Greater Nashville May home sales

Falling inventory and pending home sales is the story for Greater Nashville homes sales. For the first time since last September, the number of homes pending sale are at 2000 even though the number of pendings is down from 2489 in May of 2008. Closings year-to-date are down 31.2% from 10,406 in 2008 YTD to 7,149 January - May 2009. In May, alone, there were 1783 homes closed compared to 2508 in May of 2008, which represents a 28.9% decrease.

Another very interesting data point from May revealed housing inventory has decreased in comparison with May of 2008. Inventory at the end of May was 25,096 down from 24,598 in 2008.

Here are the closings in comparing both 2008 and 2009 in May.

The median price of a single-family home during May was $169,900 and $156,250 for a condominium. This is down from last year’s median prices of $189,975 for a single-family and $159,000 for a condominium.

Williamson County Sales Data

The median price is dropping comparing month to month in May of 2008 and 2009. However, the first five months of 2009 indicate the median price is the same as all of 2008 at $365,000. In May, 219 closings were reported in Williamson County.

In comparing numbers from 2008, closings decreased in May 2009 37% and the median price decreased 14.6% as you compare with May 2008. Days on the market have increased by 19 days in comparison with May of 2008. The median price for condominiums decreased by 1% from May 2008 with an increase of 11 additional days on the market.

The chart comparing 3 years of May sales data is below.