Nashville’s February Home Sales Strongest in Nearly a Decade

NASHVILLE, Tenn. (March 7, 2016) – There were 2,293 home closings reported for the month of February, according to data provided by the Greater Nashville Association of REALTORS®.

    This represents an increase of 9.7 percent from the 2,091 closings reported in February 2015. Year-to-date closings through February 2016 are 4,460, a 9.7 percent increase from the 4,067 closings reported through February 2015. 
   
     “Growing consumer confidence, a gentle increase in inventory and a healthy economy all contributed to making February another solid month in home sales,” said GNAR President Denise Creswell. “Our region closed over 2,200 units last month. Like January of this year, February hasn’t been this strong since 2007.

     “Several days of unseasonably warm weather certainly aided this month’s activity. Whether you believe the predictions of Punxsutawney Phil or not, Middle Tennessee’s real estate market is set to see an early spring,” said Creswell.

     A comparison of sales by category is:

  February 2015 February 2016
CLOSINGS 2,091 2,293
 Residential 1,697 1,891
 Condominium 229 270
 Multi-Family 13 18
 Farms/Land/Lots 152 114

     There were 2,735 sales pending at the end of the month, compared with 2,458 pending sales at this time last year. The average number of days on the market for a single-family home was 65 days.

     The median residential price for a single-family home during February was $235,000, and for a condominium it was $174,380. This compares with median residential and condominium prices of $206,000 and $163,125, respectively, at this time last year.

     Inventory at the end of February was 11,677, down from 12,445 in February 2015. The current inventory of properties by category, compared to last year, is:

  February 2015 February 2016
INVENTORY 12,445 11,677
 Residential 7,912 7,707
 Condominium 814 755
 Multi-Family 110 96
 Farms/Land/Lots 3,609 3,119

     “Inventory crept up a little this month, and we expect it to tick up each month as we head towards the summer,” said Creswell. “Though inventory affects the market, other issues like transit options also matter to those looking to buy a home. Realtors encourage everyone to take the Nashville MTA/RTA’s ‘Decide Your Ride’ survey. Meaningful transit options help to maintain and elevate property values, which is a benefit for current and future homeowners.” 

     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.