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Charter Properties

Equal Housing Opportunity and Realtor

Market News

2014 HOME SALES BEGIN WITH CONTINUED INCREASE

 

NASHVILLE, Tenn. (Feb. 6, 2014) – There were 1,779 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 8.9 percent from the 1,634 closings reported for the same period last year.  

     “The increase in January is a very positive start to the year for Middle Tennessee home sales. Though single digit, the number is proof that the market remains stable and growing,” said GNAR President Hagan Stone. “2013 was a year of meaningful improvement for home sales. We look forward to what the rest of 2014 will bring.

      “Challenges still remain for the overall real estate market and some federal laws have the ability to affect the industry. The Dodd-Frank Act Wall Street Reform and Consumer Protection Act which went into effect in January may make the mortgage process more strenuous, keeping some eligible buyers from obtaining mortgages at all.  Federal tax reform and housing affordability are also items Realtors are monitoring this year.”  

     A comparison of sales by category for January is:

   

 

 January 2013

 January 2014

 CLOSINGS

  1,634

  1,779

   Residential

  1,344

  1,447

   Condominium 

  174

  199

   Multi-Family 

  22

   22

   Farms/Land/Lots

  94 

  111

     There were 1,979 sales pending at the end of the month, compared with 1,968 pending sales at this time last year. The average number of days on the market for a single-family home was 72 days.

 

     The median residential price for a single-family home during January was $195,000 and for a condominium it was $165,000. This compares with last year’s median residential and condominium prices of $167,000 and $150,000, respectively.

 

     Inventory at the end of January was 13,962, compared with 15,478 in January 2013.  The current inventory of properties by category, compared to last year, is:

 

 

 January 2013

 January 2014

INVENTORY 

  15,478

 13,962

 Residential 

   9,342

  8,534

 Condominium

   1,153

  1,050

  Multi-Family

   207

  168

  Farms/Land/Lots

   4,776

  4,210

 

 

 

     “Inventory, while still down from last year, is up from last month by about 300 units. This is typical, as sellers begin to put homes on the market now in preparation for the spring buying season,” added Stone. “This is also good for buyers as it offers them more options and choices.” 

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