Here is a brief and accurate account of what happened in the month of April in the real estate market in Nashville according to the Greater Nashville Association of Realtors®.
There was a decrease in sales (closed transactions) of 28.5% from April of 2007.
Year to date numbers for 2008 reflect a decrease in sales of 28% compared to 2007 numbers for the same timeframe.
Though sales were down, the median price for a home in the area has risen to $180,000 for April, which is slightly higher than it was compared to April 2007 when the median price for a house was $177,900.
The median price for condos for the same period was $162,000 April 2008 compared to $163,900 for April 2007, which is a slight decrease.
Inventory for April 2008 was 24,670 compared to April 2007, which were 20,129.
A couple of observations:
The year to date numbers is very close to Nashville’s 2001 numbers and reflects a strong real estate market during what has proven to be a very difficult market in other areas around the nation.
Also, if you look at what top lenders have said about the demise of “sub-prime” lending lowering the buyer pool by about 1/3rd, then it makes perfect since that we are down. The good news is that sales are above the 2/3rd’s mark, which again reveals that we still have a thriving real estate market here in and around Nashville, Tennessee.
As you approach the month of June 2008 in Nashville, Tennessee and its surrounding cities, you have a choice about how you are going to think about the possibilities through the summer. On the one hand, if all you listen to are the news channels, well… you know what they concentrate on and you can’t help but look at the world with a half empty, not enough, deprived mentality. However, there are always things to celebrate; even when times are tough.
You know that the real estate market has been vastly affected by the mishaps of the lending institutions from the past few years; and you know there is long term, lingering consequences we all will have to deal with over the next few years as a result of the lenders mishap. However, there are a couple of things that you are not hearing and you may not know.
- First, inventory is up and there are a lot of houses out here to choose from. When inventory is down it can be very difficult to find the home of your dreams. However, when inventory is high, there are more houses and you have a very good chance of getting the house you want in the neighborhood of your choosing.
- The second very important thing that no one is talking about is the fact that interest rates have continued to be at record lows during this time. And if you are a first time homeowner, there are some real attractive loans through THDA.
April numbers for Nashville have been released and that will be the subject of the next post.
