Nashville TN Real Estate Market Improving - GNAR - Nashville Homes for Sale

Home Sales are on the rise in the greater Nashville TN Real Estate Market based on a recently published "Greater Nashville Association of REALTORS®" (GNAR) Report for 2009. Home sales increased for the third consecutive month with the fourth quarter of 2009 showing a significant increase from the real estate market conditions of mid-year.

This is a great indicator for home buyers that the Nashville area real estate market and economy rebounding from the housing crash of 2008 that still has many parts of the US market in a declining economy.

GNAR reported that there were 1,612 home closings during the month of December, according to figures provided by the Greater Nashville Association of REALTORS®.  This is a 13.3 percent increase from the 1,422 closings reported for the same period in 2008.

Fourth quarter closings are 5,730 for Greater Nashville. That total is up 29.8 percent from the 4,413 closings reported during the fourth quarter of 2008.

Final numbers for 2009 show there were 21,183 homes sold in the region, according to figures provided by the Greater Nashville Association of REALTORS®. Compared to the prior year, the final figures are down 12.6 percent. There were 24,246 closings in 2008.

"The significant increase in closings during December and the very positive trend for all of the fourth quarter are both encouraging signs for real estate in this region," said Lucy Smith, 2010 president of the Greater Nashville Association of Realtors. "There is no question that first-time homebuyer tax credit had a major impact. As a result of the tax credit being extended and expanded, we anticipate positive trends possibly including more move-up activity in the months ahead."

"Home prices have stabilized, which is a positive sign, and condominium prices are actually up more than 11 percent - certainly encouraging in light of the overall real estate trends of the recent past," said Smith. "It bears noting that at mid-year of 2009 we were virtually 30 percent behind the previous year. While no one is claiming that all the economic issues have been resolved, we have made some meaningful progress and  this is certainly the kind of news we welcome as we begin a new year."

A comparison of sales by category for December is:

A comparison of sales by category for the fourth quarter is:

A comparison of sales by category for year-to-date is:

There were 1,339 sales pending at the end of December, compared with 1,250 pending sales at this time last year.  The average number of days on the market for a single-family home was 90 days.

The median residential price for a single-family home during December was $164,000, and for a condominium it was $149,900.  This compares with last year's median residential and condominium prices of $163,750 and $134,062, respectively.

Inventory at the end of December was 20,774, down from 21,274 in December 2008.  The current inventory of properties by category, compared to last year, is:

"Inventory is down a small percentage from where it was at this time last year," Smith added. "Residential and condominium inventory is actually where there is a decrease, while multi-family and farm/land/lots is still up. It will likely remain that way, especially for farm/land/lots, until more homebuilding activity begins to increase. Even with residential and condominium inventory decreasing, there is still a very good selection available throughout the Greater Nashville area. Those choosing to take advantage of the tax credit can still find very meaningful options."

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.  REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

Please give me a call at 615-289-4141 or drop me an email if you would like to learn more about the available homes or building sites for sale in the greater Nashville TN area. Please be sure to visit my Nashville Real Estate website and view the available homes that Nashville has to offer, or search other Nashville TN Real Estate MLS property listings in the middle Tennessee region.