It's almost time to go back to school, but that doesn't mean that I'm finished schooling you on the Summer Selling Season. We're almost through July, so that means the June numbers are out, and they are HOT. How hot? Well, join me as we explore the June 2016 Knoxville Home Sales Report numbers from the Knoxville Area Association of Realtors (aka KAAR), won't you?
Remember when I said last month that inventory was low? Well, IT'S LOWER NOW. Yes, that's me screaming, because we are currently BELOW A 5 MONTH SUPPLY of housing inventory in the greater Knoxville area (meaning if no more homes were listed, it would take us less than 5 months to sell everything currently on the market). More in the breakdown about what this means, but seriously, you guys, #justlistit.
So, you guys ARE reading this blog (or watching the TV), because there was a slight uptick in listings in June. Hooray! So, why is inventory still falling? This is an easy answer, right?
Go, go, little dotted line, go! That's right, kids, Knoxville area home sales finally went higher than 2006 sales for the first time since, well, 2006. THAT MEANS SALES ARE AT A !0 YEAR HIGH. Which explains why inventory is so low, yes?
- Sales - BOOM goes the dynamite, as sales are DYN-O-MITE!
- Rates - Still low, still making owning cheaper than renting.
- Prices: Home sales prices were WAY up year over year, most like due to...
- Multiple Offer Situations: ...yeah, those things. Get ready to offer over list price.
- The earth. I'm staying inside until September.
- Inventory - Just when you thought it couldn't go any lower... seriously, this is not a healthy market inventory.
- Listings - And the only way to correct the inventory is for people to list their homes.
- Rentals - Forget about trying to find one.
- Appraisals - There's an appraiser shortage in town (yes, that's a thing), so appraisals are coming in slow and sometimes late, leading to closing date shenanigans. Woof.
- My living room. Because it's air conditioned. I'm staying in here.
- The June numbers exceeded my wildest expectations, so I can't imagine what the July numbers have in store. Don't unbuckle your seatbelt yet, folks.
- It's a seller's market. Ain't nobody got time for low ballign.
- Speaking of appraisals....we're not only seeing them come in late, we're also seeing them come in low, which might keep this hot market from turning into a bubble.
- One thing this hot market IS doing is attracting a lot of new agents. Who are making me feel REALLY old.
- We're coming into the home stretch of the Summer Selling Season, so it will be SUPER interesting to see what happens in the 3rd and 4th Quarters of this year. All I'm saying is this: what goes up, must come down.
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.