Jim & Cathy Wood Greater Nashville Area Real Estate

One of Nashville's better known Communities . Lenox Village, appears to be bucking the trend in Real Estate Sales.

2008 Home sales vs 2009

For 2009 home sales in Lenox Village are on a pace to pass 2008. Through August of this year 14 Single Homes have sold, and 4 more are pending. For all of 2008 21 units were sold.

Home Prices in Lenox Village

The average price of a single home in Lenox Village during 2009 has been $248,557. This compares with 2008 and when homes sold for an average of $263,990 or about 5% more.

Days on Market

Interestingly, the average home in Lenox Village is now selling faster than in 2008. Last year the average days on market was 87. However; in 2009 that figure has dropped to just 52 days. This makes Lenox one of the bright spots in the Nashville Market along with Mt. Juliet and parts of Murfreesboro.

Available Homes

There are just 18 homes available for sale in Lenox Village. At the current rate of sales (2+) per month, that is just 8 months supply. We regard any supply over 6 months as a "Buyers Market".

Why is Lenox Village selling so well in 2009?

One of very few Planned Communities" in Nashville, Lenox Village is popular for it's ideal location, close to Brentwood, Cool Springs and both Interstate 24 and 65. The development features community areas, walking trails, shopping and eating places too. This conceptual or "Life Style" living is beginning to catch on with young professionals as well as the classic "Empty Nesters" and retirees.

Lenox Village residents enjoy amenities like Lawn services , included with their Home Owners Assoc. fees too.

" The Lenox Village homeowner is looking for a special kind of environment", noted Gary Rabideau of Crye-Leike Realtors.

http://www.lenoxvillageneighbors.com/

Go here to view available homes in Lenox Village

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Nashville single family home sales for July 2009 were 1,766 units. This number was 10.5% below the 1973 units sold in Nashville during July 2008. However, nationally the dip from 2008 was pegged at 13.4%, showing Nashville as slightly ahead ( 2.9%) of the U.S. in housing sales.

Average Home Sales Price During July 2008 the average home price in Nashville was $246,739. This July that number had slipped to $234,203. Just a 5% difference. It should be noted that nationally home prices were off about 13% from last year. Once again Nashville has shown some strength in Home Values.

Days on Market In July 2008 the average home in Nashville took 79 days to close. This year in July homes closed after an average of 87 days on the market. Contrast that with cities like Atlanta where homes took 130 days to find a buyer

Asking Price to Sales Price Ratio One year ago, homes in Nashville were selling for an average of 96% of asking price, This year, in July, the average home in Nashville also sold fro 96% of asking price. Homeowners should take note, many of these homes were originally priced higher and were re-priced to find buyers. The take-away here is that Nashville Home Buyers and Sellers can expect to sell their homes at an average of 4% below asking price. AT an average asking price of $244,000 that equals about $9700.

If you are a home buyer in Nashville you can expect a seller to have some softness in his price, up to about 4-5%.

If you are a Home Seller in Nashville, expect a savy buyer who knows he is in demand and is looking for a "Deal".

Nashville Homes For Sale Inventory With 14,000 Homes for Sale and 1766 Nashville homes sold in July we estimate the Nashville Home Inventory at about 8 months or a classic "Buyers" market. An inventory of 6 months supply would be a balanced market and we are very close to that now.

Buying or Selling in Nashville? Consider the Cathy Wood Team.

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One of Wilson Counties best kept secrets is the Lebanon Farmers Market. From early spring when the first homegrown lettuce comes in followed by delicious sweet corn and then the abundance of every fresh vegetable you can imagine

The market is open every day and of course the busiest day is Saturday.

Right now is a great time to stock up on the last of Tennessee Peaches. There are still plenty of Tomatoes. Locally grown varieties include: Heirloom, Big Boys, Yellow (low acid ) and Roma tomatoes too.

Green Tomatoes are always available if you have a taste for "Fried Green Tomatoes, as I do.

Fresh Melons at the Market

All kinds of fresh greens are available and this year for the first time Wilson County Framers began growing Romaine and Endive as well as Boston Bibb Lettuce and the old standby Iceberg Lettuce,

Squash is also plentiful and you'll find Jams and jellies too.

The farmers Market is located just off the Lebanon Town Square on Maple Avenue. Across the street from Fakes & Hooker Paint and Hardware store.

Coming from Mt. Juliet: Take Lebanon Rd. into central Lebanon, turn right on Maple which is 1 block before the town Square. The Market is just two blocks down the street.

From Nashville, Take I40 to Lebanon exit 238 Turn left and travel 1 mile to Newby st. Turn left and the first street is Maple.

Map to Lebanon Framers Market

After several years of 500 Homes plus per year, New Home Sales in Wilson County Tennessee have fallen considerably. In 2008 Mt. Juliet New Home Sales fell by over 25% to just 384 units. This Mt. Juliet is on a pace to add just about 1/2 of that.

Builders in Providence, Del Webb and other Mt. Juliet new home communities are cutting their home starts and trimming many amenities to build less expensive homes. As a result the price of a new home in Mt. Juliet is down by about 13%.

Meanwhile existing home sales in Lebanon, Mt. Juliet, Old Hickory and Hermitage TN have managed to find a bottom and prices have stabalized. Existing homes have seen just 3.8% price reduction.

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As prdicted by the Nashville area Appointments posted here earlier this month, the Nashville home sales showed a rebound for March. Primarily driven by First Time Buyers and Bargain Hunters. The First time buyers are taking advantage of the up to $8,000 Tax Rebates and 5% Interest Rate, the Bargain Hunters are looking for foreclosure properties in Nashville

Read the full article at www.NashvilleRealEstateTalk.com