It's officially summer and the home sales are hot! That's right, the May Homes Sales Report numbers from the Knoxville Area Association of Realtors (my people call it KAAR) are here and the lines on those charts are interesting indeed. Want to see how the greater Knoxville area is besting national real estate trends? Let's go!
- Sales : Holy dotted line, Batman! Those sales are busting out of the chart!
- Prices: Up, up, and away! Prices are still on the rise.
- Appraisals: Keep the nerve pills coming: prices are rising faster than is normal and appraisers aren't always having it.
- Rates: Still under 5% for now, but the Fed is gonna do what the Fed is gonna do.
- THDA Grant Money: Still out there, still waiting for you first time buyers.
- Impulse Buying: Get it before it's gone.
- Inventory: Again, keep the nerve pills coming. We are currently under a 4 month supply of housing stock.
- Affordable housing stock: OK, maybe I should switch to chamomile tea. It's hard to find, y'all.
- Overpricing: It's happening and it's not pretty.
- Waiting to list/make an offer: The time is now. Strike while the iron is hot!
- National sales may be up 1.1% month over month, but sales in the Greater Knoxville area were up 23% (twenty three percent). Talk about holy guacamole, that's a lot of avocados!
- However...inventory in the greater Knoxville area was down 19% month over month vs. the national average of 8.4%. Again I say, sales can't keep going up with inventory going down even faster. Oh, June, you will be interesting, won't you?
- Speaking of low inventory... Yes, it's a seller's market. Yes, home prices are up. No, homes will STILL not sell at irrational prices because of those factors. Trust me. There are homes sitting on the market because of pricing.
- We're in uncharted waters, you guys. And from the looks of these charts, we might need a bigger boat by July.
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.