Hey, girl, hey! Hey. Yeah, so... I'm a little behind on this here home sales stuff. And yeah, I'm kind of embarrassed about it. But the good news is this: I'm gonna catch you up in a jiffy! First let's take a look at the charts (with info courtesy of the Knoxville Area Association of Realtors, secret service code name, "KAAR." Ready? Set. Go!
- Sales - They're following a seasonal arc -- higher than any we've seen in almost a decade.
- Rates - They've ticked up and ticked back down, but look for another bump any day now.
- Prices: Mostly up and mostly strong.
- The weather. Maybe it really is Christmas in July?
- Inventory - It hasn't gotten below 5 months supply yet, but it's hanging around there.
- Listings - Still low, and probabaly not going up much until February.
- Rentals - Still scarce and expensive.
- Buyer Activity: It's actually pretty hopping for December, but overall, the market has slowed down for the winter.
- The Great Popocalypse of 2016. RIP George Michael.
- Unless something truly drastic happens in December (and saying that in 2016 is like tempting fate, I know), 2016 has shaped up to be heck of a year, taking us out of correction mode and putting us back into selling mode.
- I've heard some talk about a mini-bubble out there. Well, if there IS one, it IS mini. Like tiny. Appraisers and buyers have mostly kept this market in check so far.
- Rising rates could blow that bubbble up a little bit, though. If rates get a good kick in the new year, we'll most likely see an upswing in buyer activity. Happens every time.
- We're still listing like crazy and buyers are still trying to lock in the lowest rates they can. We're not spinning 10 plates at a time, but we also don't have a lot of time for knitting and the Hallmark Channel.
- With this warm weather, rate fluxuations, and all the other fun we've had through the election, December should be an interesting indicator of how 2017 will start. Stay tuned!
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.