I literally can't even, you guys. First, it's almost August and it's 90 degrees outside (more or less). Second, these home sales numbers from the Knoxville Area Association of Realtors are INSANE IN THE MEMBRANE. Yes, they literally make me feel as though I do not, in fact, I have a brain. They are that hard to fathom. Don't believe me? Check the charts:
- Sales were LITERALLY off the chart in August. I told you I can't even.
- Inventory was WAY down in August. Like under 3 months of supply low. With sales through the roof, this is absolutely NOT sustainable. What will happen? I have no idea. As I've said before, I don't think anyone has ever been in these waters before.
- Rates are still under 4% and THDA money is still available in several Knoxville area zip codes (37914, 37917, 37912, 37921, among others). Go and try to buy a home under $150,000 in those zips. I'll wait here.
- Multiple offers, higher prices, sellers getting away with murder: these are ALL things we are seeing in the market as we head into the fourth quarter.
- These numbers don't show this (yet), but a lot of sellers are choosing to jump in the market now, which is very seasonally unusual. That begs the question of whether buyers will stay in the market going into Fall and Winter.
- Imma need a nerve pill (or 4) to get through the next few months. Stay tuned, because this is one show that is NEVER boring.
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.