March Statistics Released by the Greater Nashville Area of REALTORS®
Categories: Buying a Home, Selling a Home, Real Estate Investing, Homeownership, Local News
Posted Thursday, April 09, 2009 | 38 Views |
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MARCH HOME SALES CONSISTENT WITH YEARLY TRENDS
There were 1,521 home closings reported for the month of March, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 31.7 percent decrease compared with 2,227 closings in March of 2008.
Numbers for the first quarter were 3,762 closings, down 34.6 percent from the 5,763 closings during the first quarter of 2008.
“The seasonal increase in home sales over the past couple months is certainly a welcome sign, but our housing market has a long way to go to a full recovery. We’ve heard a lot of ‘good news’ lately concerning the market, but as March numbers show, we need to be sure we are making correct and meaningful comparisons when evaluating the data,” said GNAR President Mike Nichols. “Regardless, March home sales are consistent with, and maybe a little better than, the trend we’ve seen so far this year. And consistency and small improvements are good news. Many people are beginning to realize the combination of historically low interest rates, government incentives and available inventory makes this a very good time to consider purchasing a home.”
There were 1,731 sales pending at the end of March, compared with 2,308 pending sales at this time last year. The average number of days on the market for a single-family home was 89 days.
The median residential price for a single-family home during March was $158,000 and for a condominium it was $155,704. This compares with last year’s median residential and condominium prices of $178,388 and $160,573, respectively.
Inventory at the end of March was 23,886, up slightly from 23,730 in March 2008.
“We continue to have a strong, but stable inventory, and that is great news for buyers looking to take advantage of the ideal buying climate,” added Nichols. “With the busy spring home sales season, sellers should make sure their home is in the best possible condition and priced correctly. And calling on a Realtor is a great way to make sure you have done just that.”
Source: Greater Nashville Association of REALTORS®, press release 040909.