Wilson home sales increase in third quarter

Home sales in Wilson County increased more than 23 percent during the third quarter of 2012 as compared to the same time last year.

According to numbers released Tuesday from the Greater Nashville Association of Realtors, home sales jumped from 1,155 during the third quarter in 2011 to 1,429 during the third quarter of 2012.

Median home sale prices also increased in Wilson County from $187,000 in 2011 to $187,400 in 2012, according to third-quarter figures.

Condominium sales in Wilson County showed the largest percentage growth, which went from 45 sold in the third quarter in 2011 to 80 sold in the third quarter this year. The median price, however, among condos decreased from $167,945 to $159,990.

“Home sales have seen an increase every month this year,” said GNAR President Kendra Cooke. “And those increases result in strong third-quarter and year-to-date numbers in Middle Tennessee – both up more than 25 percent. Also notable for September are more residential closings than all closings combined last September.

“Even though standard seasonal trends may show reduced monthly closings, the comparisons to the same months from last year continue to indicate significant increases, which is very encouraging. Greater Nashville is fortunate to be experiencing these increases, as they are still not the case in many other parts of the country.”

According to GNAR figures, 2,266 home closings were reported in September in Middle Tennessee. That number is up 23.7 percent from the 1,832 closings reported for the same period last year. 

“Most every category saw an increase compared to September last year with the exception of a slight decrease in multi-family home closingsm” Cooke said. “But, with both residential and condominium median prices up and pendings above 2,300, we remain encouraged as we enter the fourth quarter.”

Third quarter numbers in the Greater Nashville area have increased from 2011 with 7,446 closings reported, which is 26.2 percent higher than last year’s third quarter closings of 5,900.

Year-to-date closings for the Greater Nashville area are 19,440. That total is up 25.2 percent from the 15,531 closings reported through the third quarter of 2011.

There were 2,291 sales pending at the end of September, compared with 1,729 pending sales at this time last year. The average number of days on the market for a single-family home was 82 days, compared with 94 days for September 2011.

The median residential price for a single-family home during September was $175,000, and for a condominium, it was $153,900.  This compares with last year’s median residential and condominium prices of $163,000 and $144,900, respectively.

Inventory at the end of September was 17,897, down from 20,718 in September 2011. The current inventory of properties by category, compared to last year, is:

“Like most of the year, inventory remains down, but we are still at a healthy market level and there are a lot of great options for potential buyers. Greater Nashville remains attractive to both companies and families,” said Cooke.