Home sales for the Greater Nashville area reached an all-time high in 2005 and for the month of December, the Greater Nashville Association of Realtors reported Monday.
According to figures provided by the Greater Nashville Association of Realtors, 38,874 homes were closed in 2005, representing a 6.5 percent increase from the 36,469 closings reported for 2004, previously a record year for area home sales.
There were 3,362 closings during the month of December, which is a 16.5 percent increase from the 2,885 closings reported for the same period last year, and the first time home sales have surpassed the 3,000 mark in December.
“The record-breaking year for home sales is great news for the Greater Nashville area,” said Christie Wilson, 2006 president of the Greater Nashville Association of Realtors. “As we see some real estate markets slow down in other parts of the country, it’s encouraging to know that our market is not only healthy but remains quite vibrant going into the New Year.”
The average number of days on the market for a single-family home in December was 58 days, down from 71 days in December 2004.
The median residential price for a single-family home during December was $174,900, up 14.3 percent from the year-ago price of $153,000. The median price for a condo last month was $168,275, up 34.6 percent from a year ago when the price was $125,000.
Inventory at the end of December was 12,763, up from 12,258 in December 2004.
“It is encouraging that inventory levels are up slightly for the second month in a row compared to previous years,” Wilson said. “We look forward to 2006 starting off with home buyers having many attractive properties from which to choose.”
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.
What’s your opinion? Send your Letter to the Editor to email@example.com.