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Middle TN Sees Largest Home Sales Gain in November

Middle Tennessee Sees Largest Home Sales Gain in November

NASHVILLE, Tenn. (Dec. 7, 2016) – There were 2,978 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 24 percent from the 2,397 closings reported for the same period last year.

Year-to-date closings through November are 35,674, a 6 percent increase from the 33,679 closings reported through November 2015.

“Although we experienced a substantial increase in closings this November as compared to last November, our monthly trending this year is in line with typical market trends this time of year.  The numbers of closings are high, but have shown fewer closings month by month since the summer,” said GNAR President Denise Creswell.

“Various factors play into the 24 percent increase we saw over 2015, including the end of the year approaching and the threat of rising interest rates,” said Creswell. “Many people locked in their rates in October in anticipation of rising interest rates after the election, and they have edged up slightly. We will likely see the interest rate factor be a boost to home sales in December, as well.”

A comparison of sales by category for November is:
November 2015 November 2016
CLOSINGS
2,397
2,978
Residential 1,986
2,463
Condominium 248
353
Multi-Family 13
22
Farms/Land/Lots 150
140

There were 2,774 sales pending at the end of the month, compared with 2,516 pending sales at this time last year. The average number of days on the market for a single-family home was 49 days.
The median residential price for a single-family home during November was $259,900, and for a condominium, it was $182,390. This compares with last year’s median residential and condominium prices of $231,925 and $178,002, respectively.

Inventory at the end of November was 11,225, compared to 12,433 in November of last year. The current inventory of properties by category, compared to last year, is:
November 2015 November 2016
INVENTORY 12,433 11,225
Residential 8,198 7,540
Condominium 807 737
Multi-Family 115 116
Farms/Land/Lots 3,313 2,832


“New construction is also adding to the increase this time of year. New construction starts are up across the country, and Middle Tennessee saw 200 more new construction units close in November than November 2015,” said Creswell.
“November saw our biggest sales gain all year compared to last year, and it also saw our lowest days on market average as far back as our records go,” said Creswell. “We say it almost every month with the release of market data, and it bears repeating again: with our ever-tightening inventory supply, being prequalified and ready to make an offer quickly is critical for buyers, even in the colder months.”

 

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