There were 3,419 closings reported for the month of April, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 2.8 percent over the 3,325 closings reported for April 2017.
Year-to-date that is a 0.3 percent decrease from 2017 with 11,629 closings reported, compared to last year’s closings reported closings through April 2017 of 11,663.
“Home sales for the second quarter started with the types of positive gains expected for this time of the year,” said Sher Powers, Greater Nashville REALTORS® President. “The most encouraging gain is in inventory, particularly in the residential and condominium classes.
“While demand has remained high, the supply struggle has had a mild impact on our market,” said Powers. “The addition of inventory from new home construction and current homeowners placing their homes on the market is welcomed by potential buyers and will provide a modicum of relief to the supply-demand tension.”
There were 3,430 properties under contract at the end of the month, compared to the 3,540 properties under contract at this time last year. The average number of days on the market for a single-family home was 32 days.
The median residential price for a single-family home during April was $295,000 and for a condominium, it was $222,750. This compares with last year’s median residential and condominium prices of $275,900 and $195,255, respectively.
Active inventory at the end of April was 8,876 up from 8,481 in 2017.
“A growing supply of homes in all price ranges is a must for a healthy and balanced market,” said Powers. “It provides housing opportunities and options for immediate buyer needs, which is important currently. But, with announcements like the relocation of the AllianceBernstein headquarters to Nashville later this year, a solid inventory is also necessary to provide a depth of options for future buyers."