East Nashville Market Snapshot- July 2008

We had 39 home closings in East Nashville for July at an average of $135 per square foot. Three homes sold over $400k with the top sale being 1209 Holly Street at $555k. The average days on the market were 74.

To put this in perspective we had 58 closings in July 2007 at an average of $119 per square foot. The average days on the market were then 56 days.

Comparing these we again see the trend of rising prices per square foot with fewer homes selling. This may just be the effect of buyers being picky. The homes in the best condition and location are getting picked, while those needing work or funky floor plans wait on another buyer to come along.

This is a different dynamic for East Nashville than a couple years ago when there were fewer homes to select from and buyers felt confident that prices would continue to rise and protect their investment. Today, you need to list your home in the top third of your market for condition and the bottom third for price.

In this type of market, it’s extremely important to do as many repairs to your home as you can, clean it thoroughly, then stage and de-clutter before listing it. It may be the difference between it selling and not.

-Peter
www.NashvilleCityHomes.com