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December Home Sales Best In Nearly A Decade

soldRoughly 3,194 residential properties changed hands in the Nashville area last month, a 12.5 percent year-to-year gain that marked the best December for home closings in nearly a decade.

And with 2,678 sales pending at the end of December, also the best in nearly a decade, January should get 2016 off to a good start.

“Staying on a sustainable growth track, coupled with continued good reports on the economy and job market should make this year another successful and favorable one for both current and potential homeowners,” said Denise Creswell, president of the Greater Nashville Association of Realtors.

Based on the trade group’s tracking, roughly 36,873 homes were sold in the region last year, up 10.8 percent from 2014.

Richard Exton, an appraiser with Manier and Exton in Nashville, said the successful December could reflect delayed closings from other recent months because of new federal lending requirements that went into effect in the fall.

Exton expects this year’s home sales to be consistent with 2015’s.

At year’s end, the Nashville market had an inventory of 3.4 months, which indicates a seller’s market. Inventory of residential properties was 10,846 at the end of December, down from 12,093 a year earlier.

In December the median price for a single-family home was $242,945, up from $213,500 a year earlier. The median price of a condo was $194,183, up from $172,999.

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