Home sales in the Greater Nashville, Tenn., area posted another month of double-digit growth in February, the Greater Nashville Association of Realtors reported.
There were 2,610 home closings reported for the month of February, up 11.6 percent from the 2,337 closings reported a year ago. Year-to-date closings through February are 4,981, a 12 percent increase from the 4,448 closings reported through February 2005.
“Home sales in Greater Nashville continued the strong start to this year with a double-digit increase over last year,” said GNAR President Christie Wilson. “This region is fortunate to have such a strong housing market, particularly in light of national stories about slowing growth being experienced in many other parts of the country.”
The median residential price for a single-family home during February was $164,900, up 9.9 percent from $150,000 reported a year ago. The median condo price last month was $145,000, up 12.4 percent from the February 2005 price of $129,000, but was down from $150,715 reported in January.
The average number of days on the market for a single-family home was 64 days, down considerably from 79 days for February 2005.
Inventory at the end of February was 13,754, up from 13,133 in February 2005.
“Inventory is up 4.7 percent compared to last year, and that’s great news for buyers,” Wilson said. “The available inventory is likely to continue to increase for the next several months, as is consistent with seasonal trends. However, when the number of closings is compared with the amount of inventory, the market still appears to be very balanced and healthy throughout Greater Nashville.”
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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