Nashville Homes sales for March 2008
Apr 8th, 2008 by Administrator
Sales of single family homes in Nashville moved along at the same pace they have for the past two months. 614 homes were sold which is about 80% of last year’s March sales, but prices are holding firm. The average sale price this March was $227,336 versus $201,361 last year, but those numbers are skewed by more high end sales in area 2 this year than last.
Average sales prices in areas 1,3,7 and 8 were down slightly while areas 2,4,5 and 6 saw modest gains over last March’s numbers. Area 6 which represents East Nashville showed a 7% increase in average price over last March, but 33% fewer sales, which was the largest drop in number of closed sales for any area of the city.
Average days on market has dropped to 67 from February’s 72. 1702 new listings came to the market putting inventory about 20% above what it was last March.
All in all, Nashville’s real estate market still looks healthy for both buyers and sellers. Increased inventory offers more opportunities for buyers, and sellers can sell in their time frame if they price correctly.
Things are not quite as rosy in Williamson County. Franklin in particular is showing some definite price weakness. There were 111 single family homes sold in March which is about 30% below last year’s number. The average sale price dropped from $482,408 to $428,944. That’s an 11% reduction. The reason for the price decline is bulging inventory. The average number of daily listings was 2,428 during the past month which is 30 % above last year’s number. At current absorption rates, we have a 10 month supply of homes to be sold.
