Year-to-date closings are at 13,402, which is an 11.6 percent increase compared to the 12,012 closings reported through May 2014.
Nashville Real Estate by The Numbers
What the Experts Have to Say
GNAR President Cindy Stanton stated that “The summer is always a hot time for home sales. Middle Tennessee hasn’t seen a month of May this strong since 2007. This is the first time since June of 2007 that we have exceeded 3,500 units sold in one month. The steady increase in home sales is the sign of a vibrant market.”
“The excitement continues with the number of pending home sales. There were 3,730 pending sales at the end of May. We haven’t experienced pending sales numbers like these since June of 2006. While not all of those pending sales may make it to the closing table, they are a good indicator of the the solid activity in the housing industry we can expect in the coming months.”
Nashville Home Sales by Category
The report from GNAR shows that there were 3,730 sales pending at the end of the month. Last year at this time, there were 3,108 pending sales. Homes continue to sell quicker, as average days on market was 61 days compared to 66 days last month.
According to Stanton, home inventory is still the biggest hurdle with just a “three month supply for single family homes and two months for condominiums. Many properties rapidly leave the market and some never make it to be listed in the multiple listing service.”
This is one of the main reasons we will usually put our clients on daily listing alerts as well as network with other Realtors to see what new properties are coming on the market. If you are starting your home search in Nashville, feel free to connect with us, so that we can help you find the right property quickly.