Home sales in the Greater Nashville, Tenn., area in September kept pace with their year-earlier level, as price growth slowed to a more normal rate, the Greater Nashville Association of Realtors reported.
Realtors recorded 3,455 home sales last month, almost identical to the 3,457 sales in September 2005, but down from 3,772 in August 2006. Total sales figures include single-family, condos, multifamily, farms, land and lots.
Year-to-date closings for the Greater Nashville area totaled 30,476, up 3.9 percent from the 29,311 closings reported through the third quarter of 2005, which was a record year for area home sales in the region.
“The Greater Nashville real estate market can best be characterized as active and balanced at this time,” said GNAR President Christie Wilson. “The fact that we were only two closings short of last year’s record for September means this is the second-best September on record for home sales in this area…”
The median price for a single-family home during September was $178,900, down from $184,000 in August, but up 10 percent from $162,610 a year earlier.
For condos, the median price registered $153,841 last month, up from $140,000 in August, and up 14 percent from $135,000 a year ago.
Inventory at the end of September was 17,316, up from 16,670 in August, and up 24.6 percent from 13,888 in September 2005.
“Inventory is clearly up from what it was a year ago,” Wilson said. “As a matter of fact, it is at its highest point since September of 2002. But it’s important to remember that in September 2002 we had about 2,400 closings. For September of 2006, the number of closings is about a thousand units higher. So, the Greater Nashville real estate market is still very active and in a healthy balance for the number of closings compared to available properties.”
The average number of days on the market for a single-family home was 57 days, compared with 58 days for September 2005.
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.