Home sales in the Greater Nashville, Tenn., area grew at a more modest pace in April, coming down from four straight months of double-digit increases, the Greater Nashville Association of Realtors reported Tuesday.
There were 3,236 total real estate sales reported for the month of April, up 3.3 percent from the 3,130 closings in April 2005. Total sales figures include single-family, condos, multifamily, farms, land and lots.
Year-to-date closings are up compared to last year with 11,733, the association reported. That is a 9.7 percent increase compared with the 10,686 closings reported through April 2005, and last year was the best year for home sales in Greater Nashville’s history.
“These figures confirm we have a very active and healthy market in the Greater Nashville area,” said Christie Wilson, GNAR president. “We continue to remain somewhat ahead of last year’s record-setting numbers. The number of sales pending is very strong, but down slightly from last year.”
“In terms of trends, it is interesting to realize that compared to just five years ago Great Nashville has experienced an increase in closings of almost 43 percent, and there are currently about 2,000 fewer houses on the market than were available at that time. This is a clear sign of how healthy our market remains. We have seen active growth for several years now and continue to maintain a new level of residential sales activity.”
The median residential price for a single-family home during April was $172,900, up 12.3 percent from the year-ago price of $154,000. The median condo price last month was $134,000, up 11.6 percent from the $120,000 median reported a year earlier.
The average number of days on the market for a single-family home was 63 days, down from 70 days for April 2005.
Inventory at the end of April was 14,984, up from 13,817 in 2005.
“Inventory is continuing to grow, which is especially important as we move into the most active season for buying and selling of residential real estate,” Wilson said. “Inventory is up from last year and sales are trending up as well. That’s an indication that despite more homes up for sale, this is still a good time to put a home on the market, as the demand for homes continues to be very strong.”
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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