After years of sinking sales, the Greater Nashville area finally caught its tail and reported a spike in sales for January. There were 1,886 closed sales during the month, 84 more than in January 2023.

That’s the end of the good news. December sales were reported as 2,463, 23.4% less than the previous December.

Greater Nashville Realtors President Kevin Wilson will have plenty to crow about as his tenure in office goes forward, but he should save his breath for when the February sales numbers are filed. Pending sales dropped to 1,893 in January after hitting 2,567 in January 2023 and 1,794 in December.

With low temperatures and ice- and snow-covered roads, it should be no surprise that sales slowed.

Inventory is holding steady with 8,572 properties at the end of January compared to 8,727 at the end of December.

On the positive side, single-family homes had a median price of $460,000 in January compared to $450,000 in January 2023, although December had a median price of $470,000. Condos were equally consistent at $349,360 compared to $325,000 in January 2023 and $340,000 in December.

“As interest rates began to soften, we are experiencing more buyers moving from the sidelines,” the association’s report states. “In addition, we are seeing seller confidence improving with a 4% increase in inventory.”

January sales have dropped from a high of 2,742 in 2021 to 2,639 in 2022, 1,802 in 2023 and 1,886 this year. It is a start. In 2018 and 2019, January sales were 2,298 and 2,274, respectively. Inventory was about the same in those years.

In 2018, median prices were $210,098 for condos and $281,500 for single-family houses. Even with slumping sales and consistent inventory, prices have continued to rise.

Those who wait for prices to drop are lost, as prices fail to falter regardless of falling unit sales, rising interest rates or fear of recession. Nashville real estate maintains its healthy appreciation, and Kevin Wilson is appreciative.

Let the Seller and the Listing agent beware.

Careful of the copyright

Recently, a listing agent hired a photographer to shoot a property that was about to enter the market for sale. The owner was not thrilled with the photographs and offered the agent some images the owner had in her possession.

These images were from a different professional photographer who was hired by the homeowner to photograph her own house. When the photos hit the Multiple Listing Service, the photographer sued for copyright infringement and won. The settlement was in the high five-figure range.

Photographers own the copyright, even when hired and paid by a person to shoot pictures of possessions owned by the person who hired the photographer.

In most cases, the photographer will release the photos to the client if asked. Be careful out there. It is always better to ask for permission rather than forgiveness.

Sale of the Week

Elysian Fields, located near where Harding Place and Franklin Pike join, recently joined the $3 million club when a property at 757 Elysian Fields Road sold for $3.55 million.

757 Elysian Fields Rd

Alan Worthy was the listing agent on the home and described it as “unparalleled luxury in this exquisite new construction,” adding the house has six ensuite bathrooms and 7,163 square feet on a lot that spans more than an acre.

The residence was built by Province Builders and includes an outdoor covered chef’s kitchen and an entrance to the pool from the owner’s suite. There is the requisite three-car garage, two fireplaces and a guest house.

Worthy also listed himself as the sales agent in addition to being the listing agent.

The house was listed for $3.75 million before landing at the $3.550 million.

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