Nashville Inventory in March

HOME SALES DECREASE; PRICES RISE IN MARCH

There were 2,227 home closings reported for the month of March, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 28.7 percent from the 3,126 closings reported for the same period last year.

Numbers for the first quarter were 5,763 closings, down 27.8 percent from the 7,990 closings during the first quarter of 2007. "The number of closings is down significantly compared to last year, but the fact that home prices are rising is a good sign that the Greater Nashville market remains stable even in this time of market transition," said Mandy Wachtler, 2008 President of the Greater Nashville Association of Realtors.

"In some parts of the country, both closings and prices are down by significant percentages. When you take that into consideration, the real estate market in Greater Nashville is doing better than many cities and regions. And, there continues to be a lot of showing activity, which may result in more closings soon."


There were 2,308 sales pending at the end of March, compared with 3,218 sales that were pending at the same time last year. The median residential price during March was $178,388 and for a condominium it was $160,573. That compares with median residential and condominium prices at this time last year of $173,400 and $153,400 respectively. The average number of days on the market for a single-family residence was 80 days. Inventory at the end of March was 22,730. That compares with an inventory of 19,091 at the end of March 2007. Current inventory of properties by category, compared to the same time last year, is:

"The increase in inventory means that buyers will have more meaningful choices. That can be a positive factor as we move into spring and early summer, when typically more people are out shopping for homes," Wachtler said. "Sellers will want to make sure their home is in the best possible condition and priced correctly.

In a changing market,the professional support and counsel provided by a Realtor is increasingly valuable to those considering buying, selling or leasing property.


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 and real estate professionals. REALTOR® is a registered trademark which March be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.