A seemingly early arrival of spring late last month helped to fuel the highest number of Nashville-area residential properties to change hands during February since the Great Recession in 2007.
Last month’s 9.3 percent jump to 2,507 closings came despite 1,300 fewer properties being available on the Nashville market at the end of February versus a year ago. Locally, there’s only a 3.3-month supply of single-family homes, according to Greater Nashville Realtors.
“The demand is very strong, pulling transactions out of a smaller pool of homes,” said Scott Troxel, president of the trade group, which tracks monthly home sales across the region. “Spring is in the air and in the real estate market.”
Greater Nashville Realtors’ latest tracking showed a 10.3 percent decline in the single-family home inventory at the end of February from a year ago. The 6,910 homes available at the end of last month were, however, 3.3 percent more than the inventory at the end of this year’s January.
Typically, some potentially sellers who take their homes off the market in December amid the holidays put them back up for sale in January and February. That, along with new construction, could have led to the month-over-month increase in inventory at the end of February.
“While we still have a way to go to restock our inventory levels, any gain in inventory is good news,” Troxel said. “This gives buyers more options and alleviates some of the pressure on home prices.”
Meanwhile, the median sales price of a single-family home in the Nashville area was $258,950 for February, up 10.2 percent from last year. The median sales price of a condo, meanwhile, rose 10.3 percent to $192,400.
There were 2,899 sales pending at the end of February, up 6 percent from a year ago. On average, homes sold in February spent 54 days on the market, down 17 percent from a year ago.
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