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
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription