Well, my friends the time has come to raise the roof and look at the May Home Sales Report numbers from the Knoxville Area Association of Realtors (stage name KAAR). So let's not waste any time, let's let the charts play on (play on, play on, play on):
This is the dark blue line that Can't Go Anywhere But Down. As you can see, months of supply were once again down year over year and month over month in May, and we are now barely above 2006 inventory levels. Is this having an effect on prices? Truly, truly it is. Just stick around for the break down later to find out how much.
And this is the Dark Blue Line That Can't Slow Down. Even though active listings are at a TEN YEAR LOW, they are still climbing a seasonal arc and should peak next month or possibly in July unless something goes horribly awry. And since I know there's a particular chart you're looking for, let's go on and say hello to it.
This is the little blue line that is DANCING ON THE CEILING! That's right, sales were up all night long in May, once again falling between 2007 and 2013 ranges. In fact, 2007 is the last time we saw a sales line go straight up like this (of course, 2008 was kind of a completely different story, but let's not think about that now...). There's no doubt that we've just had one of the strongest Spring selling seasons we've had in years and the question in everybody's minds has to be if this market is a brickhouse or a penny lover that will walk on by. I'm hoping it's mighty, mighty, if not necessarily letting it all hang out.
- Inventory - How low can it go? Apparently pretty low. Like nine years worth of low.
- Pricing - Average and median sales were up all the way across the board again in May. Hooray!
- SALES! - Sales are hotter than July and it was only May. Dayum.
- Rates - Still hanging around 4%, Still pretty damn good.
- The weather. #overitalready
- Listings - The good homes are still selling about as fast as they're going on the market, ususally with multiple offers.
- Rentals - If you have one, let us know, because we need them.
- Unmotivated Buyers & Sellers - This market simply can't slow down for you.
- People who don't appreciate Lionel Richie. I don't need that kind of negativity in my life.
- Oh what a feeling this market is giving me! Things haven't been this good in a long time, which is great, but makes me a little nervous considering what happened the last time things got really great. #bubblebubbletoilandtrouble
- I keep hinting at a selller's market and I keep thinking my hints are dead on. Buyers, on the other hand, don't seem to have quite gotten the memo yet and continue to walk on by my buying advice. Buyers, don't make me cry. We experienced the same phenomenon in reverse in 2008 when we swung from a seller's to a buyer's market. It is never a fun learning curve.
- Agents, I know this market seems like endless love, but let's make sure it's a brickhouse and not a sandcastle before we party all night long.
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.