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February Home Sales in Nashville Best Since 2007

Posted by Scott Layson on March 22, 2016
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Piggybacking off of January’s homes sales, February saw the strongest sales numbers we’ve seen since 2007. Overall there were 2,293 home closings reported for the month of February, which was a 9.7 percent increase from last year’s 2,091 closings. The year-to-date closings through February are also up 9.7% compared to this time last year.

Nashville February Home sales

Current Home Values

The average price for a single-family home during February was $235,000 and $174,380 for condos/townhomes. This is solid gain in home values as the average sales prices for February in 2015 were $206,000 for single-family homes and $163,125 for condos and townhomes.

Sales by Category for February

 

February 2015

February 2016

CLOSINGS

2,091

2,293

 Residential

1,697

1,891

 Condominium

229

270

 Multi-Family

13

18

 Farms/Land/Lots

152

114

Quotes from the GNAR President

“Growing consumer confidence, a gentle increase in inventory and a healthy economy all contributed to making February another solid month in home sales,” said GNAR President Denise Creswell. “Our region closed over 2,200 units last month. Like January of this year, February hasn’t been this strong since 2007.

“Several days of unseasonably warm weather certainly aided this month’s activity. Whether you believe the predictions of Punxsutawney Phil or not, Middle Tennessee’s real estate market is set to see an early spring,” said Creswell.

“Inventory crept up a little this month, and we expect it to tick up each month as we head towards the summer,” said Creswell. “Though inventory affects the market, other issues like transit options also matter to those looking to buy a home. Realtors encourage everyone to take the Nashville MTA/RTA’s ‘Decide Your Ride’ survey. Meaningful transit options help to maintain and elevate property values, which is a benefit for current and future homeowners.”

Nashville Home Inventory by Category

Housing inventory at the end of February was 11,677, which is down from last February’s number of 12,445 available homes. The current inventory of properties by category, compared to last year, is:

 

February 2015

February 2016

INVENTORY

12,445

11,677

 Residential

7,912

7,707

 Condominium

814

755

 Multi-Family

110

96

 Farms/Land/Lots

3,609

3,119

What’s Pending?

At the close of last month there were 2,735 sales pending which is a 11.3% increase compared to the 2,458 pending sales at this time last year. The average number of days on the market for a single-family home was 65 days.

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