November Homes Sales Show Moderate Decrease
Inventory Up 25 Percent
There were 2,954 closings reported for the month of November, according to figures provided by Greater Nashville REALTORS®. This represents a 7 percent decrease from the 3,177 closings reported for November 2017.
Year-to-date closings total 36,633 a 1.6 percent decrease compared to the 37,236 closings reported through November 2017.
“November closings show a moderate decrease compared to this time last year," said Greater Nashville REALTORS® President Sher Powers. "To counter that, we do see higher numbers for pending sales going into December, which means it's likely to balance the year with sales volume very similar to last year's totals.
Powers continues, "Pricing is still showing an increase for the month but at a calmer rate. With 25 percent more inventory on the market than last year for December, this continues to be a good time for buyers to find a home."
There were 3,076 properties under contract at the end of the month, compared to the 2,906 properties under contract at this time last year. The average number of days on the market for a single-family home was 33 days.
The median residential price for a single-family home during November was $295,000 and for a condominium it was $221,250. This compares with last year’s median residential and condominium prices of $285,000 and $216,751.
Active inventory at the end of November was 12,004, which increased from 9,454 in 2017.