ResalesNashville Reports Platinum Record Sales In Homes
Nashville, Tennessee boasts more than platinum-selling country recording artists. Home sales are booming, too, say local Realtors.
"Nashville"s homes sales have soared to another record year," says Realtor Lawrence M. Lipman. "Our diversified economy, relocation of large companies, and the reasonable interest rates have all helped in making Nashville"s housing market strong. There have also been many first-time home buyers in the market who can now afford to own rather than rent. The overall inventory has dropped, and the average number of days on the market is 75. If Nashville continues to move as much property in December as it has the first eleven months, then we will break an all-time record!"
Say Realtors Lucy and Bill Rudolph, "There were 2,909 home closings reported for the month of October, according to figures provided by RealTracs Solutions (Formerly Middle Tennessee Regional MLS) through the Greater Nashville Association of Realtors®. This represents a 25 percent increase from the 2,326 closings reported for October of 2002. There were 26,833 closing reported year-to-date in 2003, which is up 12 percent over the 23,960 closings reported through October of 2002."
"Every month this year we have seen home sales increase over 2002 numbers, which was our best year ever in Greater Nashville," said John Gifford, 2003 President of the Greater Nashville Association of Realtors. "The October increase at 25 percent is very encouraging, especially following the July, August and September numbers, which were up 19 percent, 21 percent and 23 percent, respectively. Based on year-to-date closings, if current pending sales all close, we would set a new mark for annual home sale in November. And, it certainly appears that a new record will be established by the end of the year."
Add the Rudolphs, "There were 2,700 sales pending at the end of October, compared with 2,433 sales that were pending at the same time last year. The median residential price during October was $136,900 and for a condominium it was $111,650. That compares with median residential and condominium prices at this time last year of $135,900 and $120,000 respectively. The average number of days on the market for a single-family residence was 77 days. Inventory at the end of October was 15,970. That compares with an inventory of 17,223 at the end of October 2002."
"Interest rates have risen slightly but with the continued good interest rates, we are seeing still more first-time buyers coming into the market," advises Realtor Barbara Barton. "There is negotiating room on most sales because of the number of listings offered, though occasionally we see a property with multiple offers."
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