There were 1,033 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 6 percent from the 974 closings reported for the same period last year. “The year has started with positive news for home sales in Greater Nashville,” said GNAR President Lucy Smith. “The extended and expanded tax credit continues to be a significant factor in prompting people to consider both buying and selling homes. As the deadline approaches in April, it is possible that activity will increase as people take advantage of this exceptional opportunity. Prices did decline in January, which is due largely to the first-time home buying activity prompted by the tax credit."
There were 1,295 sales pending at the end of the month, compared with 1,282 pending sales at this time last year. The average number of days on the market for a single-family home was 99 days.
The median residential price for a single-family home during January was $159,000, and for a condominium it was $154,550. This compares with last year’s median residential and condominium prices of $165,000 and $165,000, respectively.
Inventory at the end of January was 22,233, down from 22,509 in January 2009.
However, when compared to Decemeber of 2009, closings are down 35.9%, prices are down 3% inventory is up 6.6% and DOM is up 10%. The market has slowed substantially from Q4 2009 to Q1 2010. We expect somewhat of a drop off, because December – March is typically the seasonal slow period in this area.