As the leaves across middle Tennessee continue to fall, we are starting to think about all we are thankful for. Though this year has been one of the most challenging we've seen in many years, there is still so much to be grateful for. Homeowners and those who aspire to be homeowners in the Greater Nashville area are reaping the benefit of a vibrant and robust housing market.
Despite the early effects of COVID-19 that struck the market in early April, the housing market immediately began to recover, thus stimulating the local economy. Home sale numbers have continued to gain momentum and have even broken a record or two. Everyone keeps asking me, Kristy, what is the market doing? Well, I say, it's steadily progressing.
Greater Nashville Realtors tracks weekly average sales compared to the year before, and all through October, we've seen overall increases. Though we won't have final sales numbers until next week, I can tell you that based on what we see today, we have already surpassed October 2019. As many pending sales will continue to close over the next couple of days, the outcome for October is very optimistic.
Currently, there are still 3,970 pending sales for October. This number continues to stay strong month after month and continues to set the stage for a strong November. A pending sale is a property that is under contract but has not closed yet. Seeing this number rise each month lets us know that when a new listing is added to the market, it is going under contract in less than 30 days. Now, that's not happening in every price point and area, but it's an overall view of monthly market absorption of new listings.
A common trend we see in many neighborhoods across the Greater Nashville inventory is low inventory. What buyers and sellers need to remember is low inventory does not mean no inventory. Housing inventory ranges depending on location and price point, but just last week alone, we added over 800 new listings to the market. That's encouraging because there are currently more buyers than properties available. One of the potential concerns is that job employment is still in flux for varying industries, so we will be watching rising inventory to ensure that there's no larger underlying problem of financial troubles.
Lastly, it is critical to understand that buyers and sellers should be prepared to encounter a multi-offer situation with low inventory and a fast-paced selling market. This happens when a property receives more than one offer simultaneously, often within hours of a property hitting the market. Buyers should not let this discourage them. When starting your real estate journey, working with a Realtor is vital to successfully navigating the market. More than an app, a Realtor is prepared and ready through their continued pursuit of excellence with the latest data and information to make your offer as competitive as possible. So, if you are prepared to jump into homeownership or sell your home, don't click on an app; engage with a Realtor.