FEBRUARY HOME SALES INCREASE; PENDING SALES CONTINUE TO RISE

There were 1,308 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of REALTORS®.

This represents an increase of 3.2 percent from the 1,267 closings reported in February 2009. Year-to-date closings through February are 2,341, a 4.5 percent increase from the 2,241 closings reported through February 2009.

“The number of closings are up from last year, which has been the case now for five consecutive months. Pending sales have also increased, which is a positive sign for what we can anticipate for the spring,” said GNAR President Lucy Smith. “With median residential prices virtually the same as last year, median condo price down slightly and interest rates still remarkably low, the overall market remains stable with some cause for optimism as people take advantage of these conditions.

“It was expected that the market would stabilize after the significant increases in closings at the end of 2009 due to the tax credit deadline. But, with the next deadline at the end of April, it is reasonable to think that we could see another burst of activity in spring and early summer. And, with increased activity and energy in the marketplace, it is possible that there will be more closings beyond first-time homebuyers in the upcoming months,” Smith continued.

There were 1,614 sales pending at the end of the month, compared with 1,452 pending sales at this time last year. The average number of days on the market for a single-family home was 89 days.

The median residential price for a single-family home during February was $159,900, and for a condominium it was $149,950. This compares with median residential and condominium prices of $160,000 and $151,120, respectively at this time last year.

Inventory at the end of February was 23,159 up from 23,122 in February 2009.

“Inventory is up slightly from last month and pretty even with levels from last year,” added Smith. “With less than 60 days left until the homebuyer tax credit deadline, excellent interest rates and a good variety of homes available in the Greater Nashville market, the spring and summer selling seasons could be better than what was the case during the past two years.”

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