Home sales in the Nashville, Tenn., metro area were down 3.4 percent in January compared to the same month a year ago amid significant growth in for-sale listings, the Greater Nashville Association of Realtors reported Monday.
According to statistics, there were 2,289 property sales last month, down from 2,371 sales in January 2006. Total sales figures include single-family, condos, multifamily, farms, land and lots.
Inventory at the end of January totaled 17,264, a gain of 26.8 percent from the same time last year when 13,611 properties were for sale. With more homes sitting on the market, the time it took to sell a home in January also increased, GNAR reported. Single-family homes that sold last month spent an average of 72 days on the market, a whole week longer than they spent in January 2006.
“Inventory has increased quite a bit compared to this time last year, which is actually good news because it means there are more options for potential home buyers to consider,” said GNAR President Richard Courtney in a statement. “The inventory in Greater Nashville has been fairly limited in recent years. It is good to have more options available in more locations and at different price ranges.”
The median residential price for a single-family home rose to $172,900 in January, up 6.7 percent from $162,000 a year earlier. For condos, the median held steady at $150,000.
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