November 2011 tops November 2010; area sees fifth straight month of better numbers

There were 1,592 home sales in the Nashville area in November, a 20 percent jump from the same month last year.

November marks the fifth straight month of improved sales data against the same months in 2010. Year to date, home sales passed last year’s pace, up 1 percent.

“Home sales trends in November include a double-digit increase in the number of closings and stable or increasing prices for both single-family homes and condominiums. These signs are welcome as we near the end of the year and begin to look toward 2012,” said Greater Nashville Association of Realtors President Alice Walker. “Based on current data, Greater Nashville is on track to have more than 20,000 closings this year, which is a very important benchmark under current market conditions.”

The median residential price for a single-family home during November was $167,500, and for a condominium it was $158,690. Last year, those figures were $165,000 and $137,500, respectively.

While all sectors of the market continued improvement over last year, land and lots showed strong growth once again — usually a leading indicator new home construction is setting up in the pipeline.