NASHVILLE, Tenn. (March 7, 2013) – There were 1,784 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of REALTORS.

This represents an increase of nearly 18 percent from the 1,515closings reported in February 2012. Year-to-date closings through February are 3,418, an18.2 percent increase from the 2,892 closings reported through February 2012.

“The home sales data for February indicates another increase in both home purchases and pending sales compared to last year,” said GNAR President Price Lechleiter. “And this month also marks the highest amount of closings in February since 2008. This is the eighteenth consecutive month of increased year-over-year closings.

“The housing market recovery in this region is proving to be sustainable, particularly in light of the seasonal increases in home sales activity anticipated in the coming months. The current trends are certainly positive, but long-term planning is needed to keep our city and region vibrant and attractive in the future. With that in mind, GNAR is fully engaged in the NashvilleNext initiative and commends those who are leading that process.”

A comparison of sales by category for February is:

2012          2013

CLOSINGS                 1,515         1,784
Residential                 1,251         1,481
Condominium            128            180
Multi-Family               22              24
Farm/Land/Lots        114             99

There were 2,269 sales pending at the end of the month, compared with 1,832pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.

The median residential price for a single-family home during February was $175,000, and for a condominium it was $138,473. This compares with median residential and condominium prices of $159,900 and $145,000, respectively at this time last year.

Inventory at the end of February was 15,651 down from 18,271 in February 2012. The current inventory of properties by category, compared to last year, is:

        2012            2013

INVENTORY            18,271         15,651
Residential              11,258          9,491
Condominium         1,559            1,223
Multi-Family            301               213
Farm/Land/Lots      5,153            4,724

“According to the National Association of Realtors, pending home sales were up over last year in every region of the country, including the South.  In the Greater Nashville area, there were more than 2,000 pending sales last month. Pending sales have not been above 2,000 since February 2008, so this is welcome news,” added Lechleiter.  “Inventory is consistently lower than what it was in recent years. With positive sales trends and low inventory, it is likely that more people will consider putting their homes on the market soon. It is important for sellers to understand that buyers are expecting homes to be market ready and priced correctly in order to seriously consider a purchase.”

The Greater Nashville Association of REALTORS is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

(courtesy of GNAR.org)