October 2010 Sales

The Greater Nashville Association of Realtors just released their home sales report for October 2010. Last month there were 1,495 closings, down from 2,145 sales during October 2009, representing a 30.3% decrease. These numbers will probably be the 'new reality' as the market adjusts to life without the tax credit.

While sales numbers are down, the average price of sold homes has gone from $160,000in October 2009 to $173,524 in October 2010. During the same time period, Nashville condo prices have gone up from $144,000 (10/2009) to $152,950 (10/2010). The absence of the tax credit may mean fewer first time home buyers are in the market, which in turn may increase the average price of the homes being sold. This increase in prices is still a positive sign given the number of foreclosures and short sales continuing to work their way through the market.

The inventory of available homes and condos for sale in Nashville TN has remained steady (23,398 in 2009, 22,826 in 2010). With lot of choices, competitive pricing and low interest rates, this is a great time to be in the market to buy. If you would like to know more about opportunities for great deals in your area, contact Jeff Fulmer at 615-545-8611 or jeff@jefffulmer.com. If you would like to see the complete GNAR report, click here.