Nashville’s inventory of properties for sale jumps
The Green Hills clothing store owner flips a house about once every three years, and there’s no question that his latest listing — a 5,200-square-foot home that he describes as having a French style with a mansard roof — has taken longer than Dey’s previous two homes to sell.
But despite searching for a buyer for more than three months and living in a section of town that’s crowded with “for sale” listings, Dey has no intention of lowering his asking price of $700,000. It’s just a matter of waiting, he says, and keeping realistic expectations.
“There’s nothing that is a red flag. We experienced record growth in ‘04 and ‘05, and it’s hard to keep that pace,” he said of the Nashville-area housing market as he prepared for an open house scheduled to take place today.
“There are more listings and it’s taking longer, but it’s back to reality,” he said. Last month, 3,588 properties changed hands in the multi-county region tracked by the Greater Nashville Association of Realtors, down 11.6 percent from the record volume of June 2006.