Home buyer trends

Middle TN Homes Sales Slightly Down for February 2018

Condensed from Greater Nashville Realtors, March 7, 2018

 

NASHVILLE, Tenn. – There were 2,466 home closings reported for the month of February, according to data provided by Greater Nashville REALTORS®. This represents a decrease of 1.6 percent from the 2,507 closings reported in February 2017. Year-to-date closings through February 2018 are 4,764, a 3.1 percent decrease from the 4,918 closings reported through February 2017.

“The winter months of December, January and February had an available housing supply of about 1.3 months available, causing some buyers to elect to wait until the potential for a larger inventory selection in spring to purchase a home,” said Greater Nashville REALTORS President Sher Powers. “A less than two percent drop in sales reflects a symptom that a thriving city will experience as more people want to live here.

A comparison of sales by category for February is:

 CLOSINGS 2017 2018
 Total 2,507 2,466
 Residential 2,038 1,996
 Condominium 286 250
 Multi-Family 39 32
 Farms/Land/Lots 144 188

 

There were 3,307 sales pending at the end of the month, compared with 2,899 pending sales at this time last year. The average number of days on the market for a single-family home was 36 days.

The median residential price for a single-family home during February was $289,093, and for a condominium it was $214,250. This compares with median residential and condominium prices of $258,950 and $192,400, respectively, at this time last year.

Inventory at the end of February was 8,359, down from 8,464 in February 2017. The current inventory of properties by category, compared to last year, is:

 INVENTORY 2017 2018
 Total 8,464 8,359
 Residential 5,380 5,569
 Condominium 487 548
 Multi-Family 76 56
 Farms/Land/Lots 2,521 2,186