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.