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There were 2,488 home closings reported for the month of July, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 25.7 percent from the 3,349 closings reported for the same period last year.
There were 15,485 closing year-to-date in 2008. That is a 27.7 percent decrease compared to the 21,419 closings reported through July 2007.
"The Greater Nashville real estate market is performing at a very consistent rate. The number of closings is down, but at virtually the same rate as has been the case in recent months," said Mandy Wachtler, 2008 President of the Greater Nashville Association of Realtors. "Median prices are down about five percent for single-family homes and up about that same amount for condominiums. The variations are within what clearly can only be characterized as a stable, consistent market performing favorably in light of national economic trends."
A comparison of sales by category for July is:
Closings
Residential
Condominium
Multi-family
Farms/Land/Lots | July 2007
3,349
2,733
418
28
170
| July 2008
2,488
2,060
325
279
74
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There were 2,394 sales pending at the end of July, compared with 3,112 sales that were pending at the same time last year. The median residential price during July was $179,995 and for a condominium it was $162,900. That compares with median residential and condominium prices at this time last year of $189,900 and $154,000 respectively. The average number of days on the market for a single-family residence was 79 days.
Inventory at the end of July was 25,023. That compares with an inventory of 21,861 at the end of July 2007. Current inventory of properties by category, compared to the same time last year, is:
Inventory
Residential
Condominium
Multi-family
Farms/Land/Lots | July 2007
21,861
14,932
2,413
3246
4,170 | July 2008
25,023
15,844
2,593
404
6,182
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"The inventory available in Greater Nashville is up in a range consistent with where it has been for the past several months ," Wachtler said. "Buyers, including those considering owning a home for the first time as a result of the Housing and Economic Recovery Act, have a good variety from which to choose in a variety of locations throughout the region."
The Greater Nashville Association of Realtors® is one of Middle Tennessee's largest professional trade associations and serves as the primary voice for Nashville-area property owners and real estate professionals. REALTOR® is a registered trademark which July be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.
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