APRIL HOME SALES REMAIN STRONG DESPITE DECREASE
Year-To-Date Figures on Pace for Second-Best Year Ever
There were 2,989 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 7.6 percent from the 3,236 closings reported for the same period last year.
Year-to-date clsoings are down compared to last year, with 10,979. That is a 6.4 percent decrease compared to the 11,733 closings reported through April of 2006.
"While home sales are down a little compared to last year, it is important to remember that 2006 was a record-breaking year," said Richard Courtney, 2007 President of the Greater Nashville Association of Realtors. "The fact is that our cumulative numbers show this is the second best year-to-date on record. And, when you consider that prices are still rising and pending sales are increasing, it means that the Greater Nashville real estate market is continuing a a very strong pace in 2007."
A comparison of sales by category for April is:
Closings
Residential Condominium Multi-family Farms/Land/Lots
April 2006
3,326 2,595 3685 9214
April 2007
2,989 2,389 3523 8210
There were 3,339 sales pending at the end of April, compared with 3,458 sales that were pending at the same time last year. The median residential price during April was $177,900 and for a condominium it was $163,900. That compares with median residential and condominium prices at this time last year of $172,900 and $134,040 respectively. The average number of days on the market for a single-family residence was 69 days. Inventory at the end of April was 20,129. That compares with an inventory of 14,984 at the end of April 2006. Current inventory of properties by category, compared to the same time last year, is:
Inventory Residential Condominium Multi-family Farms/Land/Lots
April 2006
14,984 10,571 1,328 246 2,839
April 2007
20,129 13,638 2,241 318 3,932
"There are more homes on the market than ever before, and that is great news for buyers, " Courtney said. "When considering the increase in inventory, it is important to remember that there are more people living in the Greater Nashville region than ever. We still have about a six to seven-month supply of homes, so the real estate market remains balanced and healthy " 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 and real estate professionals. REALTOR® is a registered trademark which March be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.
Thursday, May 17, 2007
Wednesday, April 18, 2007
Green Hills Market Trends
The average price of a home in Green Hills was $571,966 in 2005, with approximately 413 single family homes selling.
In 2006, the average price of a single family home in Green Hills was $646,548, with 372 units selling.
ZIP Code: 37215
Approximate Location Boundaries: Harding to the South, Franklin Road to the East, I-440 to the North, and Harding Road to the West Location Characteristics: Green Hills is an upscale community in Southwest Nashville, adjacent to Belle Meade, and north of Oak Hill and Forrest Hills and Brentwood.
Nearby are David Lipscomb University, Belmont University and Vanderbilt University Medical Center. St Thomas Hospital is just to the west of Green Hills. Rolling hills can be seen; indeed, there is a community called Seven Hills just south of Green Hills Mall. There are Civil War historic sites in the area.
Originally consisting of mainly private residences, with a small strip mall in the 1950's and 1960's, there is now the expanded Green Hills Mall with shopping, restaurants, movie theaters, and the famous Blue Bird Cafe. The area has some of the city's more expensive properties, perhaps because of the convenience. There are limited rental apartments. Older neighborhoods such as Whitland, Golf Club/Hampton, and Woodmont Estates serve as one of the highest appreciating areas of the city. Green Hills neighborhoods include Glendale, Belmont, Vanderbilt, Hillsboro, Woodmont Estates, Whitland, Bowling, Estes, Abbott Martin, Abbottsford, and Burton Hills.
Other new communities continue to be built. There is a huge mixture of new and old, as remodeling is constantly going on in older homes. There are teardowns also, with smaller homes being replaced by larger ones.There are occasional bargains out there, but the competition is stiff for good properties. Be nice to your contractor!
For More Information:
Josh Anderson
615.509.7000
Josh@JoshAndersonRealestate.com
www.NashvillesRealtor.com
In 2006, the average price of a single family home in Green Hills was $646,548, with 372 units selling.
ZIP Code: 37215
Approximate Location Boundaries: Harding to the South, Franklin Road to the East, I-440 to the North, and Harding Road to the West Location Characteristics: Green Hills is an upscale community in Southwest Nashville, adjacent to Belle Meade, and north of Oak Hill and Forrest Hills and Brentwood.
Nearby are David Lipscomb University, Belmont University and Vanderbilt University Medical Center. St Thomas Hospital is just to the west of Green Hills. Rolling hills can be seen; indeed, there is a community called Seven Hills just south of Green Hills Mall. There are Civil War historic sites in the area.
Originally consisting of mainly private residences, with a small strip mall in the 1950's and 1960's, there is now the expanded Green Hills Mall with shopping, restaurants, movie theaters, and the famous Blue Bird Cafe. The area has some of the city's more expensive properties, perhaps because of the convenience. There are limited rental apartments. Older neighborhoods such as Whitland, Golf Club/Hampton, and Woodmont Estates serve as one of the highest appreciating areas of the city. Green Hills neighborhoods include Glendale, Belmont, Vanderbilt, Hillsboro, Woodmont Estates, Whitland, Bowling, Estes, Abbott Martin, Abbottsford, and Burton Hills.
Other new communities continue to be built. There is a huge mixture of new and old, as remodeling is constantly going on in older homes. There are teardowns also, with smaller homes being replaced by larger ones.There are occasional bargains out there, but the competition is stiff for good properties. Be nice to your contractor!
For More Information:
Josh Anderson
615.509.7000
Josh@JoshAndersonRealestate.com
www.NashvillesRealtor.com
Greater Nashville Market Trends
Market Conditions Summary for Greater Nashville, Tennessee
After bottoming in the fourth quarter of 2006, existing-home sales are forecast to gradually rise through 2007 and into 2008, while new-home sales should turnaround by summer, according to the latest forecast by the National Association of REALTORS®.
David Lereah, NAR's chief economist, said annual totals for existing-home sales will be fairly comparable between 2006 and 2007. "We have to keep in mind that we were still in boom conditions during the first quarter of 2006 with a high sales volume and double-digit price appreciation," he said. "We are starting 2007 from a relatively low point, so even with a gradual improvement in sales it'll be pretty much of a wash in terms of annual totals. The good news is that the steady improvement in sales will support price appreciation moving forward."
Existing-home sales for 2006 are expected to come in at 6.50 million, the third highest on record, with a total of 6.42 million seen in 2007. New-home sales in 2006 should tally 1.06 million, the fourth highest on record, with 957,000 projected this year.
Total housing starts for 2006 are likely to be 1.81 million units, with 1.51 million forecast in 2007, which would be the lowest level in a decade. Builders are pulling back on new construction to support prices of remaining inventory.
The 30-year fixed-rate mortgage will probably rise to 6.7 percent by the fourth quarter of 2007. Last week, Freddie Mac reported the 30-year fixed rate at 6.18 percent -- far below earlier consensus forecasts. "The current interest rate environment and housing inventory levels present a window of opportunity for potential buyers," Lereah said.
The national median existing-home price for all of 2006 is expected to rise 1.1 percent to $222,100, and then gain 1.5 percent this year to $225,300. The median new-home price, after rising only 0.3 percent to $241,600 in 2006, is projected to grow 3.0 percent in 2007 to $248,900.
"With all the wild projections by academics, Wall Street analysts and others in the media, it appears that much of the housing sector is experiencing a soft landing," Lereah said. "Despite the doomsayers, household wealth will not evaporate and the economy will not go into a recession. If you're in it for the long haul, housing is a sound investment."
The unemployment rate is likely to average 4.8 percent this year, following a rate of 4.6 percent in 2006. Inflation, as measured by the Consumer Price Index, is expected to be 2.2 percent 2007, down from 3.2 percent last year, while growth in the U.S. gross domestic product is seen at 2.5 percent in 2007, compared with 3.3 percent last year. Inflation-adjusted disposable personal income should grow 3.4 percent this year, following a rise of 2.7 percent in 2006
Call me today to find out more about the Nashville housing market. You can also visit my website for more on local resources, statistics and schools. www.NashvillesRealtor.com
Josh Anderson
615.509.7000
After bottoming in the fourth quarter of 2006, existing-home sales are forecast to gradually rise through 2007 and into 2008, while new-home sales should turnaround by summer, according to the latest forecast by the National Association of REALTORS®.
David Lereah, NAR's chief economist, said annual totals for existing-home sales will be fairly comparable between 2006 and 2007. "We have to keep in mind that we were still in boom conditions during the first quarter of 2006 with a high sales volume and double-digit price appreciation," he said. "We are starting 2007 from a relatively low point, so even with a gradual improvement in sales it'll be pretty much of a wash in terms of annual totals. The good news is that the steady improvement in sales will support price appreciation moving forward."
Existing-home sales for 2006 are expected to come in at 6.50 million, the third highest on record, with a total of 6.42 million seen in 2007. New-home sales in 2006 should tally 1.06 million, the fourth highest on record, with 957,000 projected this year.
Total housing starts for 2006 are likely to be 1.81 million units, with 1.51 million forecast in 2007, which would be the lowest level in a decade. Builders are pulling back on new construction to support prices of remaining inventory.
The 30-year fixed-rate mortgage will probably rise to 6.7 percent by the fourth quarter of 2007. Last week, Freddie Mac reported the 30-year fixed rate at 6.18 percent -- far below earlier consensus forecasts. "The current interest rate environment and housing inventory levels present a window of opportunity for potential buyers," Lereah said.
The national median existing-home price for all of 2006 is expected to rise 1.1 percent to $222,100, and then gain 1.5 percent this year to $225,300. The median new-home price, after rising only 0.3 percent to $241,600 in 2006, is projected to grow 3.0 percent in 2007 to $248,900.
"With all the wild projections by academics, Wall Street analysts and others in the media, it appears that much of the housing sector is experiencing a soft landing," Lereah said. "Despite the doomsayers, household wealth will not evaporate and the economy will not go into a recession. If you're in it for the long haul, housing is a sound investment."
The unemployment rate is likely to average 4.8 percent this year, following a rate of 4.6 percent in 2006. Inflation, as measured by the Consumer Price Index, is expected to be 2.2 percent 2007, down from 3.2 percent last year, while growth in the U.S. gross domestic product is seen at 2.5 percent in 2007, compared with 3.3 percent last year. Inflation-adjusted disposable personal income should grow 3.4 percent this year, following a rise of 2.7 percent in 2006
Call me today to find out more about the Nashville housing market. You can also visit my website for more on local resources, statistics and schools. www.NashvillesRealtor.com
Josh Anderson
615.509.7000
The Nashville Real Estate Market
The super strong housing market we experienced in the past few years finally showed signs of slowing in 2006. Early 2007 numbers show a continuation of this trend with sales remaining just below last year's numbers. Historically low interest rates and creative financing options still make it possible for more people than ever to take advantage of home ownership. Nashville continues to be a hot spot for business and industry which means the outlying areas will remain popular choices for homebuyers.
Bellevue - located in Southwestern Davidson County - has become a popular destination for those looking for close proximity to downtown Nashville while still needing a reasonably priced home. New construction is continuing at various price levels. Call or e-mail me to discuss your specific questions. Thank you.
Josh Anderson
http://www.nashvillesRealtor.com
615.509.7000
Bellevue - located in Southwestern Davidson County - has become a popular destination for those looking for close proximity to downtown Nashville while still needing a reasonably priced home. New construction is continuing at various price levels. Call or e-mail me to discuss your specific questions. Thank you.
Josh Anderson
http://www.nashvillesRealtor.com
615.509.7000
Update on Belle Meade homes
For the same two months last year the average home price for homes sold was $508,808. This year it is $612,833. Last year 35 homes sold in the same two months, this year 36 sold.
ZIP Code: 37205
Approximate Location Boundaries:
Belle Meade is located about 8 miles west of downtown Nashville
Location Characteristics:
BELLE MEADE is considered by most to be the wealthiest area in Nashville. It's residents include some the most successful business people and even a former vice-president of the U.S. Many of the homes are huge and quite expensive. This where most of the people with "old money" live. Commute time to Nashville is 10-20 minutes depending on how fast your chauffeur drives.
ZIP Code: 37205
Approximate Location Boundaries:
Belle Meade is located about 8 miles west of downtown Nashville
Location Characteristics:
BELLE MEADE is considered by most to be the wealthiest area in Nashville. It's residents include some the most successful business people and even a former vice-president of the U.S. Many of the homes are huge and quite expensive. This where most of the people with "old money" live. Commute time to Nashville is 10-20 minutes depending on how fast your chauffeur drives.
Thursday, February 22, 2007
Radon and its effects
Dealing with the dangers of radon gas
Step 1 in dealing with the deadly gas? Test for it
What is radon?You can't smell or see radon. It's an odorless, colorless gas that is the second-leading cause of lung cancer in the U.S. If you're a smoker, the presence of radon in your home will considerably increase your chance of getting lung cancer. A study published in 2005 in the journal Epidemiology concluded your chance of getting lung cancer increases by 11 percent to 21 percent at average radon concentrations of about 3.0 picocuries per liter (pCi/L) of air over an exposure period of 5 to 30 years. The EPA recommends radon mitigation at 4.0 pCi/L.The presence of radon doesn't mean your home was built over an atomic-waste dump. Its origins are natural--from the breakdown of uranium found in almost all soil. The gas finds its way into a home through such paths as cracks and other holes in the foundation.To learn about other indoor air-quality issues, read our report Indoor Air Quality: How Clean is the Air in Your Home?
Unsure about whether your home has high levels of radon? It's time to find out if your house is among the estimated 1 in 15 with dangerous levels of the cancer-causing radioactive gas. The federal government has begun a campaign to increase radon awareness, urging homeowners to test their homes for this silent killer that is estimated to claim 21,000 lives a year."We know that radon-related deaths can be prevented,'' says EPA Mid-Atlantic Regional Administrator Donald S. Welsh. "No one has to live in a home with high radon levels because virtually any home with a radon problem can be fixed. Our hope is that once people understand this health risk, they will test their homes for radon and fix any problems they find."There is no national requirement to test for radon, and the gas is found in every state, though the potential for high levels is greater in some locations, particularly in the Northeast and Midwest. Check with your state radon office to learn about state-specific regulations and to find certified radon-testing and radon-mitigation companies.While you might have had your home tested for radon when you purchased it, research indicates as many as 80 percent of American homes still need to be tested, according to the Environmental Protection Agency and the Surgeon General's Office. Consumers Union, the nonprofit publisher of Consumer Reports, recommends not waiting for a home sale to check for the gas. If a test already has been completed, it is not necessary to repeat the test, unless you've fundamentally changed your home in a way that could allow more radon to enter the structure. Those changes include adding new windows and doors, modifying your heating or cooling system, adding or changing exhaust systems or any other element that could change the pressure and ventilation characteristics of the house, and building an addition.
Radon Action MonthTo try to heighten awareness of the problems of radon, the EPA declared January National Radon Action Month. Children from across the country competed in a poster contest sponsored by the National Safety Council to draw attention to radon. Here are the winners.
It's easy to determine whether radon is a concern in your home. Home test kits that measure levels of radon typically cost less than $20. In many locations, you can get discounted kits through your state or county health department or environmental-affairs department. The New York State Department of Health, for example, offers residents a kit for $6.75 and will provide a free kit to any resident who has already had work done by a mitigation contractor and wants to verify that radon levels are low.If you decide to test on your own, you have two choices. Short-term testing, the quickest way to test, takes 2 to 90 days. Long-term testing runs for more than 90 days, giving a more accurate picture of year-round levels. About all you have to do is place a sampling container in the lowest usable level of your home, typically the basement. Seal the container immediately after the specified test period and send it to the laboratory marked on the package.After the test is processed, sometimes in just a few days, you will receive a report (by mail or e-mail or through a Web site) that will show the measure of gas detected. You should perform a short-term or long-term follow-up test if the reading is more than 4.0 picocuries per liter (pCi/L). (Sometimes the test results show "Working Levels," or WL. The threshold of 4.0 pCi/L corresponds to 0.016 WL.) If the radon levels are high, you can hire a certified radon-remediation contractor. Find one through your state radon office or through these private organizations: the National Environmental Health Association and the National Radon Safety Board.Contractors will reduce levels of gas in your home by:
Installing a suction system to draw the gas out of and away from the home
Changing the ventilation and pressurization in the basement
Sealing foundation cracks and openings
Expect to pay about $800 to $2,500, with an average bill about $1,200.If you live in an area with a cold climate, it's best to test during the winter months, when windows are closed, limiting air exchange. The low pressure created by a chimney or other ventilation device can draw soil gases into the home near the foundation.
Step 1 in dealing with the deadly gas? Test for it
What is radon?You can't smell or see radon. It's an odorless, colorless gas that is the second-leading cause of lung cancer in the U.S. If you're a smoker, the presence of radon in your home will considerably increase your chance of getting lung cancer. A study published in 2005 in the journal Epidemiology concluded your chance of getting lung cancer increases by 11 percent to 21 percent at average radon concentrations of about 3.0 picocuries per liter (pCi/L) of air over an exposure period of 5 to 30 years. The EPA recommends radon mitigation at 4.0 pCi/L.The presence of radon doesn't mean your home was built over an atomic-waste dump. Its origins are natural--from the breakdown of uranium found in almost all soil. The gas finds its way into a home through such paths as cracks and other holes in the foundation.To learn about other indoor air-quality issues, read our report Indoor Air Quality: How Clean is the Air in Your Home?
Unsure about whether your home has high levels of radon? It's time to find out if your house is among the estimated 1 in 15 with dangerous levels of the cancer-causing radioactive gas. The federal government has begun a campaign to increase radon awareness, urging homeowners to test their homes for this silent killer that is estimated to claim 21,000 lives a year."We know that radon-related deaths can be prevented,'' says EPA Mid-Atlantic Regional Administrator Donald S. Welsh. "No one has to live in a home with high radon levels because virtually any home with a radon problem can be fixed. Our hope is that once people understand this health risk, they will test their homes for radon and fix any problems they find."There is no national requirement to test for radon, and the gas is found in every state, though the potential for high levels is greater in some locations, particularly in the Northeast and Midwest. Check with your state radon office to learn about state-specific regulations and to find certified radon-testing and radon-mitigation companies.While you might have had your home tested for radon when you purchased it, research indicates as many as 80 percent of American homes still need to be tested, according to the Environmental Protection Agency and the Surgeon General's Office. Consumers Union, the nonprofit publisher of Consumer Reports, recommends not waiting for a home sale to check for the gas. If a test already has been completed, it is not necessary to repeat the test, unless you've fundamentally changed your home in a way that could allow more radon to enter the structure. Those changes include adding new windows and doors, modifying your heating or cooling system, adding or changing exhaust systems or any other element that could change the pressure and ventilation characteristics of the house, and building an addition.
Radon Action MonthTo try to heighten awareness of the problems of radon, the EPA declared January National Radon Action Month. Children from across the country competed in a poster contest sponsored by the National Safety Council to draw attention to radon. Here are the winners.
It's easy to determine whether radon is a concern in your home. Home test kits that measure levels of radon typically cost less than $20. In many locations, you can get discounted kits through your state or county health department or environmental-affairs department. The New York State Department of Health, for example, offers residents a kit for $6.75 and will provide a free kit to any resident who has already had work done by a mitigation contractor and wants to verify that radon levels are low.If you decide to test on your own, you have two choices. Short-term testing, the quickest way to test, takes 2 to 90 days. Long-term testing runs for more than 90 days, giving a more accurate picture of year-round levels. About all you have to do is place a sampling container in the lowest usable level of your home, typically the basement. Seal the container immediately after the specified test period and send it to the laboratory marked on the package.After the test is processed, sometimes in just a few days, you will receive a report (by mail or e-mail or through a Web site) that will show the measure of gas detected. You should perform a short-term or long-term follow-up test if the reading is more than 4.0 picocuries per liter (pCi/L). (Sometimes the test results show "Working Levels," or WL. The threshold of 4.0 pCi/L corresponds to 0.016 WL.) If the radon levels are high, you can hire a certified radon-remediation contractor. Find one through your state radon office or through these private organizations: the National Environmental Health Association and the National Radon Safety Board.Contractors will reduce levels of gas in your home by:
Installing a suction system to draw the gas out of and away from the home
Changing the ventilation and pressurization in the basement
Sealing foundation cracks and openings
Expect to pay about $800 to $2,500, with an average bill about $1,200.If you live in an area with a cold climate, it's best to test during the winter months, when windows are closed, limiting air exchange. The low pressure created by a chimney or other ventilation device can draw soil gases into the home near the foundation.
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