March 2013 was the strongest March for home sales in the Nashville area since 2007.
There were 2,562 home closings reported for the month, according to the Greater Nashville Association of Realtors, a 30.5 percent increase from the same month last year. The number of closings recorded in the first quarter of 2013 was 5,980, up 23 percent from a year earlier.
“The housing market is very active. Seasonal trends and increased activity are combining to create more confidence that the housing market will continue to improve here in Greater Nashville,” said GNAR President Price Lechleiter. “This region is very fortunate in that we are experiencing recovery, stabilization and strengthening of the market more quickly than many other markets. Pending sales for March are the highest they’ve been since January 2007, and the increase in the residential and condo median prices is a welcome sign.”
The median residential price for a single-family home during March was $169,000 and for a condominium it was $147,900. This compares with last year’s median residential and condominium prices of $168,500 and $135,000, respectively. That the median single-family price dipped to being in line with 2012's number — in February, it was up 9 percent from the prior year — suggests the local housing market's strength is spreading into lower-priced properties.
Inventory is now at six months for the market generally and five months for the single-family market. Average time on market, as a result, is down to 80 days.