Nashville real estate - Home sales for September as record by the Greater Nashville association of realtors was not really news at all. Sales were down as expected across the area. Prices were also down as expected. The headline inventory levels were up, but for the first time, inventory levels of single family homes were below last year from 15,438 in 2007 to 15052 in 2008. This is a sign that the market is changing.

The statistics are as follows

                                                   Sept 2007                             Sept 2008

All Closings                                   2587                                       2075

Residential                                  2014                                       1761

Condominium                              415                                         228

Multi-Family                                 432                                         12

Farms/lots                                    126                                         74

The median price for residential Nashville real estate was $182,291 in September  2007 compared to $169,900 in September 2008. Current inventory and sales levels indicate a 7 month supply of single family homes, with compares very favorably with most of the country. What we are seeing is lower sales numbers, but even lower housing starts. At sometime in the near future I expect an inventory shortage, as jobs are still here, homes are still selling, and builders have slowed dramatically.

Click here to see the GNAR press release.

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This posting and the contents written here are the intellectual property and opinions of Larry Brewer of Keller Williams Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, Green Hills, and the middle Tennessee area.