Almost everyone has high expectations for Nashville in 2013
Nashville, TN (PRWEB) May 20, 2013
“I rarely get to say this,” said Steve Jolly, “but this is a great time to both buy and sell a home in Nashville!”
Sales for April 2013 were up 27% over the same month last year and were up 8% over March 2013. Metro Nashville ended the month with 2780 residential sales. This is the highest sales volume in Nashville for one month since August 2007.
“I expect the sales in May to top 3000 residential units,” Jolly continued, “Almost everyone has high expectations for Nashville in 2013.”
Inventory in Nashville is up a little over the previous month as expected. Nashville tends to build real estate inventory from January to May, and then it slowly recedes for the remainder of the year. The current inventory is 15% less than it was at this time last year. We currently have a six month supply of homes based on the current sales rate.
For the first month this year, Nashville is starting to see significant price appreciation. The median residential price was up more than 10% over April 2012 and almost 9% over March 2013. The average number of days on market is at 76 and continues to trend downward.
“Declining inventory this summer will continue to put upward pressure on local sales prices,” Jolly said. “One month does not make a trend, but I am already excited about the numbers for May.”
Long term excitement of the local real estate market is somewhat cautions due to concerns with changes in lending, dysfunction in Washington and a tepid economy.
Individuals interested in reviewing my extended outlook for the Nashville Real Estate Market should go to May 2013 Nashville Market Report. Steve Jolly is one of the Top Real Estate Brokers in the Greater Nashville Area and also owns NashvilleRealEstateNow.com.