The number of Nashville-area home sales again ticked upward, according to data released today by the Greater Nashville Association of Realtors.
There were 1,033 home closings reported in January, up 6 percent from the same period last year. It’s the fourth consecutive month of increased sales.
“The extended and expanded tax credit continues to be a significant factor in prompting people to consider buying and selling homes. As the deadline approaches in April, it is possible that activity will increase as people take advantage of this exceptional opportunity,” said GNAR President Lucy Smith in a news release.
The biggest increase, however, was not seen in residential home sales, which were flat, at 821 closed units. Condo sales were up significantly, however, from 103 closings in January 2009 to 164 closings in January 2010.
And while the median price for single-family homes decreased, from $165,000 one year ago to $159,000 last month — condo sales went up in value, from $154,550 to $165,000, according to GNAR.
There were 1,295 sales pending at month’s end, compared to 1,282 pending sales a year ago.
Available inventory decreased 2 percent, to a total of 22,233.
“Every category except multi-family properties is actually down slightly from a year ago. Based on the current level of closings, there is an ample supply to provide a healthy number of homes throughout the greater Nashville area for buyers to consider as they take advantage of low interest rates and tax credit opportunities to purchase a home soon,” Smith said.
You can reach Eric Snyder at esnyder@bizjournals.com or 615-846-4254.
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