August Brings Home Sales Increase

NASHVILLE, Tenn. (Sept. 7, 2018) – There were 3,961 closings reported for the month of August, according to figures provided by Greater Nashville REALTORS®. This represents a 2.0 percent increase from the 3,883 closings reported for August 2017. 

Year-to-date closings total 27,205 a 0.2 percent decrease compared to the 27,248 closings reported through July 2017.

“The numbers in August show a healthy increase in closings compared to August 2017,” said Greater Nashville REALTORS® President Sher Powers. “We're also seeing strong pending sales as we head into September, which bodes well for fall closings.”

A comparison of sales by category for August is:

   2017    2018
CLOSINGS    3,882    3,961
Residential     3,282    3,301
Condominium    410    438
Multi-Family    24    30
Farm/Land/Lots    167    192

There were 3,152 properties under contract at the end of the month, compared to the 3,939 properties under contract at this time last year. The average number of days on the market for a single-family home was 27 days.

The median residential price for a single-family home during August was $305,000 and for a condominium it was $224,900. This compares with last year’s median residential and condominium prices of $285,000 and $207,061.

Active inventory at the end of August was 12,150, which increased from 9,208 in 2017. 

The current inventory of properties by category, compared to last year, is:

   2017    2018
INVENTORY    9,208    12,150
Residential    6,233    8,677
Condominium    525    984
Multi-Family    86    95
Farms/Land/Lots    2,364    2,394

“As inventory shows moderate increases across Middle Tennessee, the market is calming and offering more home options for buyers, which has inspired new buyers to step into the market and more sellers to list their homes,” added Powers.

Source: https://www.gnar.org/news/august-brings-home-sales-increase

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