GREATER NASHVILLE HOME SALES INCREASE OVER 33 PERCENT IN FEBRUARY

Pending Sales Continue to Rise

NASHVILLE, Tenn. (March 8, 2012) – There were 1,515 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of REALTORS®.

          This represents an increase of 33.6 percent from the 1,134 closings reported in February 2011. Year-to-date closings through February are 2,892, a 29.4 percent increase from the 2,235 closings reported through February 2011.

“February marks another increase in both home purchases and pending sales compared to last year,” said GNAR President Kendra Cooke. “Based on recent reports of the Tennessee unemployment rate falling below the national average, along with an increase of jobs in our region and state, it’s reasonable to believe these trends will continue into the spring.

“Housing enjoys the position of both contributing to and benefitting from a decline in unemployment.  According to the National Association of Realtors, one new job is created for every two homes sold, and an additional $60,000 is pumped into the economy per home sold.  As the weather turns warmer and we enter the official spring buying and selling season, we’re hopeful to see the sustainability of the trends we’ve experienced over the past few months. The overall outlook for the real estate market is improving.”

A comparison of sales by category for February is:

There were 1,832 sales pending at the end of the month, compared with 1,416 pending sales at this time last year. The average number of days on the market for a single-family home was 96 days.

The median residential price for a single-family home during February was $159,900, and for a condominium it was $145,000. This compares with median residential and condominium prices of $169,900 and $132,000, respectively at this time last year.

Inventory at the end of February was 18,271 down from 20,997 in February 2011. The current inventory of properties by category, compared to last year, is:

“Inventory has decreased from last year, but history shows we can except the spring buying and selling season to create an increase as more people begin to place their homes on the market,” added Cooke. “There is currently about a 12 month supply of total inventory, but just about 9 months worth of inventory for single family homes. Your Realtor will be able to work with your specific wants and needs to find the home for you from the available variety and selection.”

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.

©Copyright 2007-2012 GNAR.

Current news release from GNAR.