According to the latest news release from the Greater Nashville Association of Realtors (GNAR), there were 2,145 home closings in April. This is a 33.7% increase compared to the 1,604 closings in April of last year.
Year-to-date closings are also significantly up! There were 6,337 in 2010, and 5,366 in 2009, for an 18% increase.
Lucy Smith, GNAR President, states that "Stable prices for single family homes and condominiums paired with an increase in pending sales create a hopeful sign as we move into the summer selling season."
"Many people may be wondering about the impact the recent flooding could have on the real estate market. Clearly, the damage and loss is significant in both downtown commercial and area residential property. There may be a brief impact, but there is likely to be continuing sales activity throughout Middle Tennessee. And, the exceptional job of response by both area volunteers and community leaders confirms that Greater Nashville will continue to attract companies and families. The true heart of this city has been revealed to people around the country and what they are seeing is very compelling."
The average number of days on the market for a single-family home in April was 87 days. The median residential price for a single-family home was $164,950 and for a condominium was $143,950. Compare these prices to those last year at the same time which were $164,500 and $149,900, respectively.
To read the complete release, click here.