There were 1,243 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 45 percent from the 2,2,60 closings reported for the same period last year.

And, there were 22,824 closings year-to-date in 2008. That is a 29 percent decrease compared to the 32.112 closings reported through November 2007.

“The real estate market in Greater Nashville is clearly feeling the effects of national economic trends,” said GNAR President Mandy Wachtler. “It has taken longer for the trends to have their impact here, and the impact is still less than many other locations. And, we anticipate that we will be among the places where positive trends are seen earlier than other locations, as well. Even with the current market conditions we have, there is still no better place to be than right here."

A comparison of sales by category for November is:

There were 1,267 sales pending at the end of the month, compared with 1,946 pending sales at this time last year.  The average number of days on the market for a single-family home was 81days. The median residential price for a single-family home during November was$165,000, and for a condominium it was $150,000.  This compares with last year’s median residential and condominium prices of $179,900 and $167,035, respectively.

Inventory at the end of November was 23,467, up from 22,301 in November 2007. The current inventory of properties by category, compared to last year, is:

A comparison of inventory by category for November is:

“Inventory remains plentiful but seems to be leveling out, especially for residential and condominium properties,” said Wachtler. “There are loans available at what are still remarkable rates and transactions are still getting done at fair market prices for both buyers and sellers."

The Greater Nashville Association of Realtors® is one of Middle Tennessee's largest professional trade associations and serves as the primary voice for Nashville-area property owners and real estate professionals. REALTOR® is a registered trademark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.