The Greater Nashville Association recently posted their home sales data for December 2010.
Home Sales Decrease in December for 2010
There were 1,500 homes sold in December 2010, resulting in only a 6.9 percent decrease compared to the 1,612 closings reported in December of 2009. The year ended with a total of 20,250 closings, which is a 4.4 percent decrease compared to the 21,183 closings in 2009.
Median price for single-family homes continued to show an increase again in December. The median price of a single-family residence was $174,500. Condominiums showed a decrease in median price at $140,000. By comparison, the median price of a single family residence in December of 2009 was $164,000 and for a condominium it was $149,900.
“The December home sales numbers are actually very encouraging,” said GNAR President Alice Walker. “The total is less than what it was a year ago, but last year’s tax credit support created a distorted picture of the market. The 1,500 new homeowners in December were all qualified under the current conservative lending standards and chose to buy because they clearly value homeownership. Taking advantage of current interest rates, inventory and other factors made enough sense to them to act on purchasing a home.
“It is helpful to note that the number of closings in December of 2010 actually exceeds the number in December of 2008, which was not distorted by the tax credit-driven activity. It is also good to see the residential median price remain stable and even show an increase.
“The Realtor community is increasingly focused on present activity, which seems to be growing more stable. Looking back at comparisons, to a time when tax credits were incentivizing home purchase, does not create a clear picture of the market. Well-qualified buyers are becoming more active, And, our hope is that will be a continuing trend fueled even more with positive regional economic news in this new year.”