Home sales see uptick in November

Wilson County home sales improved in November compared to the previous month and continue to remain high as the end of 2012 nears.

According to figures released Thursday from the Greater Tennessee Association of Realtors, 176 home closings were recorded in November, up from 168 in October, but down from 182 in September – the biggest month for home sales in 2012.

In November, homes sold in Wilson County had a median price of $198,000 with 168 homes pending and an average 74 days on the market.

There were 13 closings on condominiums in Wilson County during November, up from 10 in October, with a median price of $133,684.

There were 1,011 homes in inventory for November with 968 of those residential homes and 43 condos.

There were 2,198 home closings reported in November in the Nashville area, which includes Wilson County, according to Greater Nashville Association of Realtors figures.  This figure is up 38 percent from the 1,592 closings reported for the same period last year.

Year-to-date closings through November are 23,950, a 27 percent increase from the 18,851 closings reported through November 2011. The total number of closings through November in 2012 already exceeds the 20,624 total closing for all of last year, with one full month remaining.

“[This year] has been a year of meaningful improvement for home sales. These numbers are evidence that the market in this region is improving on a more consistent basis,” said GNAR President Kendra Cooke. “The Greater Nashville area is well on its way to having more than 25,000 closings for the first time since 2007. These signs are welcome as we near the end of the year and begin to look toward 2013.

“November home sales show the largest year-over-year increase this year. Closings are up in every category. The median price for single-family homes is up significantly, though down slightly for condominiums. The fact that pending sales are also substantial means that the year should finish well.”

There were 2,069 sales pending at the end of the month, compared with 1,657 pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.

The median residential price for a single-family home during November was $179,900, and for a condominium it was $152,000.  This compares with last year’s median residential and condominium prices of $167,500 and $158,690, respectively.

Inventory at the end of November was 16,577, compared to 19,292 in November 2011.

“Inventory is down, which is a result of both active sales and a seasonal trend. It is currently under 17,000 units, the lowest it’s been since 2006,” said Cooke. “There is a total inventory supply of only eight months, with less than a six month supply for single-family homes. It is likely that inventory will increase early in the new year, but there are good options available now for those considering a home purchase this year.”