GNR - 'Middle Tennessee Home Sales See Strong Spring Start in March'

NASHVILLE, Tenn. (April 7, 2017) – There were 3,420 home closings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure represents an 8.9 percent increase compared to the 3,141 closings in March 2016.
 

     Data for the first quarter of 2017 showed 8,338 closings, up 9.7 percent from the 7,601 closings during the first quarter of 2016.
 

     "March was a very strong month for our region's housing market with sales up almost 9 percent," said Greater Nashville REALTORS® President Scott Troxel. "We were exactly 96 units short of tying the mark for the best March on record, which is March 2006. A stronger economy and growing consumer confidence enable our region to continue to experience positive growth that rivals our market’s best years."
 

     “Mortgage interest rates have risen slightly in the past month, which can nudge potential buyers to act more quickly,” said Troxel. “Interest rates are very important for homebuyers and they get that. The rate can begin to impact whether a buyer can qualify for the home they want. Locking in at the lowest interest rate is a motivating factor for many buyers.”

There were 3,602 sales pending at the end of March, compared with 3,285 pending sales at this time last year. The average number of days on the market for a single-family home was 50 days.
 

      The median residential price for a single-family home during March was $273,500 and for a condominium, it was $199,900. This compares with last year’s median residential and condominium prices of $245,000 and $181,894, respectively.
 

     Inventory at the end of March was 10,710, down from 11,951 in March 2016. The current inventory of properties by category, compared to last year, is:

 "April is Fair Housing Month, and as Realtors, we strive to help all who desire to own a home to become a homeowner. We are advocates for all current and future homeowners, and we will continue working to ensure housing is available to all,” said Troxel.

 

     Greater Nashville REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.

The List with Libby Team featured on the Ledger's 'Sale of the Week' by Richard Courtney

We are beyond flattered that our most recent listing in Bellevue was featured as the 'Sale of the Week' from an editorial by local real estate expert Richard Courtney.

He writes:

“I believe in Bellevue” was the slogan and battle cry of the area in the late 1970s, and the neighborhoods along the Harpeth River carried that determination on their backs immediately following the Flood of 2010.

Bellevue was one of the hardest-hit regions, attracting neighbors from all over Nashville into the flood-torn regions wielding shovels, picks, hammers, wheelbarrows and other implements of destruction and construction. It was the recipient of assistance from thousands of volunteers who poured into the ravaged streets and houses.

It was an example of volunteerism that was unparalleled as thousands of people showed up. No one told them where to go, what to bring or how to do anything. Mayor Karl Dean and his staff immediately saw the manpower swelling and began to help.

They brought hundreds, if not thousands of dumpsters into the region and began a process of ridding the homes of their soaked belongings and construction components. When the volunteers saw dumpsters, they immediately began filling them. As soon as one dumpster would fill, it would be removed and replaced by another.

Within a few days, most of the material damage of the residential areas affected by the flooding rested in several sites around the city. It was then that overall effect of the event could be seen as thousands of houses in Bellevue had been gutted, stripped to the studs.

Harpeth Wood felt the brunt of the flood, and many of the homes that had never had a drop of the Harpeth River cross their property lines had water into their second levels or up to their rooflines.

Beech Bend Drive is a long street that rises and drops. Some homes were submerged, others untouched.

The house at 984 Beech Bend Drive is located near houses that flooded. When it was listed, however, Libby Bruno of the Wilson Group, one of the top real estate brokerage firms in Nashville, was quick to assert that this property “DOES NOT require flood insurance.”

Metro bought land in many areas of Harpeth Woods that had a chance of flooding again. That land was converted to greenway space. With these greenways in place, the likelihood houses in the area flooding was greatly decreased.

Libby Bruno, no stranger to creative and aggressive marketing, held an open house on Saturday – as opposed to the traditional Sunday open houses – and received multiple offers on her listing. The house was listed for $269,900, an optimistic price for 1,375 square feet, but she hit the sweet spot as the offers poured in. It sold for $287,000.

Vicki Testerman of Village Real Estate Services reeled in the catch for her clients.

These prices were never seen before the Flood, and Bellevue is one of the best-kept secrets in Nashville real estate. A Marcus Mariota toss or two away from Belle Meade and convenient to shopping, interstates and the Warner Parks, prices are reasonable, and all the houses that flooded were rebuilt in 2010 with 7-year-old everything.

The home that Testerman secured for her buyer has stainless steel appliances, granite countertops, hardwood flooring and a floor plan that features a vaulted ceilings and separated bedrooms creating a ski lodge atmosphere.

Richard Courtney is a real estate broker with Christianson, Patterson, Courtney, and Associates and can be reached at richard@richardcourtney.com.

Check out the full editorial HERE