Currently, there is 15 and half months worth of inventory in Belle Meade. Some of them are new listings and others have been active for a while.
Average days on the market in Belle Meade before homes are selling is 79 days. Considering a majority of the homes in Belle Meade are in the million dollar plus range, the buyer pool for these properties is going to be smaller than other neighborhoods thus the abundance of homes and the time it is taking to sell these properties. With a strong fall market approaching, I expect to see prices drop on these homes that have been active for a while, continuing the trend of a strong buyers market.
ZIP Code: 37205
Location Characteristics: Belle Meade is one of Nashville's oldest and most charming neighborhoods. Consisting of both updated exisitng homes and new construction homes, the charm and characteristics of this "city within a city" makes Belle Meade the most exclusive neighborhood in Nashville. It's central location makes it easy to enjoy local shopping as well as local and down town activity.
Belle Meade is located just south and west of the heart of Nashville, and gets its name from the Greek Revival Ante-bellum plantation mansion erected in 1853 on the 5,400 acre thoroughbred horse nursery owned by the family of John Harding. Today, the evidence of skirmishes between Union and Rebel soldiers during the Civil War are still visible in the mansion's massive limestone columns quarried from the property. Belle Meade is listed in the National Register of Historic Places, and is featured on the Ante-bellum Trail of Homes.Belle Meade community is only 3.1 square miles, and is home to slightly more than 3,000 residents whose median age is 43.2. Median household income is substantially above that of the state average at $144,720.
Thursday, October 19, 2006
Belle Meade Statistics
Through the 4th Quarter, 2006: (37205)
201 properties on market.
List Price: $889,211
Days on Market (DOM): 83
17 single family properties were pending
List Price $644,641
Days on Market (DOM) 95
4,051 single family properties have closed
List Price $428,196
Sales Price $411,959
Days on Market 62
64 Condo properties were on the Market
List Price:$476,021
Days on Market (DOM): 106
10 Condo properties were pending
List Price $489,150
Days on Market (DOM) 30
1,787 Condo properties have closed
List Price $174,685
Sales Price $169,481
Days on Market (DOM): 62
InmanNews recently reported that homes sales in markets nationwide have slowed considerably in the last year, causing property inventory levels to rise and price gains to slow or even decline in some areas, and national consumer confidence indexes show some of the lowest confidence levels toward housing in a decade. The University of Michigan's monthly survey of consumers in September showed that home-buying attitudes were at the lowest level since 1990, with consumers citing concerns over potential future price decreases and increases in mortgage interest rates.Despite the unfavorable outlook on housing, consumers' assessment of overall economic conditions was less pessimistic in September compared with past months. Overall consumer confidence, which decreased sharply in August, rebounded in September, according to The Conference Board, which reported its index increased to 104.5 from 100.2 in August, and the University of Michigan, which reported its index stood at 85.4, up from 82 in August.Real estate brokers agree that home buyers' attitudes have changed, but said that overall, buyers they are working with still feel real estate is worth their money. The difference today from a year ago is that buyers in many markets know they have the upper hand and are letting homes sit on the market longer in hopes of finding a better deal. There's a lack of urgency in pushing buying decisions, brokers say.
Please visit my website at www.NashvillesRealtor.com for a FREE Relocation Packet and to search for Belle Meade, TN Homes.
ZIP Code: 37205
Approximate Location Boundaries: Belle Meade
Location Characteristics: When you think about Belle Meade, you can't help thinking about horses. Belle Meade used to be the "nursery" for thoroughbred horses. Today, Belle Meade is a thriving community. The economy is good and jobs are plentiful which lend to the strong real estate market.
201 properties on market.
List Price: $889,211
Days on Market (DOM): 83
17 single family properties were pending
List Price $644,641
Days on Market (DOM) 95
4,051 single family properties have closed
List Price $428,196
Sales Price $411,959
Days on Market 62
64 Condo properties were on the Market
List Price:$476,021
Days on Market (DOM): 106
10 Condo properties were pending
List Price $489,150
Days on Market (DOM) 30
1,787 Condo properties have closed
List Price $174,685
Sales Price $169,481
Days on Market (DOM): 62
InmanNews recently reported that homes sales in markets nationwide have slowed considerably in the last year, causing property inventory levels to rise and price gains to slow or even decline in some areas, and national consumer confidence indexes show some of the lowest confidence levels toward housing in a decade. The University of Michigan's monthly survey of consumers in September showed that home-buying attitudes were at the lowest level since 1990, with consumers citing concerns over potential future price decreases and increases in mortgage interest rates.Despite the unfavorable outlook on housing, consumers' assessment of overall economic conditions was less pessimistic in September compared with past months. Overall consumer confidence, which decreased sharply in August, rebounded in September, according to The Conference Board, which reported its index increased to 104.5 from 100.2 in August, and the University of Michigan, which reported its index stood at 85.4, up from 82 in August.Real estate brokers agree that home buyers' attitudes have changed, but said that overall, buyers they are working with still feel real estate is worth their money. The difference today from a year ago is that buyers in many markets know they have the upper hand and are letting homes sit on the market longer in hopes of finding a better deal. There's a lack of urgency in pushing buying decisions, brokers say.
Please visit my website at www.NashvillesRealtor.com for a FREE Relocation Packet and to search for Belle Meade, TN Homes.
ZIP Code: 37205
Approximate Location Boundaries: Belle Meade
Location Characteristics: When you think about Belle Meade, you can't help thinking about horses. Belle Meade used to be the "nursery" for thoroughbred horses. Today, Belle Meade is a thriving community. The economy is good and jobs are plentiful which lend to the strong real estate market.
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