Stormy Weather Didn't Stop Home Sales in June

NASHVILLE, Tenn. (July 8, 2019) – There were 4,172 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This figure is up 3.4 percent from the 4,036 closings reported for the same period last year.  

"Consumers are taking full advantage of our vibrant local and national economy," said Andrew Terrell, Greater Nashville REALTORS® president. "Falling mortgage rates are boosting consumer confidence when it comes to buying and selling homes, which is evident in the 2.3 percent increase in sales year-to-date compared to 2018."

Data for the second quarter of 2019 showed 11,823 closings, up 5.4 percent from the 11,222 closings during the second quarter of 2018.

A comparison of sales by category for June is:

 2018  2019
Closings 4,036 4,172
Residential 3,385 3,529
Condominium 446 451
Multi-Family 27 24
Farms/Land/Lots 178 168

A comparison of sales by category for the second quarter are:

2018 2019
Closing 11,222 11,823
Residential 9,305 9,845
Condominium 1,270 1,341
Multi-Family 85 86
Farms/Lands/Lots 562 551

2019 midyear report:

YTD 2018 YTD 2019
Closing 19,423 19,870
Residential 16,009 16,522
Condominium 2,167 2,250
Multi-Family 150 148
Farms/Land/Lots 1,106 950

There were 3,645 sales pending at the end of June, compared to 3,379 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 price for a residential single-family home was $319,990 and for a condominium it was $231,689. This compares with last year’s median residential and condominium prices of $314,900 and $221,850 respectively.

Inventory at the end of June was 11,610 up from 11,087 in June 2018.

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

2018 2019
Inventory 11,087 11,610
Residential 7,820 8,274
Condominium 896 985
Multi-Family 124 69
Farms/Land/Lots 2,247 2,282

"Inventory continues to increase across the region, and with the excitement of new companies like Mitsubishi coming to our area, this is a good thing. It is critical in our current market that consumers understand the value of working with Realtor. A Realtor who is different from a real estate agent adheres to a strict code of ethics and are skilled negotiators that can help buyers and sellers navigate our ever-thriving market," added Terrell.

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

Source: https://www.greaternashvillerealtors.org/news/stormy-weather-didn%E2%80%99t-stop-home-sales-june

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