Home sales in the Greater Nashville, Tenn., housing market rose 13.7 percent in November from the same month a year ago, and have already broken last year’s record, according to data released by the Greater Nashville Association of Realtors.
There were 2,762 home closings reported for the month of November, compared to 2,429 closings reported for November 2003.
Year-to-date closings through November are 33,584, a 14.7 percent increase from the 29,262 closings reported through November 2003. Total sales for 2003 were 31,855.
“At the end of last year home sales in the Greater Nashville area exceeded the 30,000 level for the first time ever. We have now exceeded the record set last year and still have an entire month yet to go,” said GNAR President Jay Lowenthal. “It is important to remember that the market is very healthy and is expected to remain so, even if we don’t set a new record every year. That would be an unrealistic expectation.”
The average number of days on the market for a single-family home last month was 67 days, compared with 75 days for November 2003.
The median residential price for a single-family home during November was $148,500, and for a condominium it was $118,943. This compares with last year’s median residential and condominium prices of $135,890 and $113,500, respectively.
Inventory at the end of November was 13,456, down from 15,492 in November 2003, the association reported.
“Inventory is as low as it has been in several years, but there is still about a 5-month supply based on current sales volume,” Lowenthal said. “While we are seeing some very active sales activity, there is also a tendency for people to take their homes off the market at this time of year if the property has been available for awhile. Typically inventory will remain lower into the early part of a new year, then increase as spring and more favorable weather allow potential buyers to get out and see more of what is available.”
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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