Home Sales Stall in January

NASHVILLE, Tenn. (Feb. 7, 2018) - There were 2,298 home closings reported for the month of January, according to figures provided by Greater Nashville REALTORS®. This figure is down 4.7 percent from the 2,411 closings reported for the same period last year.
    
     "Colder months are by nature tougher on the housing market," said Greater Nashville REALTORS® President Sher Powers. "It's not surprising to see home sales in the Middle Tennessee region take a slight downturn in January. Our area saw a full week of very cold temperatures and snow. This type of weather is hard on home buyers and sellers alike.

     "Based on market data, REALTORS® knew the push-and-pull of a constrained supply and rising home prices would eventually lead to a pause. The good news is pending home sales continue to rise, an indication that there is more to come in our housing market."

A comparison of sales by category for January is:

  2017 2018
CLOSINGS 2,411 2,298
 Residential 1,944 1,877
 Condominium 313 251
 Multi-Family 27 13
 Farms/Land/Lots 127 157

     There were 2,951 sales pending at the end of the month, compared with 2,871 pending sales at this time last year. The average number of days on the market for a single-family home was 36 days.

     The median residential price for a single-family home during January was $281,500 and for a condominium it was $210,098. This compares with last year's median residential and condominium prices of $261,500 and $184,350, respectively.

    Inventory at the end of January was 8,332, compared with 8,605 in January 2016. The current inventory of properties by category, compared to last year, is:

  2017 2018
INVENTORY 8,605 8,332
 Residential 5,474 5,565
 Condominium 506 549
 Multi-Family 91 60
 Farms/Land/Lots 2,534 2,158

     "Though still up compared to January 2017, residential home prices also declined slight in January. Economists with realtor.com have forecasted home prices to rise in 2018, but with more moderate gains compared to 2017," said Powers. "While we know inventory will continue to be somewhat of a challenge, a flatter rise in home prices should be a boost to potential buyers."

     Greater Nashville REALTORS® is one of Middle Tennessee's largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that 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.