Knoxville Home Sales Report: July & August 2016

Am I behind in breaking down these home sales numbers? Yes. Do we have time to waste with chit chat? Nope. Without further ado, here are the July and August 2016 Home Sales Report numbers from the Knoxville Association of Realtors (just say KAAR, it's faster). 

To the charts!

Months of supply ticked up ever so slightly in July, but ticked back down in August and is still at a 10 year historic low. Yowza. 

Active listings were mostly flat in both July and August and like inventory, are still at a 10 year historic low. 

Admit it, you only care about sales, don't you? Well, those were down in July and back up in August (a fairly normal seasonal thing, as a lot of folks vacation in July), but are still some of the best numbers we've seen in 9 years. 

What's Hot

  • Sales - While sales took a dip in July, they ticked back up in August (which is a seasonal norm).
  • Rates - We'll find out in a few days if they're going up, but for now, still low. 
  • Prices:  Prices were  mysteriously down in largers homes in July, but jumped back up in August. 
  • Multiple Offer Situation - Still happening, but cooling down ever so slightly with the weather. 
  • PSL - Pumpkin Spice: get some. 

What's Not

  • Inventory - Still low, still making life difficult for buyers, especially under $200,000. 
  • Listings - Also, still low and most likely not going up as we come into the 4th quarter. 
  • Rentals - Still about as hard to find as an entrance to Narnia. 
  • Appraisals - Appraisals are still coming in slow and sometimes late, leading to closing date shenanigans. They are also coming in with more closing conditions than I've seen in a while (read: lender required repairs). 
  • PSL - Pumpkin Spice: How much can you really stand for the next month? Quandry. 

Deep Thoughts

  • The July and August numbers showed that 2016 is still having one of heck of a real estate ride, and we're not even through the 4th quarter yet. 
  • The temperature may be dropping and sales may be slowing, but it's still a seller's market out there, folks. No lowballing. 
  • Even though financing is easy to obtain, underwriting is definitely a pain. If you're buying a home soon, please prepare for documentation overload. 
  • It's stil not too late for sellers to get a piece of this action. Yes, fall and winter tend to be slower months, but I can assure you there are still buyers out there looking for "the one" who would be glad to see your lovely home on the market. 
  • We had an uptick in sales in August, and I won't be surprised to see one in September. Don't change the channel yet, there's still four more episodes in this home market season. 

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.