Home sales in the Greater Nashville, Tenn., area grew in May from a year ago, albeit at a much slower pace than at the beginning of 2006, the Greater Nashville Association of Realtors reported Thursday.

There were 3,753 total real estate sales reported for the month of May, up 4.2 percent from the 3,600 closings reported for May 2005. Total sales figures include single-family, condos, multifamily, farms, land and lots.

Year-to-date closings are at 15,486, the association reported, which is up 8 percent from the 14,286 closings reported through the same period last year.

“As we wrap up spring and head in to summer, we are not surprised that home sales have continued a steady climb,” said GNAR President Christie Wilson. “We remain optimistic about the upcoming months as pending sales and available inventory figures have increased along with the total number of actual closings.”

There were 3,894 sales pending at the end of the month, compared with 3,716 pending sales at this time last year. This is the largest number of pendings recorded by GNAR in one month.

The average number of days on the market for a single-family home was 60 days, nearly a full week shorter than the 66-day average for May 2005.

The median residential price for a single-family home in May was $179,900, up 11.9 percent from the year-ago price of $159,900. For condos, the median price hit $143,900, up 6.6 percent from the $135,000 median reported in May 2005.

Inventory at the end of May was 15,400, up from the 13,927 reported in May of 2005.

“Our inventory levels haven’t been above the 15,000 mark since July 2004, and that’s great news for buyers because there are more choices on the market,” said Wilson. “The good news for sellers is the steady rise in the median price. We are enjoying a very stable and healthy market in 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.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top