Home Sales Report: September 2014

It's a Christmas miracle, friends: I'm baaa-aaack! And yes, opening a new real estate brokerage got me more than a little distracted, so I'm more than a WEE bit behind on these here home sales numbers. But even a journey of a thousand miles starts with a single step, so let's pick right up where we left off, shall we? That's right, we're taking the way back machine WAY BACK to September 2014.  Please note: new brokerage, new blog, new rules: expect a few changes to the format as you read along. I know you can dig it. 

Oh, look! A chart! This particular little coloful box shows the months of supply of housing inventory in the greater Knoxville area. As you can see from that dotted dark red line,  supply was flat year over year and month over month. This is not a bad thing, though. If you remember, we've worked ALL YEAR LONG to get that inventory to a more manageble point, and I'd say holding steady a ta nine month's supply is pretty manageable. 

The dotted line on this next pretty picture box represents active listings in the greater Knoxville area. And speaking of flat...that's exactly what liistings were in September year over year and month over month. Why do I suddenly have deja vu?

And then there's everyone's favorite colorful little box, the closed sales chart. And yes, sales were down month over month (which is totally seasonal) and also down a smidge year over year (nothing to freak out about). As a matter of fact, I'll be surprised if that little dotted red line doesn't continue to fall a bit each month up until the end of the year (remember, we're in the Way Back Machine in September, right?). So, hold tight. This party ain't over yet. 

Let's recap:

What's Hot

  • Sales prices
  • Days on market

Prices were up in September year over year almost across the board and homes were selling about a week faster than in  September 2013. 

What's Not

  • Home Sales

Home sales were down slightly year over year and month over month.  However, this is more lukewarn than actually cold. 

As always, here's my completely unscientific analysis:

1. The Knoxville real estate market is headed into the third quarter in fine form, even if sales are down slightly from 2013. 
2. Sales are still strong, but took a another seasonal dip in September. This trend could continue through the Fourth Quarter, but that's really no big whoop. 
3. Housing prices are continuing to slowly but surely continuing to correct this year, with 2014 now being the Offical Year of Pricing Correction. My crystal ball says to expect a little more of this in 2015. 
4. Although inventory isn't currently falling, it's still holding steady, and I think lack of inventory is having a pretty good effect on both pricing (going up) and days on market (going down).
5. If Santa didn't bring you your dream house today, remember that rates are still hovering around 4%, so there's nothing like starting a new year off in a new pad. Merry Christmas!
Don't forget to check out more lovely charts over at the 2013 Year End Wrap-Up post. You will like.

All data taken from KAAR. I'm not an expert on anything and just like to write blog posts.  Enjoy and please feel free to share your thoughts and observations.