December home sales in the Greater Nashville area are continuing to show an upward trend! The fourth quarter of 2009 showed a significant increase, which is a huge improvement over the previous quarters.
According to the press release from the Greater Nashville Association of Realtors, there were 1,612 closings in December which is a 13.3% increase from the 1,422 closings in December of 2008.
Overall, the fourth quarter had 5,730 closings which is up 29.8% from the 4,413 closings in the fourth quarter of 2008. The first-time homebuyer tax credit was originally set to expire at the end of November, thus there was an increase in closings as many buyers tried to make the cut-off. However, the credit was extended so we hope to continue to see an upward trend in coming months.
Overall, there were 12.6% less closings in 2009 than 2008 though. The first three quarters of 2009 greatly affected these numbers.
Lucy Smith, the 2010 President of the Greater Nashville Association of Realtors, said that "the significant increase in closings during December and the very positive trend for all of the fourth quarter are both encouraging signs for real estate in this region. There is no questions that the first-time homebuyer tax credit had a major impact. As a result of the tax credit being extended and expanded, we anticipate positive trends possibly including more move-up activity in the months ahead."
She went on to say that "home prices have stabilized, which is a positive sign, and condominium prices are actually up more than 11% – certainly encouraging in light of the overall real estate trends of the recent past. It bears noting that at mid-year of 2009 we were virtually 30% behind the previous year. While no one is claiming that all the economic issues have been resolved, we have made some meaningful progress and this is certainly the kind of news we welcome as we begin a new year."
The CityLiving Team has certainly seen signs that the market is continuing to show growth. We have had an enormous amount of activity just in the past month. We put a home on the market right before Christmas for $1.26 million in the Otter Creek area, and had a contract within a week. We also received contracts on homes in the 12South and Belmont-Hillsboro neighborhoods listed at $799,900 and $674,900. Details about these urban Nashville resale homes.
You can read the full GNAR press release here.