The Greater Nashville Association of Realtors has released the July 2008 sales figures and sales are down 25.7%. Bad news. Pending sales which are an indication of future sales are down 23.1%. Bad news. Inventory is up 12.6%. Bad news.
So where is the sliver of hope? A significant increase in the inventory is due to a big jump in the number of Farms, Land and Lots. Up nearly 50% to 6,182 vs 4,170 in 2007. The sliver of hope is that Single Family listings are up less that 1,000 compared to 2007 which indicates that the inventory is beginning to stabilize.
So why is the inventory of Farms, Land, and Lots up? In better times many developers do not add their inventory of lots to the MLS, since they marketing them directly to builders. As times get tough they broaden their marketing and place their lot inventories on MLS. It appears that this is why there has been such a year over year increase.