Nashville homes sales increased 21 percent in December of 2011 compared to the previous December with 1502 sales of single family homes compared to 1237 the previous year. Inventory levels continue to shrink with 10,574 Nashville homes available compared to 12,146 one year ago, a 13 percent reduction in available homes, the lowest level since 2007. Average number of days on market is down to 94 days and median prices are still lower than last year at $168.500. Nashville condos also have seen a major reduction of inventory with 1447 units available compared to 1799 last year, as reduction of 24 percent. Prices for Nashville condos have also been stable with the median price staying at $140,062. In my opinion,
Nashville real estate in showing all the signs of a major correction with significant reductions in inventory and increased sales on a comparative basis, it's becoming harder every day to find good choices for buyers, and sellers who have realistic expectations are selling their homes at a fair price. The average asking price to listing price ratio was 96 percent for Nashville homes.
- 1502 Nashville homes sold in December 2011 compared to 1237 last December
- 171 Nashville condos sold compared to 174 last year
- the median sales price for Nashville homes was $168,500 compared to $174,500 last year
- the median price for Nashville condos was $140,062 compared to $140,000 last year
- the inventory levels at the end of December for Nashville homes was 10,574 compared to 12,146 last year
- the absorption rate for Nashville homes based on December sales is 7 months
- the absorption rate for Nashville condos is now 13 months
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