by category for the second quarter

                                           Q2 2009              Q2 2010
Total Closings                  5,478                    6,831
Residential                       4,601                     5,732
Condominium                  642                        824
Multi-Family                       49                          58
Farms/Land/Lots             186                        217

A comparison of sales by category for mid-year

                                      Y-T-D 2009          Y-T-D 2010
Total Closings               9,240                     11,023
Residential                     7,750                     9,194
Condominium               1,088                      1,336
Multi-Family                     97                           109
Farms/Land/Lots           305                         384

The median residential price for a single-family home during June was $181,312, and for a condominium it was $145,000. Last year’s median residential and condominium prices for June were $177,700 and $152,870, respectively.

There were 1,976 sales pending at the end of June, compared with 2,141 pending sales at this time last year. The average number of days on the market for a single-family home was 83 days. Inventory at the end of June was 23,640, down slightly from 24,552 in June 2009.

Current inventory of properties compared to last year

                                      June 2009       June 2010
Inventory                          24,552             23,640
Residential                     15,035             14,775
Condominium                2,568                2,398
Multi-Family                      401                   395
Farms/Land/Lots            6,548               6,072

“Inventory is down slightly in all categories,” added Smith. “But, with a 10-month supply of homes, buyers still have plenty from which to choose. The Greater Nashville real estate market remains healthy and we are optimistic families and others will continue to make Middle Tennessee home.”

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. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics. ©Copyright 2007-2011 GNAR.