HOME SALES IN GREATER NASHVILLE WERE SLOW AGAIN IN NOVEMBER
There were 1,243 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 45 percent from the 2,2,60 closings reported for the same period last year.
And, there were 22,824 closings year-to-date in 2008. That is a 29 percent decrease compared to the 32.112 closings reported through November 2007.
"The real estate market in Greater Nashville is clearly feeling the effects of national economic trends," said GNAR President Mandy Wachtler. "It has taken longer for the trends to have their impact here, and the impact is still less than many other locations. And, we anticipate that we will be among the places where positive trends are seen earlier than other locations, as well. Even with the current market conditions we have, there is still no better place to be than right here."
There were 1,267 sales pending at the end of the month, compared with 1,946 pending sales at this time last year. The average number of days on the market for a single-family home was 81days. The median residential price for a single-family home during November was$165,000, and for a condominium it was $150,000. This compares with last year's median residential and condominium prices of $179,900 and $167,035, respectively.
Inventory at the end of November was 23,467, up from 22,301 in November 2007.
"Inventory remains plentiful but seems to be leveling out, especially for residential and condominium properties," said Wachtler. "There are loans available at what are still remarkable rates and transactions are still getting done at fair market prices for both buyers and sellers."
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 and real estate professionals. REALTOR® is a registered trademark which 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.
ZIP Codes: 37064, 37067, 37069 Approximate Location Boundaries: Franklin is in the middle of Williamson County, about 15 miles south of Nashville.
Location Characteristics: Franklin has a small town atmosphere with a square in the middle of town. Homes in Franklin run from the $250,000ish price to Over a million and even higher. It still has its small town atmosphere and is convenient to most anything you would want to do. Franklin is my favorite and we would live there if it was not so far away from our office.
About Lucy & Bill Rudolph & Lisa Turner:
Lucy and I are part of a dying breed of "born and bred" Southerners. We were raised in the South with traditional values of family, church, work and a healthy sense of helping your neighbor. We feel like Nashville and Middle Tennessee still hold those values close to its heart and enjoy living and working in a community with such a strong foundation.
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