Strong Condo Market Powers Home Sales in Nashville

Across the Nashville housing market, local home sales were up in October - the first such rise in three months - but the increase was largely due to a sizzling condo market.

According to the Greater Nashville Association of Realtors, there were 3,331 home closings in October, up 3.5 percent from a year ago.

Sales of single-family homes were down less than 1 percent during the month to 2,614; a similar result to the number of homes sold in Memphis. Making the difference were condo sales, which were up almost 44 percent to 456.

Christie Wilson, GNAR president, said in a statement that steady sales are keeping the market on track for another record-breaking year. Total sales for the year are at 33,807, up 3.9 percent from the first 10 months of 2005.

Home inventory levels - the number of properties on the market - continued their rise that began late last year. There were 17,385 properties on the market at the end of October, up 23 percent from a year earlier.

This means that hopeful owners wishing to apply for home loans still have leverage in negotiations. It could also account for the increase in recent sales.