RISMEDIA, Jan. 12, 2007-For the sixth consecutive year, home sales for the Greater Nashville area reached an all-time high in 2006.
According to figures provided by the Greater Nashville Association of REALTORS, 40,056 homes were closed in 2006, representing a 3 percent increase from the 38,874 closings reported for 2005.
"Nashville's real estate market continues a stretch of unprecedented growth," said Nashville Mayor Bill Purcell. "For six consecutive years, the city has set records in home sales, which is not only a tribute to industry professionals, but to the exciting things happening in our city. We look forward to another successful year ahead."
There were 3,109 closings during the month of December. This is a 7.5% decrease from the 3,362 closings reported for the same period in 2005, but it is the second highest number of homes ever sold in the month of December.
Fourth quarter closings are 9,307 for Greater Nashville. That total is down 2.6 percent from the 9,563 closings during the fourth quarter of 2005, but still the second-best fourth quarter on record.
"The Greater Nashville real estate market experienced its most productive year ever in 2006, with more than 40,000 closings for the first time ever," said Richard Courtney, 2007 president of the Greater Nashville Association of Realtors. "While expecting to break a record every month and every year is unrealistic, it is very encouraging to note that December and the fourth quarter posted the second-highest closings ever during those time periods. This is further confirmation that the Greater Nashville market remains active and healthy.
"The market has seen some other changes during the year, including a significant increase in the number of condominiums being purchased. With more condominium options becoming available in the downtown area, as well as in some surrounding cities, it is likely that trend will continue. People are discovering that condominium living is a very attractive option to consider."
There were 2,474 sales pending at the end of December, compared with 2,623 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 December was
$184,562, and for a condominium it was $173,840. This compares with last year's median residential and condominium prices of $174,900 and $168,275, respectively. Inventory at the end of December was 15,815, up from 12,763 in December 2005.
"Inventory decreased in December compared to what it was in November," Courtney added. "However, inventory almost always decreases at year-end and increases again in the spring. There are still plenty of homes on the market for those considering a purchase."
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.
