Nothing cooled down this winter, including the Greater Knoxville Area real estate market. The year ended on a great note in December, but let's take a look at how we're starting off 2017! Please to enjoy the following beautiful charts with data from the Knoxville Area Association of Realtors (nom de plume, KAAR). To the charts!
- Sales - We're starting off the year at the highest sales level in 11 YEARS. Holla!
- Prices: Up year over year in almost every category.
- Appraisals - Keeping the market in check, and keeping us from experiencing a mini bubble.
- Agents' Phones: They're blowing up for Spring Selling Season already.
- Inventory - At an 11 YEAR LOW. Woof.
- Listings - Also at an 11 year low. Are y'all gonna list for spring or what?
- Rentals - ALSO low, also hard to find.
- Appraisals - Giving buyers, sellers, and agents heart attacks since 2016.
- The Buyers Market: RIP the good old days when buyers called all the shots.
- 2016 was truly one heck of a correction year, and 2017 is already trying to get in on the action.
- Yes, it is a seller's market. No, that doesn't mean you can price your house $25,000 above market (See "Appraisals, below).
- Appraisals are a two edged sword: on the one hand they are keeping prices in check. On the other hand, they are giving people heart attacks by sometimes coming in low and with conditions.
- Rates are above 4 percent and holding below 5...for now. The risk of rising rates is definitely getting a lot of fence sitting buyers into the market.
- Spring Selling Season is officially here! Agents, charge your phones!
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.