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GREATER NASHVIILLE HOME SALES DECLINE IN OCTOBER

By
Real Estate Agent with RE/MAX Elite

 



There were 2,487 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 25 percent from the 3,331 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area are 29,852, down 12 percent compared to the 34,080 closings reported for the same period as last year, which  was a record year for home sales in the region.

"Several factors are very favorable for home purchasing in Greater Nashville, including the fact that prices are stable even though the number of transactions is down," said Richard Courtney, 2007 President of the Greater Nashville Association of Realtors. "Dr. Lawrence Yun, managing director and senior economist with the National Association of Realtors, visited GNAR recently and provided compelling evidence that the housing market here is, and will continue to be strong because of a healthy economy, available jobs and people moving to this area. He also said that lack of buyer confidence is affecting sales and that a better understanding of the positive factors affecting real estate and the general economy here could help people realize that this is actually a very good time to consider home purchases here. "


A comparison of sales by category for October is:



Closings

Residential
Condominium
Multi-family
Farms/Land/Lots

Oct. 2006


3,331

2,614
456
53
208

Oct. 2007


2,487

1,929
398
29
131


There were 2,428 sales pending at the end of October, compared with 3,128 sales that were pending at the same time last year. The median residential price during October was $180,400 and for a condominium it was $175,579. That compares with median residential and condominium prices at this time last year of $183,400 and $171,900 respectively. The average number of days on the market for a single-family residence was 69 days.

Inventory at the end of October was 22,889. That compares with an inventory of 17,385 at the end of October 2006. Current inventory of properties by category, compared to the same time last year, is:



Inventory

Residential
Condominium
Multi-family
Farms/Land/Lots

Oct. 2006


17,385

12,019
1,757
311
3,298

Oct. 2007


22,889

15,247
2,490
410
4,742


"Inventory levels are higher than a year ago," Courtney said. "At this point, we have about a nine-month supply of homes on the market. that translates into more choices for potential buyers, meaning it is a great time to buy a home in Middle Tennessee. For sellers, it means getting your property priced correctly and ready to sell is more important than ever."

*information courtesy GNAR

So once again comes the reiteration regarding correct pricing for listings and the crucial element of seller cooperation in that. This is not the market to make a "killing" on selling your home. However, with reasonable pricing and comps used fair value should still be attainable. Buyers are coming back to a degree but there is little tolerance for perceived price inflation and a general idea in the buyers mind that they can get "the deal of a lifetime" . The truth is somewhere in the middle, and the key word here is middle. Negotiating and willingness to give a little on all sides will ensure progress even in a softer market. So take a deep breath, step back and look at the real numbers and close the deal!

Vanessa Stalets

RE/MAX Elite

615-957-6333

615-661-4400

http://www.vanessastalets.com

 

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