For those who believe the real estate market is a good barometer of the economy, then we're not out of the woods yet, at least as far as the Nashville area market is concerned.
Most markets will see a rise in the number of transactions during the summer months. However, this summer we had a mere blip up in the number of pendings for the last two weeks in August. The rest of the summer showed only half the number of transactions when compared to those months during which the tax credit was available.
Here are the hard facts:
-April - 309 closed properties; September - 146
-April - average Days on the Market- 77; September - 85
-April - average Sale Price per Square Foot - $89; September - $86.
-Average sale price for both months did not reflect much difference, approximately $177,000.
The trend for both the number of sales and the price per square foot seems to be headed downward. We may be headed for some lean winter months, unless the November election results brighten the mood (and loosen the pocket books) of all of us.
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