April Home Sales Bring Increases in Sales and Inventory

NASHVILLE, Tenn. (May 7, 2018) – There were 3,419 home closings reported for the month of April, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 2.8 percent from the 3,325 closings reported for April 2017. 

Year-to-date closings total 11,629. That is a .3 percent decrease compared to the 11,663 closings reported through April 2017.

“Home sales for the second quarter started with the types of positive gains expected for this time of the year," said Sher Powers, Greater Nashville REALTORS® President. "The most encouraging gain is in inventory, particularly in the residential and condominium classes."

“While demand has remained high, the supply struggle has had a mild impact on our market,” said Powers. “The addition of inventory from new home construction and current homeowners placing their homes on the market is welcomed by potential buyers and will provide a modicum of relief to the supply-demand tension.”

 A comparison of sales by category for April is:

   2017    2018
CLOSINGS    3,325    3,419
Residential    2,726    2,785
Condominium    355    421
Multi-Family    38    27
Farms/Land/Lots     206    186

There were 3,430 sales pending at the end of the month, compared to the 3,540 pending sales at this time last year. The average number of days on the market for a single-family home was 32 days.

The median residential price for a single-family home during April was $295,000 and for a condominium it was $222,750. This compares with last year’s median residential and condominium prices of $275,000 and $195,255, respectively.

Inventory at the end of April was 8,876, up from 8,481 in 2017. The current inventory of properties by category, compared to last year, is:

   2017    2018
INVENTORY    8,481    8,876
Residential    5,450    5,947
Condominium    495    617
Multi-family    58    70
Fams/Land/Lots     2,478    2,242

“A growing supply of homes in all price ranges is a must for a healthy and balanced market,” said Powers. “It provides housing opportunities and options for immediate buyer needs, which is important currently. But, with announcements like the relocation of the AllianceBernstein headquarters to Nashville later this year, a solid inventory is also necessary to provide a depth of options for future buyers.”

Greater Nashville 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.

Source: https://www.greaternashvillerealtors.org/news/april-home-sales-bring-increases-sales-and-inventory

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