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Nashville Home Sales Dip in November

Posted by Scott Layson on December 9, 2015
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The Greater Nashville Association of Realtors® just released the housing numbers for November, which reported a slowdown in sales from last month. There were 2,397 home closings compared to last month’s 3,030.  Closings were also down 3.1% compared to last November when there were 2,474 closings.

Nashville real estate market november 2015

Part of the slowdown is due to seasonal trends in home sales, but it’s also a signal that the home prices may start to stabilize as the market is beginning to reject higher home prices in certain areas. This could be a good sign for potential homebuyers.

Year-to-date closings through November are 33,679, which is a 6.9 percent increase from the 30,431 closings reported through November 2014.

Current Home Values

The average price for single-family homes in November was $231,925, and for a condos/townhomes, it was $178,002. This compares with last year’ average residential and condominium prices of $215,000 and $165,256, respectively.

Sales by Category for November:

November 2014November 2015
CLOSINGS2,4742,397
 Residential2,0851,986
 Condominium248248
 Multi-Family2313
 Farm/Land/Lots118150

Quotes From the GNAR President

“With another full month to go, Middle Tennessee home sales have already exceeded those of 2014. Even with a slight dip in year-over-year sales, our market continues to thrive.”

“With the season of the year and the tight inventory levels, the small decline in sales isn’t a surprise. In fact, in active markets such as ours, this leveling out is inevitable and healthy. Home prices continue to experience incremental gains and pending sales remain strong, both of which are positive indicators for the sustained strength of our market.”

“If you are considering putting your home on the market, it’s not too late,” said Stanton. “There are advantages like less competition that come with putting your home on the market now.

Nashville Home Inventory by Category

Inventory at the end of November was 12,433, compared to 13,715 in November of last year.

 November 2014November 2015
INVENTORY13,71512,433
 Residential8,6948,198
 Condominium902807
 Multi-Family149115
 Farm/Land/Lots3,9703,313

What’s Pending

The number of pending homes was up slightly as we saw 2,516 sales pending at the end of the month.  This compares to 2,489 pending sales reported in November of 2014.  Homes are also moving quicker than last year as the average days on market was 58 days compared to 67 a year ago.

Thinking about buying or selling a home in Nashville? 

Feel free to connect with us.  As experts in the local Nashville market we help our clients sell or find their dream home quicker.

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