Yes, it's hotter than July (heck, it IS July), but don't you worry 'bout a thing, because it's time to take a look at the June 2015 Knoxville homes sales numbers from the Knoxville Area Association of Realtors (sometimes I just call to say they're really called KAAR." So, let's start with the charts. Signed, sealed, delivered, they're here:
This first chart represents the months of housing supply in the greater Knoxville area, and as you can see from the dotted blue line, inventory is at a NINE YEAR LOW, tied now with 2006. In fact, we are now officially under a 7 months' supply of housing, putting us very close to the coveted "Six months of supply" benchmark that most people agree signifies a "healthy" market (and also probably a seller's market. Sorry, buyers. I know you wish those 2010 days would come back once more.)
This next chart shows the number of active listing in the greater Knoxville area, and again, although they are making a better than seasonal rise, listings are still the lowest they've been since 2007. For those of you counting along at home, that's an 8 year listing low.
So, to recap, we have a nine year housing supply low, an 8 year year low number of listings. What could all of this mean for closed units? Well, I don't want to spoil anything, but it knocks me off my feet...
That's right, kids, home sales in the Knoxville area have truly reached a higher ground. In fact, they are now the highest they've been in EIGHT YEARS. Yeah, not too shabby. I'd say they are the sunshine of my life for sure. With any luck, July sales could possibly exceed 2007 numbers and jump right up to a nine year high. Heck, luck really isn't required. I'd say it's a pretty darn good possibility with the amount of action I'm seeing in the market currently. Hotter than July, indeed.
- Inventory - We're almost at the six month benchmark. Isn't that lovely?
- Pricing - Pricing is still correcting in a good way (except for 2 BR average price and condo pricing. Sorry guys).
- SALES! - EIGHT YEAR HIGH. I'm just sayin'.
- Rates - Still hanging around 4%, Still pretty damn good.
- Stevie Wonder. Believe it.
- Listings - Or lack thereof. Call me if you need to sell. We'll talk.
- Rentals - Again, lacking. Again, call me if you have one to rent.
- Unmotivated Buyers & Sellers - We have no time for part-time lovers.
- Fax machines. Seriously. Stop it.
- I don't want to be very superstitious or jinx myself, but it feels like we are in a full-on, full swing, master blaster of a market. At least for now.
- Inventory indicates sellers market. Buyers haven't gotten the memo.
- June and July are the hottest months around, but we should be able to separate the ebony from the ivory and see if we're living in a past time paradise once August rolls in. Stay tuned until then.
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.