GNAR: Sales Gains ‘Evidence That All Real Estate Is Local’

Nearly 2,500 homes were sold in June with a median price of $182,000.

Home sales for the month of June were up by more than 20 percent compared to last year, along with a sizeable jump in home prices. Realtors continue to be encouraged by the local recovery.

Greater Nashville Association of Realtors president Kendra Cooke says the home sales figures just go to show that “all real estate is local.” The housing market is softening in some other cities, while the nine-counties that make up Nashville have been steadily increasing month after month.

Williamson County is a particular stand out. Realtors describe deals with multiple offers. The median price has again surpassed $340,000. However, there are still sellers like Beth Hallmark. She and her husband bought in 2005. And after eight months on the market, they’re just trying to keep their shirts.

“And we are actually really concerned about that. We’re trying really hard not to lose money on this house.”

Hallmark says she’s still awaiting a first offer, even one that’s insultingly low.

Local realtors say market-ready homes are the ones selling, and that buyers don’t seem as interested in those that need some work.

It’s been a good six months for local home sales. According to GNAR, closings are up nearly 25 percent since January.

The growth has been relatively consistent this year, not a sudden surge. But Cooke says that’s sort of a good thing.

“The big boom, and its over, tends to scare me a little bit. As a practitioner, I’d rather have a little more of that steady growth.”

Mid-way through the year, nearly 12,000 homes have been sold. That’s roughly on pace with 2008, and well off the peak years. In 2006, 40,000 homes in Nashville changed hands.

Cooke credits local factors, such as Middle Tennessee’s quality of life. But historically low interest rates are the driving force behind national gains, which are slightly more modest than those locally.