Had you guys given up hope that I would ever post the April Home Sales numbers? Well, don't stop believin', you guys, because I would never let us go our separate ways without dropping this science from the Knoxville Agent Association of Realtors (album name, KAAR) April Home Sales numbers into your open arms! Let's go on a real estate "journey" of sorts," shall we?
Oh, Sherrie, look at this dark blue line! This is the line that represents the average months of home supply in the greater Knoxville area market and if you look closely, you will notice we have fallen right in line with the 2006 line. And yes, friends, this is good news. I haven't said it in a while so it bears repeating:
Lower inventory = less competition = higher sales prices
(and fewer days on market and multiple offer situations)
This dark blue line keeps faithfully rising on a seasonal trend, but it's lovin, touchin', and squeezin' the very bottom of the graph. That's right, active listings are still the lowest they've been since 2005. That's ten years. That's a decade. That's a generation. That's almost as long as Steve Perry stayed with Journey. The first time. This is also what's leading to our lack of inventory and numerous multiple offer situations. So if you see a house you really like, you might want to send it your love right away.
And this right here is the chart I'm stone in love with. This dark blue dotted line represents closed sales in the greater Knoxville market and it's up there with the wheel in the sky, you guys~ Sales haven't been this high since 2013 and are very close to 2006 levels. Yes, your agent is busy and tired right now. And yes, this is also what is keeping our inventory low: not only are fewer houses getting listed, the ones that are getting listed are selling. So if you decide not to buyer, Mr Buyer, Mr Seller will certainly be alright without you.
- Inventory - Greater Knoxville area housing supply is still officially the lowest we've seen in it 10 years.
- Pricing - Prices were up almost all the way across the board, with the only exception being the average price of a 4+ BR house.
- SALES! - Sales continue to be up year over year and month over month. Speaking of that wheel in the sky, I'm also thinking it's turning toward a seller's market...
- Rates & Financing- Rates are right at 4% and that's still pretty darn good. Add new 3% down conventional loan products to the mix and you've got yourself a mortgage party.
- Steve Perry - That hair. That voice. That shnoz.
- Listings - We need more good ones. For realsies.
- Rentals - We need more good ones. For seriously.
- Fence Sitting Buyers - That house you fell in love with yesterday is gone today.
- Journey Without Steve Perry - Worse than Van Hagar.
- When the lights go down in this city, odds are good that the house you thought about making an offer on yesterday is already in pending. And odds are even better it went pending in a multple offer situation.
- Sellers, any way you want to sell your house, that's the way you need it, because your market is almost upon us.
- Buyers, there's no way to know where rates are going to go, so don't be asking who's crying now if you wait and they jump up by this time next year.
- I've already cheated and looked at the May Homes Sales numbers, so I'll leave you where we started: don't stop believing that this market is on like Donkey Kong.
All information provided by KAAR (Knoxville Area Association of Realtors). My opnions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate.