» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 40 | NO. 34 | Friday, August 19, 2016

Sales down, prices soar for both houses, condos

Print | Front Page | Email this story

July sales are off 3.3 percent from 2015, sales figures from the Greater Nashville Association of Realtors reveal, while inventory is down from 13,728 to 12,238, slightly more than 10 percent.

When properties are not for sale, it can apparently prove challenging to purchase them.

Even as the sales figures are less than the staggering number 3,832 of units sold last year, the 3,705 closings with low inventory speaks to the strength of the market.

How strong is it? The median price of a single-family home has increased from $234,900 to $267,000, or 13.6 percent. Compared to last July, the median sale price for a condominium rose from $161,500 to $189, 986, an increase of 17.6 percent.

With prices rising in double digits in both condominiums and single-family homes, the multiple-offer scenario continues to haunt buyers. Sellers, meanwhile, are amazed at the money they would have to spend in order to relocate.

As a result, more and more are choosing to expand their current residences, hurting the inventory levels even more.

One segment of the local market lagging is the upper-end or luxury market – and the decrease is significant.

There were 16 sales of over $1 million in July, 2015, according to Realtracs, which only monitors sales listed in the MLS. Ten were in the $1 million range, two in the $2 million range one for $3,325,000 and one for $4,500,000.

In July, 2016, there were three sales – one for $1,050,000, one for $2,000,000 and one slightly higher. Sixteen to three is telling. Based on that data, it is understandable how so many are clamoring for the houses under $1 million.

What is interesting about that is that it does not matter that a house may be a bit overpriced, underpriced, have master/owner suites up or down, new kitchens or old kitchens, last month, there were no buyers.

But last August, 18 closed at $1 million or more, and at the halfway point, there are nine this month. Traditionally, most houses close at the end of the month. So things could be improving for this price range.

Sale of the Week

Over the years, Wortham Avenue has been perceived as a sleepy little street off of the Woodlawn corridor in Green Hills. Nestled in the trees and dales, the area has seen modest, well-kept homes that appreciate each year while the residents walk their children and dogs and tend to their yards and landscaping.

The neighborhood has avoided the tall skinnies since the market has accepted the street as a home for the luxury, upper-end market. Developer Scott Chambers built a brilliantly designed, sustainable home on the street, and the venerable builder Brady Fry enlisted the highly regarded Jeff Dungan, a Birmingham architect for the design.

Dungan created a stunning plan that Fry executed to perfection. Fry listed the home with Wortham resident Elizabeth Pagano McGuire, a former Nashville Banner writer turned Realtor, to marketing the home.

McGuire enlisted the services of the veteran Mary Beth Thomas of Parks. Cathie Cato Renken of French-King Fine Properties did her firm well in delivering the buyer to this fine home.

With 4,861 unwasted square feet providing the space for the four bedrooms, four full baths, and two half baths, the house boasts soaring ceilings and various seating and relaxing areas that are foreign to this market. Alabamans must be more restful than those of us in Middle Tennessee.

The detail in the home is noticeable, yet subtle with the owner suite on the main level and a porte cochere separating the garage and the main dwelling.

With all of the hubbub about the school board in the air, it was of note to see that the residents of this home could send their children to either Julia Green or Eakin Elementary, according to the listing agents who cited MPNS as their source.

The house has a wood shake roof, a style creeping into popularity in the Nashville market as the architects seem to have tired of architectural shingles, even though the shingle manufacturers wisely named them in honor of the architects.

The price of slate blows the whole price per square foot model that most embrace here, leaving wood shake as a good option.

Soon termite inspectors will be crawling around peoples’ roofs in hopes of spying a swarm of the critters.

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

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0