Tuesday, October 8, 2013

The Greater Nashville Association of Realtors posted their month sales figures today (http://gnar.org/news/septhomesales).  Sales are up, inventories are down, and pricing is up compared to September 2012.  Pending sales were up compared to 9/2012.  This indicates that October sale will exceed 10/2012.  It is significant to note that the difference in the number of pending sales between 2012 and 2013 has been declining most months this year.  This it likely to translate in to a flat market as we head into 2014.

Here are the year to date sale through the end of the third quarter for the past 4 years:

Sales though 3rd quarter
2013Res20254
Condo2660
2012Res16489
Condo2216
2011Res13200
Condo1685
2010Res13532
Condo1943

GNAR does not report Median Price by Quarter.  This is a better indicator of overall market pricing trends as opposed to comparisons of month to month or month to the same month in the previous year.  This is due to the larger data sample available for a quarterly analysis.

An analysis of median price by quarter show significant price gains in comparison of year over year and prior quarter.  Basic economic theory is in play here.  Supply is down, demand is up, pricing is move forward.

Median Price by Quarter
20121stRes$162,050 20131stRes$169,900
Condo$139,900 Condo$146,434
2ndRes$175,000 2ndRes$195,500
Condo$153,500 Condo$163,000
3rdRes$177,000 3rdRes$198,000
Condo$149,900 Condo$162,250
4thRes$180,635
Condo$151,950
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