From the Greater Nashville Association of REALTORS press release:

There were 2,270 home closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®.  This represents a 27.3 percent increase from the 1,783 closings reported for May 2009.

Year-to-date closings are 8,607.  That total is up 20.4 percent from the 7,149 closings reported through the same period last year.

“The significant increase in May is very encouraging and the sustained growth in home sales is good news for the regional economy,” said GNAR President Lucy Smith.  “The residual impact of the tax credit will continue through another month, which will likely keep home sales strong. And, while the market may soften slightly after June, all those who sold their homes to people taking advantage of the tax credit have to find new places to live. With interest rates still very low and both inventory and affordability high, the market should remain healthy. Median prices for both single-family homes and condominiums are down only slightly – a reassurance that the value of homes in Greater Nashville remains consistent.”

“Naturally, there is a lot of conversation about what impact the recent flooding will have on the real estate market. The strong numbers for May represent activity after the flood. The flood has certainly had a huge impact on many families, and our thoughts and prayers are with them. But, the real estate market throughout all of Greater Nashville and Middle Tennessee continues to be active.”

A comparison of sales by category for May is:

There were 2,124 sales pending at the end of the month, compared with 2,000 pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.

The median residential price in May was $167,700 for a single-family home and $151,825 for a condominium.  This compares with last year’s median residential and condominium prices $169,900 and $156,250, respectively.

Inventory at the end of May was 24,007, down from the 24,598 reported in May of 2009. The current inventory of properties by category, compared to last year, is:

“A good supply of homes remains, despite inventory being down slightly from last year.” said Smith. “Based on the current rate of home sales, there is about a 10-month supply of inventory. That is slightly weighted to in favor of buyers, since a six to eight month supply would be considered balanced. We are closer to that balance now than has been the case in quite a while.”

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners.  REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.