Nashville real estate market report for May 2008
Nashville real estate sales for May 2008 were down 28.4 percent for homes in the greater nashville area. Prices of homes sold were up 2.5 percent from $185,405 to $189,975. The average days on market for sold homes was 82 days.
The big headline, and the one that you need to look at closer is the inventory level. GNAR reported that the inventory for nashville real estate rose from 20,915 in may of 2007 to 25,096 in may of 2008. The misleading part of that is the the inventory levels of homes are only up 1,614 units, an increase of 11 percent..
The big increase is in Farms/land/lots with 2324 more than the 4007 last year, a 55 percent increase. It's no surpirse to me that the inventory of lots in the MLS has increased. Most of the lots in the past never made it to the MLS. They were promised to builders sometimes as soon as neighborhoods were approved. Now developers are actually listing them on the MLS, and they alter the statistics compared to last year.
Nashville real estate is still very healthy. Prices of homes continue to remain stable with a slight increase year over year.
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