Bad News, Good News in Housing Numbers

Let’s start with the good news… homes ARE selling throughout LaVegne.  The bad news, however, is that they aren’t selling as quickly as they were last year.  This is to be expected when even the chairman of the Federal Reserve whispered the word “recession” earlier this month.  I’ve personally felt that we’ve been in a recession for the past year based on the housing market.  That market is an early indicator since housing basically affects every aspect of the health of any economy.

Let’s get to the numbers (these do not show condominium numbers)…

LA VERGNE, TN

Homes Currently on the Market:  453

  • Least Expensive: $44,900 mobile home, 1500 square feet, 3 bedrooms, 2 baths
  • Most Expensive: $525,000 estate home, 4500 square feet, 3 bedrooms, 3.5 baths, indoor swimming pool, in Hampton Estates
  • 69 Homes over $200,000 on the market
  • 148 Homes between $150,000 and $200,000
  • 236 Home up to $150,000

Homes for Sale and Under Contract:  55

Homes Sold

  • February 2008: 49
  • March 2008:  41
  • March 2007: 63
  • January – March 2008:  124
  • January – March 2007: 167

SMYRNA, TN

Homes Currently on the Market: 346

  • Least Expensive: $75,000 mobile home, 1150 square feet, 3 bedrooms, 2 baths
  • Most Expensive: $2,000,000 (home and 5 acres on Rock Springs Rd. that’s being zoned commercial hence the price jump)
  • 114 Homes over $200,000 on the market
  • 109 Homes between $150,000 and $200,000
  • 125 Homes up to $150,000

Homes for Sale and Under Contract: 52

Home Sold

  • February 2008: 48
  • March 2008: 59
  • March 2007: 80
  • January – March 2008: 141
  • January – March 2007: 217

NASHVILLE, TN

From report from Greater Nashville Association of Realtors

2227 home closings reported for March, which represents a decrease of 28.7 percent from March 2007. For the first quarter there were 5,763 closings which is down 27.8 percent from the first quarter of last year.  The median price of a single family home was $178,388 and for a condominium it was $160,573.  That compares with $173,400 and $153,400 respectively for last year..

Inventory is 23,730 units, compared with 19,091 units in March 2007.

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