Positive Start to the Week :)

I always greatly appreciate the feedback I get from subscribers of this blog.

I first wanted to apologize to the readers for my Friday rate post and the overly-negative aura that exuded from the post. I find it is easy to read articles throughout the week and have the negativity of the national market seep into my subconsciousness, while attempting to be objective about the talking points.

After Friday, I received some notes of both encouragement and criticism that, I believe, deserve some light because they are extremely strong trend lines that were overlooked.

The point is simple - the greater-Nashville market is not the same as the national market. It is much stronger than the national trends.

Sometimes, as we analyze monthly stats and reports, we all need to remember to compartmentalize marco and micro markets.

In an effort to emphasize this point, I am planning on doing a monthly deep dive into the local stats for Davidson and Williamson County, September stats and analysis has been provided to me by a wonderful subscriber :).

In a Year-over-Year comparison: New listings: +12.1% |                     Average Price: +21% | Homes for Sale: -15% | Closed Sales: -9.8%

September 2022 Averages: Days on Market: 9 |                                                % of Sales Price to Original List Price: 98.2%

These are pretty remarkable numbers. Compare these to the national numbers I sent Friday:

While National inventory is up 34%, Local inventory is DOWN 15%

While National sales are down 25%, Local sales are down 9.8%

As the subscriber wrote:

"While there is no question we are in a challenging market - homes are still selling, there are still buyers looking, and we are not (yet) experiencing wholesale discounting. It's actually quite remarkable that we are achieving the current sales levels even with the rate increases. When you look at the market through a wider lens . . . over the past three years . . . you see that we are still very strong."

I could not echo these remarks enough. When we step back and see the national headlines of home prices, inventory, and affordability, Nashville has had a resounding resilience in the market. People are still moving here in droves, and the demand for homeownership is everywhere in this city.

It is my hope this is a positive start to the week for you all. I encourage all of you to continue giving me feedback as I try to deliver the best information possible.

I hope you all have a WONDERFUL week :)