December Home Sales Best in Nearly a Decade for Greater Nashville

NASHVILLE, Tenn. (Jan. 7, 2016) – There were 3,194 closings during the month of December, according to figures provided by the Greater Nashville Association of REALTORS®. This is a 12.5 percent increase from the 2,838 closings reported for the same period in 2014.

     Fourth quarter closings are 8,621 for Greater Nashville. That total is a 3.5 percent increase from the 8,327 closings during the fourth quarter of 2014.
     Final numbers for 2015 show there were 36,873 homes sold in the region. Compared to the 33,269 closings in 2014, the final closing numbers are up 10.8 percent.
     "December proved to be a strong month for home sales in the Nashville area. This marks the strongest December home sales our area has experienced since closing 3,109 units in 2006," said GNAR President Denise Creswell. "The number of pending sales is a good indicator for January. This is also the highest number of pending units, over 2,600, we have seen since 2006."

     "It has been nearly a decade since our real estate market has seen this much activity and positive growth," said Creswell. "We ended 2015 with 36,873 units closed. Again, that's the most annual closings we have had since 2006. Staying on a sustainable growth track, coupled with continued good reports on the economy and job market should make this year another successful and favorable one for both current and potential homeowners."

     A comparison of sales by category for December is:

  December 2014 December 2015
CLOSINGS 2,838 3,194
 Residential 2,354 2,541
 Condominium 329 466
 Multi-Family 30 22
 Farm/Land/Lots 125 165

     A comparison of sales by category for the fourth quarter is:

  4th Quarter 2014 4th Quarter 2015
CLOSINGS 8,327 8,621
 Residential 6,924 7,046
 Condominium 909 1,042
 Multi-Family 77 53
 Farm/Land/Lots 417 480

     A comparison of sales by category year-to-date is:

  YTD 2014 YTD 2015
CLOSINGS 33,269 36,873
 Residential 27,402 30,405
 Condominium 3,729 4,259
 Multi-Family 311 255
 Farm/Land/Lots 1,827 1,954

     There were 2,678 sales pending at the end of December, compared with 2,458 pending sales at this time last year. The average number of days on the market for a single-family home was 61 days.

     The median price for both residential properties and condominiums increased during December. For a single-family home it was $242,945, and for a condominium it was $194,183. This compares with last year’s median residential and condominium prices of $213,500 and $172,999, respectively.

     Inventory at the end of December was 10,846, down from 12,093 in December 2014. The current inventory of properties by category, compared to last year, is:

  December 2014 December 2015
INVENTORY 12,093 10,846
 Residential 7,623 7,059
 Condominium 721 633
 Multi-Family 116 108
 Farm/Land/Lots 3,633 3,046

     "Many of the factors necessary for healthy real estate markets are set to continue in 2016, including consumer confidence in both the economy and homeownership,” said Creswell. “For those desiring to get the most out of a purchase or sale this year, now is the time to make that move. Getting ahead of the spring rush gives buyers and sellers a definite inventory advantage. There are many equipped Realtors in Middle Tennessee ready to assist you with your real estate transactions this year."

     The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.