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.

The median home price for homes in Williamson County was $385,000 for February 2009, down from $387,000 one year prior. Single family home sales were down 14% from last year.

Condo sales, took a bigger dive, at 52% decrease selling only 13 condos compared to 27% in February of 2008 while the price dropped 18% to $180,000 from $215,000.

Overall the number of days on the market increased from 77 days to 93 days for single family homes and dropped to 44 days from 60 for condos.

The Williamson County Association of REALTORS® today announces the sale of homes statistics for Williamson County, Tn. for the month of January 2009. There were 114 residential and condominium closings reported for the month of January, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.

Compared to January of 2008, the single family residential closings decreased 26 percent and the median price decreased by 8 percent. Compared to 2006, the median home prices have increased by 24 percent. The average days on the market (DOM) for residential homes has increased by 8 days. The median is a typical market price where half of the homes sold for more and half sold for less.

With 107 residential closings, the median price was $365,000 and the average $468,785 with average Days on Market at 95. Compared to 2008 where there were 145 closings, a median price of $395,000, an average price of $451,792 and days on market at 87.

With 7 condo closings compared to 28 last year, the median price was $220,000, average price at $172,493 and 69 days on the market. The prices are up in comparison to last year’s $174,308 median and $182,131 average price with only 35 days on the market.

“The Williamson County real estate market performed as expected for January. There is pent up demand from buyers and many consumers are waiting to hear about potential tax incentives proposed in the Economic Stimulus Package before making decisions. Buyers are looking, as the number of showings of homes for sale has increased in the last few weeks. We anticipate many buyers taking advantage of the lower interest rates and potential tax advantages enacted by the Federal Government,” said Diane Johnson, 2009 President of the Williamson County Association of REALTORS®.

Source: WCAR