Knoxville Home Sales Report: Janurary 2017

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!

What's Hot

  • 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. 

What's Not

  • 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. 

Deep Thoughts

  • 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.