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GNAR Posts May 2007 Sales Figures

By
Real Estate Agent with Bob Parks Realty

MAY HOME SALES REMAIN STEADY

 

Year-To-Date Figures on Pace for Second-Best Year Ever



There were 3,503 home closings reported for the month of May, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 6.6 percent from the 3,753 closings reported for the same period last year.

Year-to-date closings are 14,482. That is a 6.5 percent decrease compared to the 15,486 closings reported through May of 2006.

"Home sales are maintaining a very healthy pace this year, and closings in May continue that trend, " said Richard Courtney, 2007 President of the Greater Nashville Association of Realtors. "Year-to-date numbers are the second best on record. In addition, home prices have continued to rise slightly each month, which shows this market is stable and steady despite less-encouraging trends in other markets across the country. The news for Greater Nashville is good as we celebrate June as National Homeownership Month."


A comparison of sales by category for May is:



Closings

Residential
Condominium
Multi-family
Farms/Land/Lots

May 2006


3,753

3,025
438
81
209

May 2007


3,503

2,813
455
39
196


There were 3,444 sales pending at the end of May, compared with 3,894 sales that were pending at the same time last year. The median residential price during May was $185,405 and for a condominium it was $160,334. That compares with median residential and condominium prices at this time last year of $179,900 and $143,900 respectively. The average number of days on the market for a single-family residence was 66 days.

Inventory at the end of May was 20,915. That compares with an inventory of 15,400 at the end of May 2006. Current inventory of properties by category, compared to the same time last year, is:



Inventory

Residential
Condominium
Multi-family
Farms/Land/Lots

May 2006


15,400

10,881
1,359
226
2,934

May 2007


20,915

14,245
2,336
327
4,007


"Inventory is sustaining at a level to keep up with high demand, " Courtney said. "Based on current sales activity, there is approximately a six-month supply of homes on the market. That indicates the Greater Nashville market is balanced. There are many good options available in a variety of price-ranges and locations for homebuyers to consider. "

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.

Paul Moye
Benchmark Realty - Franklin, TN
Broker, GRI, SRES
Good information. Nashville is still moving ahead. Can't wait to see June's numbers
Jul 03, 2007 12:52 AM