Greater Nashville Home Sales Continue to Increase in November

house06GREATER NASHVILLE HOME SALES

CONTINUE TO INCREASE 

 

NASHVILLE, Tenn. (Dec. 5, 2013) – There were 2,287 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 4 percent from the 2,198 closings reported for the same period last year. 

     Year-to-date closings through November are 28,476, an 18.9 percent increase from the 23,950 closings reported through November 2012. The total number of closings through November in 2013 already exceeds the 26,097 total closing for all of last year, with one full month remaining.

     “2013 has been a year of meaningful improvement for home sales. The increase in November, though single digit, is evidence that the market in this region is stable and growing,” said GNAR President Price Lechleiter. “With more than 2,000 sales pending the Greater Nashville area is well on its way to 30,000 closings for the year. These signs are welcome as we begin to look toward 2014.”

 

     A comparison of sales by category for November is:

November 2012 November 2013
Closings 2,198  2,287
 Residential 1,815 1,953
 Condominium 238 222
 Multi-Family 24 28
 Farm/Land/Lots 121 84

     There were 2,192 sales pending at the end of the month, compared with 2,069 pending sales at this time last year. The average number of days on the market for a single-family home was 70 days.

     The median residential price for a single-family home during November was $195,000, and for a condominium it was $150,000.  This compares with last year’s median residential and condominium prices of $179,900 and $152,000, respectively.

     Inventory at the end of November was 15,262, compared to 16,577 in November 2012. The current inventory of properties by category, compared to last year, is:

 

November 2012  November 2013 
 Inventory  16,577  15,262
  Residential  10,035  9,369
  Condominium  1,240  1,132
  Multi-Family  246  189
  Farm/Land/Lots  5,056  4,572

     “The median price for single family homes is up significantly, though down slightly for condominiums. Inventory remains low and will likely remain that way until early 2014 when seasonal home buying trends increase,” added Lechleiter. “Though there are fewer properties available now compared to 2012, it’s still very important for sellers to have a well-maintained, show ready home that is appropriately priced. Buyers looking during the holiday season are serious shoppers and transactions will definitely continue this month.”

     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.

 

     

To access full home sales information, including historical data, click here.

WHAT WILL NASHVILLE HOUSING LOOK LIKE IN 2025?

Arthur Nelson, a national expert on city and metropolitan planning and the keynote speaker at the  Nashville Civic Design Center annual meeting this week shared that much of the past 20 years, baby boomers raising families drove the housing market in Nashville and the rest of the United States.  Buyers between ages 35 and 64 wanted large single-family detached homes on large lots, so that’s what builders gave them.  About 80 percent of the new housing stock during that period was single-family detached homes.  We did a good job meeting their needs then but the next 20 years promises to be much different.

“The future demand for this region for larger homes and larger lots will be considerably less than what it was in the past,” he said. “You will still have demand and still have to provide for those households, but the rate of demand is considerably less.”

Instead, starter households (under age 35) and downsizers (65 and older) will become the dominant part of the housing market in Davidson County and the rest of middle Tennessee, Nelson said. The two groups have a lot in common. They are happy to trade space for convenience and amenities. So expect demand to rise for apartments, condos, townhouses and small homes on small lots.

Change won’t happen overnight, he said, but communities should start planning now.  “house06You are not going to see the change next year or the year after, but by 2025 if you haven’t figured out where you are headed demographically you run the risk of over producing housing that the market doesn’t want, which would lead to collapsing values,” he said.

“Do your planning right, beginning with a demographic analysis now, and set yourself up to manage that change now,” he said. “In 2025 and 2030, you don’t want to be behind the eight ball.”

LIVE IN BELMONT AREA FOR UNDER $350,000. JUST REDUCED!

Primrose ext front Primrose LR clock Primrose LR to DRThis home is a 4 bedroom, 2 bath and is right off Belmont Blvd.  $600,000 + new construction is all around.  Minutes to Vanderbilt and Belmont.  Great for roommates!  Buy the home, rent, and pay your mortgage!  Zoned for two homes.  Tear down, build one for yourself and sell the other.  This does not back up to I440.  Call today for a tour!  $344,900.00.   Just reduced by $14,000.00.    838-8951.  Thanks.

WHERE IS THE NEXT REAL ESTATE BOOM GOING? NOT 12SOUTH OR 8TH AVE. WHERE?

HISTORIC WEST NASHVILLE!  If you know where the Harley Davidson shop is off I40 West, you have been in the neighborhood.  More than 160 new homes are being planned for The Nations, a fast-growing neighborhood in West Nashville, The Tennessean reports.

The owners of the Nashville Lumber Co. site off California Avenue are seeking a rezoning to allow for at least 100 new townhomes in a project that would be developed by HND Realty.

Nearby, Michael Kenner‘s MiKen Development has 5.5 acres under contract on which 63 single-family homes are planned. At 1405 Centennial Blvd., another developer is seeking a rezoning to build a Dollar General and 4,800 additional square feet of retail space.

NASHVILLE’S GONE GREEN!

interior05Nashville has invested in its parks, and USA Today has noticed.

USA Today ranked Nashville as top city for green spaces in North America, touting Shelby Bottoms Greenway and Nature Park, Centennial Park and Radnor Lake State Park.

After the city’s May 2010 flood, green infrastructure has become a top priority, and follows a prior commitment to add 22,000 acres of open green space to the city over the next 25 years,” the article said.

Also included in USA Today’s top ten for best urban green spaces were Boston, Boulder, Chicago, New Orleans, Portland, San Francisco, Savannah, Seattle and Vancouver.

WHAT IS THE NASHVILLE REAL ESTATE MARKET UP TO?

new3We have all heard that June and July were very busy months in Nashville for selling and buying real estate. According to the Greater Nashville Association of Realtors (GNAR), there was a 22.4% increase this July over July 2012. You may be hearing that the market has slowed a bit and that might be true but we will see how the August numbers come in.
It is true mortgage interest rates have climbed, although still very attractive. The Federal Reserve continues tapering down its economic stimulus and it is driving mortgage rates higher this past week. The average rate on a 30 year mortgage reached its highest level in two years. A 30 year fixed rate mortgage averaged 4.58% in the week ending August 22, up from 4.40% the previous week. A 15 year fixed averaged 3.60%, up from 3.44%.
The Mortgage Bankers Association said applications to refinance an existing mortgage have fallen to the lowest level in two years.
What does this mean for buyers and sellers in Nashville and surrounding areas? GNAR President Price Lechleiter says the 22 percent increase in home sales in July is “very good news.” He says, “The fact that it is a continuation of the upward trend of the last 23 months is convincing evidence that this region is experiencing sustainable growth in the real estate market. The continuation of excellent visibility and positive economic news for Greater Nashville is attracting more people here, and seems to be building confidence in those already here, so there is more willingness to commit to the purchase of a home.”
It is true that inventory is low in many parts of Nashville and surrounding areas. Realtors are contacting past clients to see if they would like to sell and so on to find homes for immediate buyers. This adds an element of competition, good for sellers, not so good for buyers. The bottom line is that if you are considering selling your home, this could be a perfect time to do so. So if you would like to have a conversation to see if the time might be right for your personal goals, give us a call today. We can help you look over the information and make a decision about how to move forward, or not.

ARE YOU HUNGRY?

Nashville Restaurant Week kicks off  today, running from Aug. 19 to 25. This year’s event will include more than 30 local restaurants offering special menu items, price points and prix fixe meals.  For example, a Nero’s Grill two-course lunch menu is priced at $12.13 and Noshville Delicatessen is offering a $20.13 special for two diners at any meal. Other restaurants will offer three-course dinners for $20.13 or $30.13, according to a news release.

The event gives local diners a more affordable chance to experience the city’s growing restaurant scene that has been a national media darling for the past 18 months and has drawn nationally acclaimed chefs to the area! Restaurants are members of the Nashville Originals, an association of independent restaurants that have been operating for more than one year.  Click the link to view who is participating and check back often as they are updating the list regularly with menus too.

http://nashvilleoriginals.com/restaurantweek.php

 

 

E SPACES + VIBE = CENTER 615

It’s not about the math, but if you want a place to work with vibe, check out Center 615, Music City’s latest co-working office space.  Center 615 will officially open Thursday in East Nashville.

The center’s owner, Christian Paro, shared in a press release that the center features 37 office suites ranging from 100 to 2,000 square feet, equipped with co-working desks, workstations and conference rooms. Center 615 is located at 615 Main Street and was purchased for $2.7 million dollars by Paro South.  The center will have quirky touches throughout highlighting Paro’s love of science fiction.

There will also be additional conference rooms, an event space, a rooftop lounge, and outdoor event space, plus themed conference rooms, fitness area, break areas, kitchens, and free onsite parking.  Some tenants will have access to the amenities of videoconferencing and film screening.  So if you want a cool, creative place to work, this may be it!

Yum Yum! A new eatery coming soon!

Yum Yum!!  How about this concept?  Indian inspired food in a microbrewery?  Perfect!  Celebrity chef Maneet Chauhan is looking to the Gulch for the site of her new Nashville restaurant and hopes to open by the end of the year.  Chauhan, known for her role on Food Network’s “Chopped,” is launching the restaurant with Moni Advani, London Parfitt and Austin Ratliff. If the deal is finalized, the restaurant would be the latest to join the Gulch’s thriving restaurant scene that includes Virago, Watermark and Kayne Prime, among others.

“The idea was to have something sophisticated, exciting, a place where people could come and hang out,” Chauhan said. “It is something which is catered to the Nashville clientele — a microbrewery with small plates that are still very unique to the main dining market in Nashville.”

Chauhan said Advani reached out to her about a opening a place in Nashville, and after visiting the city last year she recognized the momentum in the dining industry, as well as the opportunities spurred by the Music City Center.

“I was really impressed with the dining scenes and how amazing the culinary scene is in Nashville,” she said, adding that she may look to other cities in the future. “For my first restaurant, I wanted to do something very special and close to my heart. Nashville felt like the place.”

CREPES TO DIE FOR!

012013  Many of you may have already found the coffee/crepe shop  in Nashville, but just in case you haven’t, facebook …..The Red Bicycle Coffee and Crepes or click the link below.  I had the cinnamon ones as they have a cream middle where the basic ones do not…. so a little more yum.  My Mom got the Banana ones and loved them.  They all look lovely!  The sauce and cream they put on top is amazing! Go on an empty stomach and experience satiety like never before. They have savory ones too but I haven’t been able to venture away from the sweet ones yet.  You will either hate me or love me after going but either way, ENJOY!

https://www.facebook.com/pages/The-Red-Bicycle-Coffee-and-Crepes/193879975887