Nashville real estate closings for 2007 in the Greater Nashville area was 34,221, down 14.5 percent compared to the 40,056 closings reported for the same period as last year, which was a record year for home sales in the region, According to the Greater Nashville association of realtors.
Nashville real estate inventory increased to 20673 from 15,815 the previous year, giving buyers plenty of choices.Average prices of single family homes increased 2 percent from $184,562 to $187,900. The average number of days on market increased from 65 at the end 2006 to 76 in 2007.
What does all of this information mean to buyers and sellers of Nashville real estate?
- Inventory levels are still higher than 2006, but they have been declining since April of 2007.
- Prices are stable, buyers and sellers both should expect fair pricing to continue.
- Sellers need to insure that their property is in good condition, and priced competitively.
- Exceptional properties are still the first to sell, so buyers need to be prepared to make quick decisions, and reasonable offers.
This posting and the contents written here are the intellectual property and opinions of Larry Brewer of Benchmark Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, and the middle Tennessee area.