Fridrich & Clark Realty, LLCMay 2022
01/05/22 21:02
Could the Market be Slowing ever so Slightly?
I am beginning to see a few indicators that the market may be slowing just a wee bit. Some homes are not going under contract the first day of showings and some are lasting at least a week before going under contract. And, in some cases, listings are actually having price reductions. The small group of agents in my firm who meet monthly to analyze numbers about sales in real time, have also seen a very shift in available inventory. As of the writing, there are 99 homes active on the market in the neighborhoods/ area formerly referred to as Area 2. The areas represented in this information are in the neighborhoods of Green Hills, Hillsboro Village, Hillwood, West Meade, Lipscomb, Sylvan Park, West Nashville, 12South and Belle Meade. This section of the city typically has larger lots (approx. 0.94 acre) and is one of the most expensive areas of the city. The average list price for homes actively on the market in these neighborhoods is at a record level of $506 per square foot. And, for these same homes, the average days on market is 44. Clearly, demand is outpacing supply of homes. The market remains super intense and, if working with buyers, an agent either needs to get a lead on a home soon coming on the market (through networking, realtor gossip or tips from clients) or be prepared to see the home and make a decision the first day a home is being shown.
