Mid Tennessee Market Statistics November 2009
I find that a lot of my clients like to know the real estate sales statistics for the Middle Tennessee sales area. We update this sales statistics information on a monthly basis and it covers the whole Mid-Tennessee MLS area, BUT if you would like have local information for your area (or even neighborhood), I am always happy to help!
For the month of November 2009, there were 238 residential and condominium closings reported for the month of November, according to figures provided by RealTracs Solutions, the multiple listing service used by REALTORS® in the Middle-Tennessee area.
Compared to November of 2008, the single family residential closings increased by 62 percent and the median price decreased by 12 percent. Condominiums closings have increased by 87 percent and the median price increased by 27 percent. The average days on the market (DOM) for residential homes have increased by 2 days and condominiums have increased by 38 days. The median is a typical market price where half of the homes sold for more and half sold for less.
November has been traditionally a very slow month for real estate transactions. This November has been much more active than usual. With the extension and expansion of the Homebuyers Tax credit, I believe that the winter closings will be higher than in the past few years as existing homeowners and new buyers rush to take advantage of the credit before April. The recent announcement of the Home Buyer’s Tax Credit extension and the expansion to include existing homeowners who have owned their homes for five or more years will fuel sales for the next few months. Move-up homeowners can receive a $6500 tax credit on the purchase of a home if they have lived in the home for five consecutive years out of the past eight years. This tax credit requires a contract date of April 30th; call me today to begin the process 615-351-4736!
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