Here ar just a few WONDERFUL takeaways from the First Quarter Metrostudy Housing Report
, covering the Middle Tennessee housing market:
HOUSING MARKET TRENDS
New Home Construction Starts and Closings
- Employment nationally in 2011 improved by over 1.6 million jobs compared to a year earlier.
- Nashville has seen 23 consecutive months of positive job creation.
- The Nashville Metropolitan Statistical Area February unemployment rate of 7.1% has consistently outperformed the National and State averages of 8.2% and 8.0%, respectively.
New Home Activity and Inventory
- The first quarter saw more starts than any previous quarter in the past 3 years.
- The 12 months ending in March 2012 saw 3,614 new home starts; the 12 months ending in March 2011 recorded 3,209 new home starts, a 12.6% increase year over year.
- Nashville builders have been relatively successful in cleaning up their finished vacant inventory during the recession.
- Three years ago, in the first quarter of 2009, there were 2,115 finished vacant units, representing a supply of 4.6 months.
- Currently 659 units are in the finished vacant category; a rate of 2.2 months of supply.
- The 12 months ending in March 2012 saw the top 10 Production Builders close 44% of the Nashville Market.
- Goodall Homes is currently #3 in Market Share in the Nashville Market (not too shabby for a local private builder!).
- Goodall Homes has two neighborhoods in the Top 10 for annual starts (Ladd Park in Franklin and StoneBridge in Lebanon).
"With new home starts increasing, a good indicator that builders are exhibiting confidence in the market, the general consensus is the worst appears to be behind us and those in the industry are focused on the future. Nashville's MLS has shown improvements in sales for 8 consecutive months and prices on resale inventory appear to finally be at a bottom...These factors combined with continued steady employement growth, the area's lack of new home inventory, and home values remaining stable, Nashville should expect to see upward movement in the new home market through the remainder of 2012."
Ahhhhh, now THIS gives us reason to celebrate! Couple all of this news with historically low interest rates and we have the perfect combination. So, if you're still trying to decide whether now is a good time to buy a new home...the answer is YESSSSSSSSS!