Home sales have best year since 2007

December sales up 20%, prices jump

The Nashville area had its strongest year for home sales since 2007.

The Greater Nashville Association of Realtors reported 26,097 homes sold in the region in 2012, up 26.5 percent from 2011. First-time home sales broke the 26,000 mark in five years.

December closed out the strong year with 2,147 closings, a 21.1 percent increase over December 2011, capping a fourth quarter with a more than 30 percent year-over-year rise.

“December home sales were up more than 20 percent over December 2011, and for the ninth consecutive month, over 2,000,” said GNAR President Price Lechleiter. “The Greater Nashville and Middle Tennessee real estate market is showing healthy signs of recovery, something our region shouldn’t take for granted. The same growth is not necessarily being experienced in other parts of the state and nation. Our diverse economy, progressive local and regional leadership and even the TV show Nashville highlight our city and create a positive spirit and outlook. That results in both businesses and families being attracted here.”

All four sectors of the market — single-family, condo, multi-family and land and lots — showed strong growth in 2012. Sales of condos, up 30.9 percent, and land, up nearly a third, outpaced the broader market.

The median residential price for a single-family home during December was $187,900 — a notable jump from the previous handful of months — and for a condominium it was $149,178. This compares with last year’s median residential and condominium prices of $168,500 and $140,062, respectively.