Getahn Ward

USA TODAY NETWORK – Tennessee

3,420 residential properties changed hands in the Nashville area last month.

The $199,900 median price of a Nashville area condo sold in March also appeared to be a record.

That beat out December 2015's median price of $194.183 when sales closed on many of the condo units at the Gulch's Twelve Twelve tower.

The median price of a Nashville area single-family home was $273,500 for March, an 11.6 percent increase from that same month a year ago and a new record for the region.

"it just represents the amount of appreciation that's going on in the marketplace right now as far as top to bottom," said Scott Troxel, president of trade group Greater Nashville Realtors, which tracks nine area counties. "The tightening of supply and a sustained demand is putting more pressure on the price."

Greater Nashville Realtors' latest figures also showed 3,420 residential properties changed hands locally last month, up 8.9 percent from a year ago and just 96 units short of tying the best March on record for closings in 2006. The inventory of single-family homes available at the end of last month, meanwhile, was down roughly 8 percent from a year ago.

Troxel said an earlier start to this year's spring selling season helped to lift the home sales, which he said reflects positive growth in the region amid a strong local economy and rising consumer confidence. "There's not a sector of the market left behind right now when it comes to appreciation," he said, citing the first-time buyer, mid-range and luxury markets among various segments.

Homes sold more quickly in March versus a year ago with an average of 50 days last month that was down 22 percent from last year. With nearly 10 percent more or 3,602 sales pending at the end of March versus this time last year, Troxel expects a strong April for the local housing market including as some potential buyers act more quickly amid a recent slight increase in mortgage interest rates.

In addition to home prices, the median price of Nashville area condos sold in March also appeared to be a record. Last month's $199,900 price beat out the record December 2015 median price of $194,183 when sales closed on many of the condo units at the Gulch's Twelve Twelve.

A separate tracking by the Williamson County Association of Realtors showed a 5.8 percent year-over-year increase for March in the median home price in that county to an all-time new record $459,013. Last month's 446 home closings in Williamson County were on pace with the previous year, which were 448 in March 2016.

Reach Getahn Ward at gward@tennessean.com or 615-726-5968 and on Twitter @getahn.