Nashville real estate sales, prices jump

Home sales in the Greater Nashville, Tenn., area posted double-digit annual gains in January, as condo prices also soared, the Greater Nashville Association of Realtors reported.

There were 2,371 home closings reported for the month of January, up 12 percent from the 2,111 closings reported for the same period last year.

"What a way to start the year! Considering that 2005 was our best year ever for home sales, this news is even more encouraging," said GNAR President Christie Wilson. "We are pleased to start out 2006 on such a positive note, and we hope that home sales continue to be healthy."

The median residential price for a single-family home during January was $162,000, up 5.2 percent from the year-ago price of $154,000. The median price of a condo last month was $150,715, up a whopping 25.6 percent from $120,000 reported a year earlier.

The average number of days on the market for a single-family home was 65 days, down from 75 days for January 2005.

Inventory at the end of January was 13,568, considerably higher than the inventory of 12,761 in January 2005.

"Inventory has increased compared to this time last year, and that's great news for our market," Wilson said. "With an increase in home sales and an increase in inventory, it means there are plenty of options for both buyers and sellers."

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.

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