According to the Greater Nashville Association of Realtors:
There were 1,243 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 45% from the 2,260 closings reported for the same period last year.
And, there were 22,824 closings year-to-date in 2008. That is a 29% decrease compared to the 32,112 closings reported through November 2007.
“The real estate market in Nashville is clearly feeling the effects of national economic trends,” said GNAR President Mandy Wachtler. “It has taken longer for the trends to have their impact here, and the impact is still less than many other locations. And, we anticipate that we will be among the places where positive trends are seen earlier than other locations, as well. Even with the current market conditions we have, there is still no better place to be than right here.”
There were 1,267 sales pending at the end of the month, compared with 1,946 pending sales at this time last year. The average number of days on the market for a single-family home was 81days. The median residential price for a single-family home during November was $165,000, and for a condo it was $150,000. This compares with last year’s median residential and condo prices of $179,900 and $167,035, respectively…quite a 12 month drop.
Inventory at the end of November was 23,467, up from 22,301 in November 2007.
“Inventory remains plentiful but seems to be leveling out, especially for residential and condominium properties,” said Wachtler. “There are loans available at what are still remarkable rates and transactions are still getting done at fair market prices for both buyers and sellers.” It appears that there may be some deeply discounted deals available in 2009. Look for inventory levels to begin a steady fall by Summer of 2009.