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VOL. 43 | NO. 30 | Friday, July 26, 2019

As sales fluctuate, demand for $1M-plus homes grows

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There were 4,172 homes sold in June, eclipsing the 4,036 in June 2018, Greater Nashville Realtors sales data shows.

Oddly, there also were 4,172 sales in May. Steady as she goes for the real estate world.

Inventory at the end of May came in at 11,576, compared to 11,610 in June.

Of note is that May had an extra day, but it also included a holiday.

Year-to-date sales are 2.3 percent ahead of 2018, GNR President Andrew Terrell says, due in part to the strong second quarter in which there was a 5.4 percent increase compared to 2018.

Terrell also reports a $5,000 increase in the median price for single-family homes to $319,900.

With pending sales at 3,645, July should eclipse the sales of last July. The big question is whether sales can hit 4,172 in July. May’s pending sales of 3,940 yielded the 4,172 number for June.

There were 3,833 pending sales in April, leading to the 4,172 May closings. Both month’s pending sales were higher than the current number.

All of this points to a shift in the market, at least how it is trending this year.

The year began with January reporting inventory of 11,053, which dipped slightly to 10,745 in February before rebounding to 11,276 in March. Since March, the number has hovered around the 11,600 mark.

To recap, inventory has remained consistent all year.

Sales, however, are not consistent. January checked in with 2,274 sales, and February had 2,536. Those additional 262 sales accounting for the 308 drop in inventory, as very little was listed in February.

In the past, March, April and May were considered the “Spring Market” when the most houses were listed and, consequently, the most houses were sold.

March’s 3,237 marked a 700-unit increase compared to February, and April increased by 240 compared to March. But the spring market has lost its luster, with sales shifting to a summer market, May and June having the aforementioned 4,172 closings and July poised to hit a similar number.

May and June sales are almost double January’s, yet inventory is remaining stable.

That means an extra 2,000 homes are being listed and devoured each month as the weather warms.

In the all-important upper-end homes – $1 million or more – sales have shown a significant increase with 290 properties sold in 2019.

There were 224 sold during the same period last year.

It is difficult to find a Realtor who is not working with a $1 million buyer, and their profile is much different from it was 10 years ago. These buyers are single or married, men and women, ages 23 to 100.

Sale of the Week

Realtor Laura Baugh is a fixture in the Middle Tennessee real estate market, particularly the upper-end segment, and has been for years.

One member of the top-producing group hailing from Worth Properties, a firm no stranger to seven figure sales, Baugh has once again succeeded in selling a unique property for a high price.

With the sale of 5815 Still Hollow Road for $1.45 million, she has landed yet another monster sale.

With 4,079 square feet and four bedrooms, four full baths and one half bath, the house sold for $355 per square foot.

Situated atop 1.86 wooded, secluded acres, the home was renovated in 2011 by Nashville architect Mitch Hodge.

The house was described by Baugh as “California-esque” and “midcentury modern,” a term that describes style more than chronology.

Since the house was built in 1963, and 63 years into a century is not exactly the middle of said century, these 1960s homes being labeled as “mid -century modern” are not exactly accurate.

In addition to the mathematical issues, there is nothing modern about a home constructed in the middle of a previous century.

Jameson Roper of Nativview was listed in Realtracs as the buyer’s agent. Nativview is a firm that has flown under the radar, and its website boasts that “Whether you are a songwriter who just signed your first publishing deal or a road-seasoned artist. We are a one-stop solution.”

Apparently, if road-seasoned artist does not have a deal, they may assist in that, as well, as Jameson Roper is the manager of the Band Camino, according to several social media sites.

Nativview was founded by the omnipresent J.R. Roper of Lexus Nashville fame whose firms also includes Joy Roper and Devon Roper.

Richard Courtney is a licensed broker with Fridrich and Clark Realty and can be reached at richard@richardcourtney.com.

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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