201 Olive Branch Road

“February Home Sales Indicate a Robust Spring Market,” read the headline of the Greater Nashville Realtors February sales report. Closed sales were down 25%, data showed, but that wasn’t the point of the report.

“We are seeing more than double the pending sales than we saw at this same time last year,” says Brad Copeland, GNR president. Last year at this time, he says, there were 1,338 pending sales. This year? More than double that at 2,705.

In short, the tiger has caught its tale. The market collapsed about this time last year, and we will be comparing current numbers to dismal numbers, perhaps with increased sales year-over-year next month. Then there will be time to rejoice unless, of course, more banks fail.

Inventory was up year-over-year as there were only 3,378 homes in inventory in February last year, which would point to the lower sales since it is impossible to sell houses that are not for sale.

Of more significance is that inventory dropped from January’s 8,572 to February’s 8,367. The pending sales are absorbing the inventory.

As the flowers bloom and the lawns that feature natural grass turn as green as the artificial turf that has proliferated the landscape, more homes will enter the marketplace. Look for lines at Home Depot and other DIY outlets as paint, mulch and shrubbery are devoured for the spring market.

Prices should continue their climb, as that is one area undaunted by the plague that beset much of the country. There were modest gains, but gains nonetheless in February with the median price on a single-family home rising from $446,175 to $450,000. The median price on a condominium increased from $329,837 to $331,900.

201 Olive Branch Road

Look for the large number of pending sales to put a jolt in the median prices.

Those buyers utilizing loans are more in the lower end of the market, while those with cash in banks that are still in business are utilizing those funds for real estate, as it is seen by many as a safe harbor as compared with the volatility of the stock market.

Sale of the Week

Beth Molteni is at it again as she has broken another $3 million barrier with her listing in the Land Between the Meades, those residences between Belle Meade and West Meade.

Molteni is no stranger to new construction, having sold hundreds of upper-end new homes over her storied career.

Yet the home at 201 Olive Branch Road is described by Molteni as “not your typical new build,” and she explained why in her description.

“The design elements combine bright white tones with warm applications of wood plus dramatic high gloss paint and tile accents with the perfect combination of gold fixtures and hardware,” she noted.

Gold fixtures are in again – not really again as they look similar to polished brass – but they are gold, and the gold is everywhere now. Brushed nickel has gone the way of the buffalo nickel, although bison and buffalo are flourishing, perhaps signaling a return to a coin in the future. That would be assuming there are coins in the future.

Back to the home on Olive Branch, a street whose name alone evokes sentiments of forgiveness, apologies and harmony. Remember apologies? Those were nice, especially when coupled with forgiveness.

This home, however, need not apologize for anything as it has 5,970 square feet inside with six bedrooms, six full bathrooms – all ensuite, or on suite as one agent recently wrote – and there is one half bathroom.

There is the three-car garage that would be mandatory for a six-bedroom house, and the outdoor area includes all of the amenities replete with the appliances that adorn the kitchen, only slightly more rudimentary to give the feel of roughing it on a campsite or some such endeavor. A campsite with a 6,000-square-foot tent attached to it.

Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty, LLC, and can be reached at [email protected].