There were 2,064 home closings reported for the month of August, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an 9.2 percent decrease from the 2,273 closings reported for the same period last year. Year-to-date closings for the Greater Nashville area have decreased 23.8 percent. There were 13,518 closings, compared with 17,758 closings reported through August of last year.
There were 2,181 sales pending at the end of August, compared with 2,149 pending sales at this time last year. The average number of days on the market for a single-family home was 88 days.
The median residential price for a single-family home during August was $160,000, and for a condominium it was $147,900. This compares with last year's median residential and condominium prices of $177,500 and $162,500, respectively.
Inventory at the end of August was 24,404, down from 24,975 in August 2008.
“The number of closings has stabilized in recent months and it is encouraging that we have exceeded 2,000 sales for the third consecutive month,” said GNAR President Mike Nichols. “The median price has decreased, primarily as a result of short sales and foreclosures, which makes the current real estate market a good one for investors. It is also reasonable to expect that some first-time buyers will act soon to take advantage of the $8,000 tax credit before it runs out December 1, 2009.”
“Residential and condominium inventory is lower than last year, but there is still an abundant selection of quality properties all across Greater Nashville. The inventory of farms, land and lots remains high and will likely stay that way until homebuilding activity increases,” said Nichols. “Those looking to take advantage of the Federal Housing Tax Credit, if not already looking, should immediately start the process of finding a home. Buying a home is rightfully a lengthy process and to take advantage of the
$8,000 credit, the property must be purchased by December 1.”