Middle Tennessee Home Sales Finish with a Strong Fourth Quarter

NASHVILLE, Tenn. (Jan. 9, 2017) – There were 3,280 closings during the month of December, according to figures provided by Greater Nashville REALTORS® (formerly the Greater Nashville Association of REALTORS). This is a 2.7 percent increase from the 3,194 closings reported for the same period in 2015.
     Fourth quarter closings were 9,582 for the Middle Tennessee area. That total is an 11 percent increase from the 8,621 closings during the fourth quarter of 2015. 
     Final numbers for 2016 indicate there were 38,954 homes sold in the region. Compared to the 36,873 closings in 2015, the total sales for 2016 were up 5.6 percent
     "2016 was an excellent year for real estate in Middle Tennessee," said Greater Nashville REALTORS President Scott Troxel. "Median prices rose, which was a plus for those selling last year. For buyers, interest rates remained low and for those who we were ready for homeownership, the opportunity to buy was there. 
     “In particular, the fourth quarter of the year was very solid. According to the data we have available to us, the last quarter of 2016 was the strongest fourth quarter for home sales our region has experienced,” said Troxel. “In terms of the market as a whole, it was the best Greater Nashville has seen in a decade.”
A comparison of sales by category for December is:

  December 2015 December 2016
CLOSINGS 3,194 3,280
 Residential 2,541 2,728
 Condominium 466 361
 Multi-Family 22 30
 Farms/Land/Lots 165 161

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

  Q4 2015 Q4 2016
CLOSINGS 8,621 9,582
 Residential 7,046 7,949
 Condominium 1,042 1,091
 Multi-Family 53 68
 Farms/Land/Lots 480 474

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

  YTD 2015 YTD 2016
CLOSINGS 36,873 38,954
 Residential 30,405 32,338
 Condominium 4,259 4,375
 Multi-Family 255 281
 Farms/Land/Lots 1,954 1,960

     There were 2,612 sales pending at the end of December, compared with 2,678 pending sales at this time last year. The average number of days on the market for a single-family home was 50 days.
     The median price for a residential single-family home was $266,408, and for a condominium it was $180,000. This compares with last year’s median residential and condominium prices of $242,945 and $194,183, respectively.
     Inventory at the end of December was 9,901 down from 10,846 in December 2015. The current inventory of properties by category, compared to last year, is:

  December 2015 December 2016
INVENTORY 10,846 9,901
 Residential 7.059 6,637
 Condominium 633 628
 Multi-Family 108 106
 Farms/Land/Lots 3,046 2,530

     “We have a healthy foundation to build on as we enter 2017. For those who will be buying or selling real estate this year, the marks of a good economy – job growth, wage growth, consumer confidence – remain,” said Troxel. “Inventory will continue to plague Nashville’s market, as well as many other markets across the country. Working with a real estate professional, a Realtor, will be a marked advantage to consumers in search of the right property.”
     Greater Nashville 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.