Knoxville Home Sales Report: April 2017

We're almost halfway through the year, but the April home sales numbers are just now out for us to take a gander at, and boy howdy, do they tell a mighty interesting story! Let's all gather round Grandma Trotta while she tells the tale of the KAAR Greater Knoxville Area home sales numbers from April 2017!

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What's Hot

  • Sales : Still way up, but coming down a bit, due to low inventory. 
  • Prices: Still on the rise, still a seller's market. 
  • Appraisals:  Coming in slightly low, making agents slightly crazy. 
  • Rates: Hovering under 5%.
  • THDA Grant Money: That $15,000 is out there in 37912, 37914, 37917 and a little bit beyond. 
  • Listings: Here this morning, gone by lunch. 

What's Not

  • Inventory: Yes, it's slightly up, but not enough to get buyers out of the weeds. 
  • Affordable housing stock: A lot of our inventory is over the $300,000 mark, making it even tougher for first time home buyers to get in the game. 
  • Rentals: If they are houses, they are priced high and hard to find. 
  • Deferred Maintenance: We're discovering this on a lot of listings this summer, and it seems to be the end of the long tail of the recession. 

Deep Thoughts

  • Well, my question from last month has been answered: when there are no more homes to sell, sales go down (2.3% nationally).
  • As this L.A. Times article states, demand for housing is still quite high, but our supply is, as mentioned above, causing a lot of problems, including frustrated buyers temporarily dropping out of the house hunting game. 
  • One of these problems is price increases and unreasonable seller side expectations. Yes, it's a seller's market. No, that doesn't mean you can list your home for $50,000 more than your neighbor's house sold for last month. 
  • It's June, you ain't got no listings, you ain't got nothing to show your buyers... you must be a real estate agent. 

All information provided by KAAR (Knoxville Area Association of Realtors). My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate.