The Kestner Team

YEAR END SALES RESULTS FOR THE GREATER NASHVILLE AREA

Our wonderful media has reported all year about how bad the housing market is and continued to be throughout the year.   Sales were up the first half of the year due to 1^st Time Home Buyer’s Tax Credit, and then it was gloom and doom about the effect the end of the tax credit would have on the market – sales were down and the rest of the year was going to be bad.

Well, the 2010 numbers have come out, and by my calculations, 2009 was the bottom of the pit!  I’m declaring the housing crises OVER – at least in the Nashville market.

In Williamson County (the state’s wealthiest county with the largest cities being Brentwood and Franklin):

·         Total Sales (residential, condo, farms/lots, multi-family) for 2010 INCREASED 13% over 2009.

·         The averages sales price was only down 2% from 2009.

·         We ended the year with a 4% DECREASE in inventory.

·         We ended the year with an 8% INCREASE in pending sales.

 In Williamson County figures for the 2^nd half of the year compared to the 1^st half of 2010:

1.                  Closed residential sales only dropped 4% from the first half of the year.

2.                  The average sales price for the county actually increased .3% over the 1^st half of the year.

3.                  Days on Market remained steady at an average of 97 days.

4.                  Inventory for the 2^nd half of the year WAS DOWN by 20% - that’s TWENTY PERCENT!

For The Greater Nashville Market (which encompasses 9 counties including Williamson) figures are similar and note again the total sales for the region were down only 4% over the total for 2009, inventory has decreased, and the average sales price for the region was up over 4%.

I will never understand why the media can’t run the numbers and report the positive side of the market.  Folks, this all GOOD NEWS.

The President of The Greater Nashville Association of Realtors, Alice Walker, had these comments on the year end figures:

 “The December home sales numbers are actually very encouraging. The total is less than what it was a year ago, but last year’s tax credit support created a distorted picture of the market. The 1,500 new homeowners in December were all qualified under the current conservative lending standards and chose to buy because they clearly value homeownership. Taking advantage of current interest rates, inventory and other factors made enough sense to them to act on purchasing a home.

“It is helpful to note that the number of closings in December of 2010 actually exceeds the number in December of 2008, which was not distorted by the tax credit-driven activity. It is also good to see the residential median price remain stable and even show an increase.

“The Realtor community is increasingly focused on present activity, which seems to be growing more stable. Looking back at comparisons, to a time when tax credits were incentivizing home purchase, does not create a clear picture of the market. Well-qualified buyers are becoming more active, and our hope is that will be a continuing trend fueled even more with positive regional economic news in this new year.”

“Inventory is down to its lowest point since early 2007,” said Walker. “However, conditions remain favorable for buyers. Interest rates are low and there is a plentiful supply of quality properties available. For those considering putting their homes on the market, it is critically important to prepare your property inside and outside. Competition for buyers is stiff, so proper pricing and attractiveness is necessary.”

SO, LET’S SELL SOME HOUSES!!!