The Greater Nashville Association of Realtors said Thursday there were 3,349 home closings reported for the month of July. This represents a 15.7 percent decrease from the 3,976 closings reported for the same period last year.
Year-to-date closings for the Greater Nashville area are 21,419. That is a decrease of 8.9 percent from the 23,522 closings reported through July 2006. However, the Realtor’s group said the Greater Nashville real estate market continues to experience the third-best year on record.
“The market in Greater Nashville is still active and in balance. As a matter of fact, the market has actually become more normal, rather than remaining as hot as it was in the past few years. And, there are some new conditions and factors such as the increased number of homes available,” said GNAR President Richard Courtney. “The changing market makes the price and condition of the home when it goes onto the market even more important.
There were 3,112 sales pending at the end of July, compared with 3,698 pending sales at this time last year. The average number of days on the market for a single-family home was 65 days.
The median residential price for a single-family home during July was $189,900, and for a condominium was $154,000. This compares with last year’s median residential and condominium prices of $180,300 and $139,800, respectively.
Inventory at the end of July was 21,861, up from 16,170 in July 2006.
“The inventory of available homes and properties is consistently more than 20,000 for the Greater Nashville market now,” Courtney said. “While that is higher than it has been in recent years, it is important to remember that it represents just a little more than a six-month supply, based on the current number of closings."