Nashville Home Sales for January 2008
Feb 8th, 2008 by Administrator
January is in the record books, and sales figures for Nashville present a mixed bag. The total number of single family homes sold in Davidson County was down 20% from last January, but the average sold price edged up about 1% as did days on market which are up to 72.
Location is everything and a broad brush approach to statistics may not be in sync with what’s going on in your neighborhood. Let’s break the numbers down a little bit more and see at what’s happening in the most active areas of town.
The largest number of sales in Davidson County was in Area 1, with 132 closings of single family homes, at an average sale price of $183,132. This compares to 163 sales last January at an average sale price of $198,781. The change in average sale price is most influenced by fewer homes over $350,000 sold this January than last. If you look at homes of 1500 to 2000 square feet, the average sale price is up to $163,851 versus $153,753 last January.
Area 2 was the second most active with 102 sales of single family homes at an average price of $440,776. This compares to 115 sales averaging $451,548 last January. As in area 1, these numbers are influenced by the top end sales, and there were more sales of homes over $1,000,000 last January. The most significant stat is that more than 400 more homes were put on the market during January, increasing the average number of active listings per day to 953, which represents a 9 month supply at our current pace.
Not surprisingly, the average sale price increased in area 6, which represents East Nashville. There continues to be significant renovation in this area by investors and homeowners. The number of homes sold was down about 25%, but the average price was up 5% to $143,676. Average sale prices were up in areas 7 and 8 as well. With median prices below $150,000 in these three areas, it would seem that the demand for affordable housing is still strong.
Perhaps the most dramatic change from last January occurred in Williamson County. Closings of single family homes dropped by more than 40%, while inventory rose 27%. Prices are relatively unchanged, but the weight of this much inventory is troublesome. At January’s sales pace, we have a 15 month supply on our hands.
Wilson County is a bright spot on the map largely due to the development at Providence. The number of closed sales there increased by 20% to 1140, and average prices rose 4.7% to $313,247.
