I took popular zip code 37212, which encompasses Hillsboro/Belmont, Vandy, 12South, and Hillsboro/West End, and analyzed sales data in the month of October for 2009 and 2010.

In 2009, there were 9 closings.  The average sales price was $454,000 with an average days on market of 56 days and a price per square foot of $194.

In 2010, there were 12 closings.  The average sales price was $428,333 with an average days on market of 80 days and a price per square foot of $186.

Ok Matt, what does that all mean?  On one hand there were 25% more closings in October ’10 than in ’09.  That’s good right?  Well it depends.  The numbers indicate that sales prices were 6% less in ’10 than in ’09.  The days on market went from 56 days last year to 80 days this October.  So it takes 30% longer to sell a house this October.  Price per square foot dropped 4% from $194 per sq ft to $186 per sq ft.

What I see in these findings is that to sell a house in 37212 these days, one needs to expect to get less money per sq ft than last year, it will take longer to get it done, but if the house is priced and staged competitively–sellers can still get the job done since with these numbers there were 25% more closings than last year.

Good luck and of course always feel free to give me a call with any real estate questions you might have.