Record Home Sales, Tennesee Mortgage Activity in Nashville

At this point, it’s barely even news. But The Greater Nashville Association of Realtors reports record-setting home sales in the Nashville housing market again, the sixth consecutive year this milestone has taken place.

The 40,056 homes that closed in 2006 represented a 3 percent increase from 2005. The city is known for enjoying consistently high Tennessee mortgage demand.

The 3,109 closings in December represented a 7.5 percent decline from the same month last year, but was still the second-highest number of closings in the last month of the year.

Fourth-quarter closings were also the second best on record, although they were down 2.6 percent from the 9,563 closings seen in the fourth quarter of 2005.

Richard Courtney, president of the Greater Nashville Association of Realtors, said changes in the market in 2006 included “a significant increase” in the number of condominiums purchased, and expected the trend to continue, with more condominiums becoming available in downtown Nashville and surrounding cities.

Inventory at the end of December stood at 15,815 listings, down from 17,175 in November, but up 24 percent from the same time last year. Moreover, the average number of days on market was 65 days, up from 58 days in 2005.

This would indicate it’s still somewhat of a buyer’s market in the region because properties are taking time to sell. However, if you’re interested in a house there, you should speak with a home mortgage company ASAP in order to find a deal.