NASHVILLE, Tenn. (Feb. 7, 2013) – There were 1,634 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS. This figure is up 18.7 percent from the 1,377 closings reported for the same period last year.

“This is a very positive start to the year for Middle Tennessee home sales,” said GNAR President Price Lechleiter. “It is especially good news to see an increase of this number over January of 2012, which was up about 25 percent compared to 2011. The positive home sales trend into this year is very encouraging. In fact, we have not had more than 1,500 closings in January since 2008.

“Though these numbers are a great start to the year, challenges still remain for the overall real estate market. It’s difficult to anticipate the impact national economic trends and government choices will have – including decisions on fiscal issues,” continued Lechleiter. “Locally, the economic impact of the increase in home sales goes well beyond the actual transaction. Those sales prompt additional construction jobs for building new homes and help initiate major purchases made by homeowners, such as appliances, furniture, floor coverings and lawn care equipment.”

A comparison of sales by category for January is:

 2012          2013

CLOSINGS                 1,377         1,634
Residential                 1,116         1,344
Condominium            158            174
Multi-Family               15               22
Farm/Land/Lots         88              94

There were 1,968 sales pending at the end of the month, compared with 1,615 pending sales at this time last year. The average number of days on the market for a single-family home was 81 days.

The median residential price for a single-family home during January was $167,000 and for a condominium it was $150,000. This compares with last year’s median residential and condominium prices of $157,500 and $140,325, respectively.

Inventory at the end of January was 15,478, compared with 17,949 in January 2012. The current inventory of properties by category, compared to last year, is:

     2012            2013

INVENTORY            17,949          15,478
Residential             10,971           9,342
Condominium         1,526            1,153
Multi-Family            319               207
Farm/Land/Lots      5,133            4,776

“Median prices are up modestly for both single-family and condominium homes and pending sales are near 2,000, which is especially encouraging as an indicator of future activity,” said Lechleiter. “Inventory remains at levels comparable to early 2006. However, at this time of the year potential sellers are either putting their homes on the market or doing some fix-up projects preparing to list their homes for sale in the next few months. New home construction is also increasing, providing additional purchase options.”

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.