Hey, hey, hey, it's Fall, y'all! And before you get your pumpkin spice EVERYTHING (I know, too late), we have to reach back into the very last part of the summer to see what the Knoxville housing market was doing. How do we do that? By looking at the Knoxville Area Assoicatin of Realtors (pumpkin spice latte up for KAAR!) Home Sales Report numbers. Let's put on a hoodie and do this thing!
This little dotted blue line represents months of supply in the greater Knoxville area, and as you can see, Shorty is still low, low, low, low, low. 6.65 months worth of supply low, to be exact. It's a tiny bit higher than last month, but still way below last year and just below the year that was 2006.
This little dotted blue line represents active listings in the greater Knoxville area, and as you can see, they are following a typical season pumpkin spice trend downward. However, they're still the lowest they've been in 89 years. We took dipsie doodle last September and October, as you can see from the red line above, so it will be interesting to see how we ride out the rest of this year.
This last dotted blue line, aka, the Little Blue Rocket That Almost Could (maybe it needed a pumpkin spice latte), finally took a slight downward turn last month. Yes folks, home sales went down for the first time this year in August and were slightly lower than in 2014. However, they're still well above any previous year since last year or 2006, so I don't think there's any cause for alarm. But go head and eat a few pumpkin flavored donuts to make yourself feel better.
- Inventory - We're holding steady between 6 and 7 months of housing supply.
- Pricing - Pricing was once again up except for smaller condos. Last minute pre-semester fire sale in the Fort?
- Sales - Yes, I'm still saying hot, as August is a slow down month and we still did pretty darn good.
- Rates - Still around 4% despite a lot of worry.
- Pumpkin Spice Cream Cheese Muffins. Figuaratively. I'll have 8. Literally.
- Listings - We still need good ones. Heck, we'll even take OK ones.
- Rentals - We definitely need these and we'll take all kinds.
- Appraisals - It's tricky. Tricky, tricky, tricky, tricky.
- Pumpkin Spice Oreos. Some things are sacred, you guys.
- We are coming into the fourth quarter of one of THE BEST years we've seen in terms of sales, rates, and pricing.
- The market is doing its annual slow down, but the best houses are still going REALLY fast. Put down that PSL and write that offer!
- Did I mention the market is doing its annual slow down? Sellers will feel this more than buyers, as showings slow down in some parts of town. However, expect a slight surge coming out of September going through Thanksgiving.
- As much as I would have loved to have ridden that Little Blue Rocket all the way off the sales chart and into the stratosphere, it's important that remember that much like pumpkin spice season, too much of a good thing isn't really good at all. Slow and steady wins the real estate market recovery race and sometimes a regular cup of well brewed coffee is just fine.
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.