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epelton

East Nashville home sales

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I don't know that this is the best forum, but I'm not on any others :o

Just saw that October home sales in East Nashville were the highest since August, 2006 and the 5th highest since August 2001. The average purchase price was one of the highest, although more steady than skyrocketing.

This data comes from <a href='http://www.urbanplanet.org/forums/ipb_seo.php?url=http://www.melissadata.com/lists/ezlists/e....aspx?zip=37206' rel='nofollow' target="_blank" onclick="java script:urchinTracker('/outgoing/www_melissadata_com');">http://www.melissadata.com/lists/ezlists/e....aspx?zip=37206</a> which gets the data from public records. Realtracs, which is somehow related to the Greater Nashville Association of Realtors is showing a sharp decline - about 33% in sales though. I'm wondering why the descrepancy. Anyway, I trust public records more the Realtracs and am impressed at how much is selling in the downtown area.

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I think the difference in market trends can be attributed to the types of buyers in each market. The East Nashville market is a marginal market with cheap old homes in need of TLC that is trending in a positive direction if one is willing to invest the time and money in the area, but still is not attractive to many buyers with children due to the perceived or factual quality of the schools and local safety. As such such buyers into the area tend to be young professionals, empty nesters, individuals not planning on having children, etc. - or in other words folks with the time and extra funds to redo a historic house and not have the issues related to children that might dissuade them from the neighborhood.

Individuals with children have tighter budgets, concerns about local safety and schools, and less time to renovate, thus aren't looking to buy into such a neighborhood as East Nashville, if they are looking at buying at all.

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