The following information was provided by Don Klein at the Greater Nashville Association of Realtors:
My own interpretations will be in italics.

DECEMBER HOME SALES INCREASE OVER 13 PERCENT

4th Quarter Shows Significant Increase; Year-end Status Improves Dramatically From Mid-Year Conditions

There were 1,612 home closings in Greater Nashville during December, representing a 13.3 percent increase from the 1,422 closings reported during December of 2008. More people are buying houses! That’s great for buyers because it means that mortgage loans are becoming more accessible. It’s good for sellers because inventory is decreasing and putting a little more power back in their hands.

During the 4th quarter there were 5,730 closings in the region, which is a 29.8 percent increase over the 4,413 closings in the 4th quarter of 2008. More closings = less deals falling apart due to unavailability of financing and other contingency factors.

And, there were 21,183 closings at year-end for 2009, which is 12.6 percent lower than the 24,246 closings for 2008. Could be dismaying, but we have to account for the lack of activity at the beginning of 2009.

The median residential price in December of this year was $164,000 and for a condominium the median price was $149,900. That compares with median prices of $163,750 and $132,062 respectively in December of last year. And, there were 1,339 sales pending at the end of December 2009, compared with 1,250 at the end of December of 2008. Prices are stabilizing and more contracts are being written.

Inventory is down to 20,774, compared with 21,274 in December of 2008. Power is shifting back ever so slightly to the sellers.

From Kenny,

This information is encouraging to say the least.

Activity is being spurred, in part, by the First Time Home Buyer Tax Credit, as well as low interest rates.Both of those incentives are, however, on their way out much more quickly than you may realize. The time to act is now!

Let’s get together and talk about your options.

Think about it.

Kenny Silva
Real Estate Consultant

Silva Real Estate Group
www.thesilvagroup.net

Cell:(615)336-6638
Office:(615)425-3600
Fax:(615)690-8721
Email:kenny@thesilvagroup.net
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Keller Williams Realty
30 Burton Hills Blvd Suite 175
Nashville, TN 37215