According to the Greater Nashville Association of Realtors (or GNAR), there were 1,745 homes sold in the month of July, which is a 21 percent decrease compared to the 2,241 closings reported in July of 2009. Year-to-date closings are at 12,768, which is still an 11.5 percent increase over the 11,454 closings reported through July 2009.
On the other hand, prices for both single-family and condominums rose. The median price of a single-family residence was $181,000 and for a Nashvile condo it was $149,900. By comparison, the median price of a single family residence in July of 2009 was $171,100 and for a condominium in Nashville it was $142,146.
The tax credits brought in a lot of new buyers to the market, which helped increase the number of sales. Once the tax credits expired, it was just a matter of time before we saw sales volume drop off. On the other hand, those new buyers tended to purchase entry level priced homes and condos. Now, those average sales prices are starting to climb back up, which is good for the overall market.
Click here if you would like to see the entire GNAR's press release. If you have any questions about selling or buying home, feel free to contact Jeff Fulmer at 615-545-8611 or at jeff@jefffulmer.com
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