Nashville Real Estate Talk

All these photos were taken in our Garden in Lebanon Tennessee at sunset on Wednesday April 29, 2009. If you love gardens, maybe you should live here too?

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What the Numbers mean for Wilson County TN Home Buyers and Sellers:

As opposed to 2008 Wilson County Home Sales are down by 36%. Wilson County Home Prices are also down by 12%.

In Mt. Juliet , both Providence and Del Webb as well as other new Home Communities have been adding 578 New Homes on average each year from 2005 to 2007. This slowed in 2007 as only 364 New Homes were sold in Mt. Juliet.  This trend continues into 2009 with less than 200 new homes sales predicted for Mt. Juliet.

With New home sales in Mt. Juliet off by 70% from the peak in 2006, new home prices are down a s well.  Home Builders in Mt. Juliet are modifying their homes to attract buyers interested in less expensive homes.

Existing Home sales in Mt. Juliet, Lebanon, Old Hickory and Hermitage TN are down just 25% since last year and prices are steady at just 3.8% below 2008 Wilson County home prices.

In Summary, although Residential growth has slowed in Wilson County, it is poised to rebound.  Looking at all the advantages for Wilson County you see:

1. Percy Priest Lake and Old Hickory Lake recreation areas

2. Interstate 40 access and just 10 minutes to Nashville International Airport

3. Light Rail- the Music City Star commuter train connects Wilson County communities to Nashville.

4. Providence Market Place plus an additional one million sq. ft. of retail space being added this fall in The Paddocks of Mt. Juliet.

5. The new 20 Year developement plan for Bel-Aire with three million sq.ft. of office space.

Wilson County, It’s a great place to Live, Work, Shop and Play.

This article provided by Gary Rabideau

Crye-Leike Realtors, Inc.

615-415-1740

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Nashville Area Real Estate Sales for March

Nashville Area Real Estate sales were steady in March. Improvements were seen as Nashville first time home buyers began to take advantage of the Federal Tax Rebate program and garner up to $8,000 for themselves.

In Nashville metro area home sales saw a 4% difference between asking price and sold price.

Homes For sale in Mt. Juliet averaged $216,000 and a home seller in Mt. Juliet could expect to wait 2 months to sell his home.

 Home prices in Brentwood and Franklin averaged $510,000 in March and 91 properties sold there.

Home sellers In Gallatin and Hendersonville were getting about $95 per sq.Ft. in March . Just over 100 homes  sold in Hendersonville and Gallatin  TN during March.

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   Nashville area home showings on rise in March

Nashville Area Home Showings for March 2009

Nashville’s largest Realtor, Crye-Leike Realtors, Inc. reported Nashville area homes  have begun to show again. Stretching back to August of 2008 monthly home showings  in the Nashville area had fallen at first below 3,000 showings and then to just barely 2300 in December.

‘These numbers are going to make a lot of Nashville area home sellers very happy” said Crye-Leike’s  Cathy Wood.   Cathy went on to share three reasons for this rebound in Nashville home showings.

First- The Governments new Tax Rebate program for first time buyers.  “$8,000 is a lot of money to first time buyer and with the new THDA  rules, many  Nashville area home buyers can even use it as a down payment”.

Second- Cathy noted the current Interest rates available to buyers. ” We’re seeing mortgage rates at 5% or lower.”  To the first time buyer that means a $100,000 mortgage for about $500 + Insurance and Taxes. “You can’t rent a home in Nashville for that”.

Lastly- The inventory.  “with over 20,000 homes available on the  Nashville MLS, there is something for everyone no matter what their taste or budget. Even here in Mt. Juliet we have almost 700 homes available for sale today 

 The Nashville average home price dropped to $223,945 from $239,085 This drop was less than half of the 15-18% on average that other cities saw this year.

 New Construction is off significantly.  New homes in Mt. Juliet’s Providence sub-division  are down 71% from last year.  Builders have become cautious and are trying to build to order.  

Jan-March homes sales in Nashville were 2708 homes vs. 4105 homes in the same period last year. Nashville faired much better than other cities where 50% declines was not unusual.

Inventories are manageable and in many cases lower than 2008.  Inventories should increase though as we pass Tax Time and homeowners in the Nashville area begin to put their properties on the market.

This also means that existing sales are faring much better than new homes. 

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