Closed Units

Knoxville Home Sales Report: July 2019

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DEEP THOUGHTS:

1. Inventory has fallen under the 3 month supply line for the second time in the last three years.
2. Closings are WAY up, especially for July.
3. Active listings are still mostly flat, and certainly not helping our inventory problems.
4. Sales prices are still BOOMING. Average sales price for a 3 BR home was up almost 21% in 2019 from 2018. That’s a big increase, in case you were wondering.
5. Interest rates are still well below 4%, so money is still super cheap.
6. Y’all are going to ask me what this all means and I’m going to tell you I simply do not know. Every time I think we have yee hawed the last of the wild west out of this market, it just seems to get a little wilder. Hold on tight, because this bronco ain’t stopped buckin’ yet!

 *All information provided by KAAR (Knoxville Area Association of Realtors) and is for the greater Knoxville area including Knox County and surrounding counties. My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate. 

Knoxville Home Sales Report: May 2019

Going up!

Going up!

Going down…

Going down…

….and skyrocketing.

….and skyrocketing.

DEEP THOUGHTS:

1. Inventory has fallen under the 3 month supply line yet again (it’s only happened one other time in the last decade or ever that I know of).
2. Closings are WAY up, accounting for the inventory shortage.
3. Active listings are up, but not able to meet the demand of active buyers.
4. Listing prices are up all the way around. The average price of a 3 BR home in May 2018 was $198,531. In 2019 it was $213,176.
5. Interest rates are actually slightly down and there are a lot of good loan programs out there.
6. My crystal ball is not always reliable. If you had asked me last year if the market could hold this long, I would have said no. It appears that all anything is possible this summer. Enjoy that magic seller’s market while it lasts!

 *All information provided by KAAR (Knoxville Area Association of Realtors) and is for the greater Knoxville area including Knox County and surrounding counties. My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate.