Thursday, October 9, 2014

The Nashville region resumed double-digit gains in home closings last month, but the higher sales amid declining inventory officially pushed the market to where sellers now have the upper hand in negotiations.
Overall, 3,122 residential properties changed hands during September, a 19 percent jump from a year ago and the first double-digit gain posted this year, according to the Greater Nashville Association of Realtors.
The inventory of 9,924 single-family homes at the end of last month equates to a 3.9 month supply that's just below the four to six months range where neither buyer nor seller has an advantage. That's the lowest level since the 3.87 month supply in June more than eight years ago.
"The seller's in a better position because there are fewer choices," said Richard Exton, an appraiser with Nashville-based Manier and Exton.