Is that Autumn I smell in the air? Well, before we spring into Pumpkin Spice, let's fall back into July and the July Home Sales Report numbers from the Knoxville Area Association of Realtors (nickname KAAR). Jump on back!
Jump, but don't dive, because the months of supply are a little bit shallow at the moment. How shallow are they? Well, let's just say they're at a lower level than they've been since 2005, or 10 LONG YEARS. And unfortunately, there's no deep end right now, so if you're out there looking for houses, you're going to have to stay in this kiddie pool.
This dark blue line represents current active listings in the greater Knoxville area, and as you can see, it's not so high up on the scale either. Is it seasonal on point? Absolutely. Are active listings also the lowest they've been in 10 LONG YEARS? You betcha.
Meanwhile up in the stratosphere, look at this little blue dotted line go! July 2015 sales were not only WAY up year over year and month over month, they were also the highest they've been in NINE YEARS. Nine. Years. That was 2006, people. That was when we were all bringin' SexyBack and Daniel Craig was actually brining sexy back in that swimsuit scene in Casino Royale. Whew. I need to rest there for a second.
OK. Yeah, that was how long it's been since numbers have been this good.
- Inventory - We're officially at the 6 month benchmark. Can we throw a party?
- Pricing - Pricing was once again up almost all the way across the board. Can we have cake at our party?
- SALES! - NINE YEAR HIGH. Can we have bouncy castle things at our party?
- Rates - Still hanging around 4%, Can we have pony rides at our party.
- Daniel Craig. Lawd have mercy.
- Listings - We need them. Call me. Maybe I'll let you come to our party.
- Rentals - Definitely need these too. See party details above.
- Appraisals - Buyers are willing to pay the prices, but appraisers are having a hard time backing them up. Party poopers.
- Roger Moore. He's not invitied to the party.
- This has been an AWESOME spring and summer selling season with price corrections and more sales than you can swing a pinata stick at.
- It's not super fun to be a buyer in the market right now, particularly a picky buyer. The good homes go fast and sellers are less willing to negotiate than they have been in a long time.
- Believe it or not, there are some sellers who aren't haveing fun in the market right now. Buyers are still expecting a deal and trying to low ball good houses. People, low ball offers are SO 2010.
- We've got this party started, but now that we're coming into the back half of the year, it will be interesting to see if we can keep it going. I'm going to wear my best party shoes and find out!
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.