Home Sales Increase for Sixth Consecutive Month

March home sales increase more than 21% and first quarter figures up over 11%!

GNAR Press Release:
There were 1,851 home closings reported for the month of March 2010, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 21.6 percent increase compared with 1,521 closings in March of 2009.

Numbers for the first quarter of 2010 were 4,192 closings, up 11.4 percent from the 3,762 closings during the first quarter of 2009.

“Having the number of home closings in Greater Nashville increase more than 21 percent from this time last year is a very encouraging sign,” said GNAR President Lucy Smith. “This makes six consecutive months or two consecutive quarters of positive figures for home sales, which is very good news. It is also good to see the median residential price remaining stable.”

“The tax credit deadline of April 30 for contracts, with closings by the end of June, has certainly been responsible for much of the sales activity. It is reasonable to expect many transactions are being seriously considered right now to take advantage of the tax credit, so it is likely that the positive trends will continue at least though the spring and early summer,” Smith continued.

There were 2,231 sales pending at the end of March, compared with 1,731 pending sales at this time last year. The average number of days on the market for a single-family home was 92 days.

The median residential price for a single-family home during March was $159,250 and for a condominium it was $137,450. This compares with last year’s median residential and condominium prices of $158,000 and $155,704, respectively.

“Inventory is up slightly from last year, and actually up nearly 1,000 units from last month,” added Smith. “This is great news for buyers looking to take advantage of the spring home-buying season and the tax credit. Sellers are putting their homes on the market giving buyers a significant variety from which to choose. The increase in real estate market activity seems to indicate that people are beginning to feel more confident and believe the overall economy is beginning to recover.”

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.