Record-Breaking Home Sales in June in Greater Nashville Sales surpass the 4,000 mark in one month for the first time in history
RISMEDIA, July 12, 2006—Breaking a record for the most homes sold in one month, there were 4,060 home closings reported for the month of June, according to figures provided by the Greater Nashville Association of REALTORS. In addition to breaking a record, it is a 6 percent increase from the 3,845 closings reported for June 2005.
Second-quarter numbers are also up with 11,049 closings reported, a 4.5 percent increase from the 10,575 closings reported through the second quarter of 2005. Year-to-date closings for the Greater Nashville area are up 6 percent. Mid-year closings are at 19,273 compared to the 18,131 closings reported through mid-year 2005, which turned out to be the best year ever for regional home sales.
“June is one of the strongest months for home sales every year. This year is certainly consistent with that trend as a new milestone has been established for home sales in Greater Nashville with closings exceeding the 4,000 mark for the first time ever in one month,” said GNAR President Christie Wilson. “This is unquestionable evidence that the real estate market in this region remains both healthy and balanced.”
The median residential price for a single-family home during June was $181,000, and for a condominium it was $149,900. These numbers are higher than last year’s median residential and condominium prices for June of $165,300 and $132,900, respectively.
There were 3,892 sales pending at the end of June, compared with 3,664 pending sales at this time last year. The average number of days on the market for a single-family home was 56 days, compared with 66 days for June 2005.
Inventory at the end of June was 15,789, up from 13,808 in June 2005. The current inventory of properties by category, compared to last year, is:
“With the record-breaking home sales, it’s encouraging to see that inventory has increased,” Wilson added. “Based on the current level of sales activity, there is approximately a four month supply of homes on the market. The Greater Nashville region continues to demonstrate trends indicating a stronger market here than what is being experience in other cities, or even nationally. Our hope is that those trends will continue.” |
